At the end of 2022, the company had around 1,700 employees. Beyond the layoffs, Invitae is also divesting from Ciitizen, a medtech platform for storing EHR data. The company projects that the layoffs and divestiture will result in an annualized cash savings of $90 million to $100 million, according to a Dec. 13 Invitae news release.
In its most recent financial report, Invitae recorded a $1.3 billion loss in the nine-month period ending Sept. 30.
“The actions announced today will assist in streamlining our operations and reducing our cash burn,” Invitae CEO Ken Knight said in the Dec. 13 news release. “While these moves unfortunately involve a reduction in our workforce, we are committed to working closely with those impacted to ensure a smooth transition for them and for our customers and patients.”
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