Sema4 introduced Tuesday the AI-backed genomic and scientific information firm was shedding round 250 staff, about 13% of its workforce, as half of a bigger restructuring.
Mixed with earlier layoffs from the primary half of the 12 months, Sema4 stated it has reduce roughly 30% of the roles from its legacy enterprise.
Moreover, founder Eric Schadt is stepping down from his roles as president and chief analysis and improvement officer, in addition to his place as director of the corporate. Schadt has been with Sema4 because it was spun out from Mount Sinai Well being System in 2017.
The corporate may even go away the somatic tumor testing enterprise, closing a scientific laboratory in Branford, Conn., by the tip of the 12 months. It additionally plans to maneuver its hereditary most cancers testing operations from Stamford, Conn., to Gaithersburg, Md., and reorganize its business group.
Sema4 stated the restructuring places the corporate on observe to avoid wasting $50 million in 2022. It now has about 1,600 staff.
“As we glance ahead, Sema4 may have a dramatically improved price construction and a extra focused business effort supported by an optimized product improvement technique. This can allow us to proceed to speed up the usage of genomics and leverage scientific information to reinforce the usual of care by means of the extra in depth use of precision drugs,” CEO Katherine Stueland stated in an announcement.
THE LARGER TREND
Alongside the corporate restructuring information, Sema4 additionally posted monetary outcomes for the second quarter ended June 30, 2022. It reported income of $36.2 million in contrast with $47 million within the prior-year interval. Internet loss was $85.7 million.
Sema4 went public by means of a merger with a particular function acquisition firm final 12 months. The corporate had beforehand raised a number of hefty funding rounds, together with a $121 million Collection C introduced in July 2020.
Earlier this 12 months, Sema4 acquired GeneDx, which provided genomic testing and evaluation for uncommon issues.
Sema4 is the newest in a spate of layoffs hitting the digital well being and well being tech sector. Meditation app Calm just lately laid off 20% of its employees, whereas value-based care platform Signify Well being reduce practically 500 jobs.
Others saying layoffs this summer season embrace Pear Therapeutics, Included Well being, Olive, Cedar, Ro and Carbon Well being.