DermTech Inc (DMTK) has released an update to notify the public and investors about termination and asset disposition expenses.
DermTech, Inc.’s Board of Directors approved a restructuring plan on January 29, 2024, aimed at prioritizing resources for the DermTech Melanoma Test, streamlining operations, and reducing operating expenses by about $40 million compared to fiscal 2022. This plan will result in a 15% workforce reduction, impacting around 30 employees across the organization. The company anticipates incurring around $1.3 million in pre-tax charges for severance and related costs, with the workforce reduction expected to be completed by March 2024.
For further insights into DMTK financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
