Genetic analysis and diagnostic player SEQUENOM has axed 30 employees in an effort to cut costs associated with its Genetic Analysis (GA) business.

The company, citing the economy, says it will also attempt to reposition its GA business to “better exploit potential synergies with the molecular diagnostic business” by “focusing on developing methods and assays for translational research and patient profiling in clinical trials.”

The axes will save the company about $8M/year, but will come with an $850K severance price tag.

Math time!!!

• A = number of employees axed = 30

• B = total severance charge for Q2 = $850K

• C = severance/employee = B/A = $28,333 per worker

Ehhh, not bad, but we’ve seen better. Of course, $28K is not much after Uncle Sam gets his cut — that bastard.

Here was SEQUENOM CEO Harry Stylli’s take on swinging the axe:

“These actions are difficult but essential. While we remain optimistic that the outlook for the genetic analysis business will improve, we also need to exercise financial prudence to ensure that our capital resources are properly allocated and utilized…I would like to express my sincere gratitude for the contributions and commitment of all employees impacted by the workforce reduction.”

We hear EXACT Sciences and Genzyme are both hiring.

Image from destiutami

Related Posts