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23andMe (NASDAQ:ME) said in an SEC filing that it plans to lay off about 9% of its workforce, or around 75 employees, as part of a company restructuring.
The genetics-focused healthcare company said it expects the cuts to be made mostly during Q1 of the company’s fiscal year ending March 31, 2024. The company expects to incur charges of roughly $3.5M from the move, most of which will be recognized in Q1 of fiscal 2024.
23andMe said the cuts should result in savings of approximately $12.8M in payroll and benefits expenses.
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