financial results

The company also announced a deal to provide in-house testing services to drugmaker Biotest, as well as changes to its management team.

The decline reflects a drop off in sales of its ColonSentry colorectal cancer blood test and other diagnostics.

The firm missed analysts' expectations on both the top and bottom lines, despite a reported 20 percent increase in clinical services revenues during the quarter.

The firm is approaching launch of its lung cancer test with new sales hires planned, but saw its Q2 net loss miss the consensus Wall Street estimate.

The restructuring and job cuts are expected to save the firm more than $70 million annually. 

The liquid biopsy firm ran 1,405 tests in the second quarter and made progress on collecting payment from third-party health plans.

The company said revenues from its non-invasive heart transplant rejection test AlloMap rose about 16 percent year over year.

During the quarter, the firm secured payor coverage for its tests with UnitedHealthcare, Premera Blue Cross, and Aetna.