Sequenom Inc., a San Diego developer of genetic tests that diagnose fetal conditions, said it is laying off 75 employees — nearly 13 percent of its staff — as it attempts to collect revenue from Medicare, Medicaid and other insurers.
The company anticipates it will spend about $1.2 million in severance expenses for the third quarter, but that the layoffs will save $10 million per year, it said in a regulatory filing.
Sequenom (Nasdaq: SQNM) had 594 workers as of March, it said in an earlier filing. Shares fell 7 cents, or 2.4 percent, closing at $2.91 following the August 19 announcement.
— Meghana Keshavan