BUZZ-23andME slides after announcing job cuts, restructuring, results

Reuters11-13

** Shares of 23andME down 1.1% at $4.56 on Tues, hovering near record lows, after genetic testing firm announced business restructuring and qtrly results

** ME shares rose as high as $5.35 in early trading, and then fell steadily to session low of $4.38. Stock, which hit record intraday low of $4.33 on Mon, now off 75% YTD ** Co late Mon announced workforce cut of about 40%, more than 200 employees, and discontinuation of drug development programs

** Co also said it's evaluating strategic alternatives, including licensing agreements and asset sales, for therapies in development ** Early Tues, co reported fiscal Q2 rev declined 12% y/y to $44 mln due to lower sales from testing kits and telehealth orders

** Its net loss in qtr of $59 mln was narrower than $75 mln loss a yr ago ** In Sept, co's independent directors quit board over unsatisfactory buyout plan from CEO Anne Wojcicki

(Lance Tupper is a Reuters market analyst. The views expressed are his own)) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380 ))

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