Cue Health to further reduce workforce by about 30%, shares up

Cue Health

28/04/2023 23:14

** Shares of medical testing company Cue Health Inc  HLTH.O 
rise 5% to 81 cents in extended trading 
    ** Announces reduction in employee base by 326 employees, or
about 30% of global workforce
    ** New cost reduction plan to reduce cost structure and
improve operational efficiency beyond the expected cost savings
of the plan announced on Jan 5
    ** Estimates aggregate restructuring charge related to
one-time termination benefits in range of $5 mln-$7 mln
    ** Termination dates for affected employees are expected to
occur in late June 2023
    ** HLTH down about 62% YTD

 (Reporting by Vaibhav  Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))