Industry Layoffs

In a massive restructuring effort, Invitae announced in July 2022, that it would lay off more than 1,000 employees, exit some of its underperforming businesses, and reduce the number of countries it serves from more than 100 down to a dozen. CEO Kenneth Knight said the downsizing alone is expected to generate $152 million in savings, and the entire restructuring will deliver about $326 million in annual cost savings by the end of 2023.

In March, Adaptive Bioscience cut about 12% of its workforce due to a reorganization of the company to focus on Immune Medicine and Minimal Residual Disease. The company will deprioritize projects and programs that are no longer aligned with the goals of these two business areas. In June, Cue Health reduced its manufacturing workforce by 170 people. Illumina trimmed its global workforce by 5% and Pear Therapeutics announced its second round of layoffs to eliminate 59 employees. Philips also cut about 4,000 jobs, amid declining sales, supply chain issues, and a massive recall of its sleep apnea and ventilator machines.