NEW YORK – Guardant Health has laid off approximately 7 percent of its workforce, the company confirmed on Wednesday, or about 130 individuals.
According to terminated employees posting on LinkedIn, the layoffs were spread across different departments, including account management, bioinformatics, and technology development. The latter group has undergone a significant restructuring, according to a former employee who wished to remain anonymous.
In a statement, Guardant Health confirmed the extent of the workforce reduction, citing the need to balance innovation with "financial discipline and focused execution" in the current economic environment, but did not detail how different positions or sectors were affected.
Calling the layoffs a difficult decision, Guardant wrote that it expects the move "to better support both our near- and long-term growth as well as our path to profitability."
"This decision puts us in an even better position to deliver on the promise we made 10 years ago to transform cancer care," the firm said.
Guardant has faced some recent challenges, with results of the ECLIPSE trial of its blood-based colorectal cancer screening assay spooking investors into a 30 percent sell-off in December.
On LinkedIn, the firm currently has 50 open positions posted, including in sectors where employees have reportedly been laid off.