23andMe 2Q Loss Narrows After Disclosing Restructuring

Dow Jones11-12

By Ben Glickman

23andMe posted a narrower loss in its fiscal second quarter, the day after announcing it would cut 40% of its workforce and discontinue its pipeline of therapeutics.

The genetic-testing company early Tuesday reported a loss of $59.1 million, or $2.32 a share, in the three months ended Sept. 30, compared with a loss of $75.3 million, or $3.17 a share, a year earlier.

Revenue fell 12% from a year earlier to $44 million, which the company said was caused by lower sales from testing kits and telehealth. 23andMe said it would continue to prioritize driving recurring revenue through its subscription business.

23andMe said late Monday that it would end its pipeline of cancer-related therapeutics and would evaluate alternatives for other clinical and preclinical assets.

The company is cutting headcount by more than 200 employees, which is expected to save about $35 million a year in cost.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 12, 2024 08:03 ET (13:03 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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