Cue Health Launches Major Cost Reduction Initiative

Cue Health (HLTH) has released an update to notify the public and investors about termination and asset disposition expenses.

Cue Health Inc. introduced a new cost reduction plan on January 25, 2024, to further decrease expenses and enhance operational efficiency, following prior initiatives in 2023. The plan includes laying off 151 employees, approximately 24% of its global workforce, and is expected to incur restructuring charges between $3.2 million to $4.0 million, primarily as cash expenditures. Severance benefits are conditional upon employees signing a release agreement, with termination dates projected for late March 2024, and the company estimates all CRP-related payments to be finalized by the end of the third quarter of 2024.

For further insights into HLTH financials, check out TipRanks’ Financials page.