23andME slides after announcing job cuts, restructuring, results

Chrome Holding Co

12/11/2024 18:14

** Shares of 23andME  ME.O  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
))