Illumina unveils plans to cut costs as it faces shrinking margins

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Illumina on Tuesday unveiled plans to cut costs in a bid to improve the DNA sequencing companys shrinking margins. The plans aim to reduce Illuminas annualized run rate expenses by more than $100 million starting later this year, according to the companys first-quarter earnings release. "These cost savings will accelerate progress toward higher margins as well as free up capital to increase investment in high-growth areas," Illumina said in the release. The company is battling criticism and a falling market cap in the wake of its controversial $7.1 billion acquisition of Grail, a cancer test developer. Grail claims to offer the only commercially available early screening test that can detect more than 50 types of cancers through a single blood draw.

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