Sponsored By

Layoffs Strike Thermo Fisher as COVID-19 Testing Demand Wanes

The Waltham, MA-based company is set to close three of its facilities in San Diego.

Omar Ford

May 8, 2023

2 Min Read
IMG_2023-5-5-161248.jpg
Image Credit: Smith Collection/Gado / Contributor via Getty Images

Thermo Fisher Scientific is closing down three facilities and facing layoffs because of the severe decline in demand for COVID-19 testing.

The Waltham, MA-based company is cutting 230 positions, according to three  Worker Adjustment and Retraining Notification (WARN) notices.

In an email sent to MD+DI, a company spokesperson said, “Thermo Fisher invested heavily in supporting the global response to COVID over the last three years. As COVID moves from pandemic to endemic, we must make adjustments to meet current market demands. As we do not foresee customer demand for testing solutions returning to previous levels, we have made the decision to discontinue sales and operations from three of our San Diego-area sites: Carrol Park Drive, Kearny Villa Road, and Cornerstone.

The spokesperson added, "these facilities will close as of June 2023. This is a consolidation of our operational footprint; however, we will continue to provide product support for our Thermo Scientific Accula System, and its associated products, through the expiration date on product packaging.”

Thermo Fisher Scientific isn’t the only company to see huge declines in COVID-19 testing and initiate layoffs. Earlier this year, Cue Health cut 388 positions as a result. Recall that at one point Cue Health grew into a powerhouse because of COVID-19 testing, being one of the few firms in the diagnostic space to go public through a traditional IPO that raised $200 million during the pandemic while others decided on the Special Purpose Acquisition Corporation (SPAC) merger route.

Color also announced layoffs this year because it was shifting its attention away from COVID-19 testing, according to a report from medigy.com. Citing comments from Linkedin, medigy reported the company lost 300 jobs.

Lucira Health perhaps took the biggest losses in COVID-19 testing. The company filed for Chapter 11 bankruptcy protection two years after its debut on the Nasdaq, according to a report from 360dx.com.

About the Author(s)

Omar Ford

Omar Ford is MD+DI's Editor-in-Chief. You can reach him at [email protected].

 

Sign up for the QMED & MD+DI Daily newsletter.

You May Also Like