Securities and Exchange Commission filings show that Invitae is looking to restructure its business and implement cost-reduction measures by prioritizing its genome sequencing and genome management platforms. Invitae’s chief operating officer, Kenneth Knight, will be stepping into the CEO role, replacing Sean George, PhD, according to the July 16 SEC filing.
The layoffs of more than 1,000 positions will generate $152 million for Invitae in savings. The company is also expected to consolidate office and lab space to generate further savings.
Read the full SEC filing here.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.