Personalis IncPSNLapproved a reduction in the company’s workforce by up to approximately 30% to reduce operating costs and improve operating efficiency.
The reduction in workforce is expected to be completed on March 20, 2023.
The company estimates that it will incur charges of approximately $3 million for severance payments and employee benefits, primarily in the first quarter of 2023.
The company estimates that the reduction in workforce will save approximately $17 million, net in operating costs for the remainder of 2023, or approximately $20 million on an annualized basis.
Earlier this month, Personalis estimated Q4 FY22 revenue of approximately $16.7 million and approximately $65.0 million for FY22 exceeding the company’s previous full-year guidance of $63.0-$64.0 million.
Preliminary cash, cash equivalents, and short-term investments are estimated to be $167.0 million as of December 31, 2022
“We ended 2022 by exceeding our previous full-year guidance range, driven by oncology revenue growth of 42% for the fiscal year,” said Aaron Tachibana, Interim CEO & CFO. “We will be providing details in the coming weeks about extending our cash runway while focusing on our key product opportunities.”
Price Action: PSNL shares closed 8.27% lower at $2.44 on Wednesday.
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