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Wednesday, Jun 19, 2024
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Cue Health Laying Off 26% of Workforce

San Diego-based Cue Health has announced plans to lay off as many as 325 employees, or about 26% of its workforce, as part of a larger cost-reduction plan.

The job cuts, which reportedly will hit machine operators hardest, impact a cross section of employees at nine San Diego manufacturing facilities.

The cuts mark another round of layoffs for the home diagnostics company, which laid off 170 manufacturing workers in the summer of 2022.

In a filing last week with the Securities and Exchange Commission, Cue said the layoffs are expected to take place in late June.

Cue went public in 2021 in a $200 million IPO, not long after the company received emergency use authorization for its at-home, over-the-counter COVID-19 test.

In a letter to employees, Cue CEO Ayub Khattak said that the company is in an “in-between period” as the firm prepares for the rollout of an expanded test product menu and integrated care platform.

Cue shares, traded on the NASDAQ under the ticker symbol HLTH, are down 65% year-to-date and closed at 71 cents on Tuesday.

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