Sema4 introduced Tuesday the AI-backed genomic and medical 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 yr, Sema4 mentioned 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 Health System in 2017.
The corporate can even depart the somatic tumor testing enterprise, closing a medical laboratory in Branford, Conn., by the top of the yr. It additionally plans to maneuver its hereditary most cancers testing operations from Stamford, Conn., to Gaithersburg, Md., and reorganize its industrial crew.
Sema4 mentioned the restructuring places the corporate on observe to avoid wasting $50 million in 2022. It now has about 1,600 workers.
“As we glance ahead, Sema4 can have a dramatically improved value construction and a extra focused industrial effort supported by an optimized product improvement technique. It will allow us to proceed to speed up using genomics and leverage medical information to boost the usual of care by the extra in depth use of precision medication,” CEO Katherine Stueland mentioned in a press release.
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. Web loss was $85.7 million.
Sema4 went public by a merger with a special purpose acquisition company final yr. The corporate had beforehand raised a number of hefty funding rounds, together with a $121 million Series C announced in July 2020.
Earlier this yr, Sema4 acquired GeneDx, which provided genomic testing and evaluation for uncommon issues.
Sema4 is the most recent in a spate of layoffs hitting the digital well being and well being tech sector. Meditation app Calm recently laid off 20% of its staff, whereas value-based care platform Signify Well being cut nearly 500 jobs.
Others saying layoffs this summer time embrace Pear Therapeutics, Included Health, Olive, Cedar, Ro and Carbon Health.
