Less than a year after it went public, the diagnostic company said Q Health has laid off 170 production workers.
First Reported by StatQ said the cuts reflect the wider economic situation, as well as the federal government’s recent move to remove funds from the COVID-19 test to protect vaccines and treatments.
The diagnostic company is best known for that The Molecular COVID-19 test at home, which uses a $ 250 reader and a single-use test cartridge, sends the results to a smartphone. When Cue goes public on its $ 200 million IPO, it details other diagnostics in the works that will ultimately be consistent with its readers, including flu, RSV (respiratory syncytial virus) and sexual health tests.
“We are confident in our long-term strategy as we continue to advance the menu of customer service and future care offers, strengthening our mission to improve how healthcare is delivered more efficiently and on time, leading to ultimate health care for the people.” Better results, ”said a spokesman MobiHealthNews.
Founded in 2010, Q-Covid-19 has dominated the midst of the epidemic. It’s off জুন 481 million was provided by HHS and the Department of Defense to support the development and validation of the সি 100 million test in the Series C round in June 2020, and to expand production in October of that year.
The company rolled a The 20 235 million funding round in May 2021 and hit the public market in September. It earned $ 179.4 million in the first quarter of 2022, compared to $ 64.5 million in the first quarter of 2021. It still had a net income of $ 2.8 million, but it declined to $ 19.7 million in the previous quarter.
The cue extends beyond diagnostics, Launching a virtual health platform late last year.
Clint Saver, co-founder and chief product officer of the company, said, “The goal is always to enable anyone to access the healthcare system at home or anywhere. It makes it extremely easy to bring the healthcare system to you.” MobiHealthNews At the time “So the digital transformation of the healthcare system remains our goal. And I think this DTC [direct-to-consumer] The launch is the first big step in enabling that broader vision. “
However, in recent weeks the queue for digital health pruning is not alone. Virtual Care Unicorn Row last week 18% of its workers were laid off, while hybrid provider Carbon Health laid off 250 workers in early June.