Guardant Health confirmed on Wednesday that it had laid off approximately 7% of its workforce, or approximately 130 people.
According to terminated employees who posted on LinkedIn, the layoffs affected a variety of departments, including account management, bioinformatics, and technology development. According to a former employee who wishes to remain anonymous, the latter group has undergone significant restructuring.
Guardant Health confirmed the extent of the workforce reduction in a statement, citing the need to balance innovation with “financial discipline and focused execution” in the current economic environment, but did not specify which positions or industries were affected.
Calling the layoffs a difficult decision, Guardant wrote that it expects the move “to better support both our near- and long-term growth as well as our path to profitability.”
“This decision puts us in an even better position to deliver on the promise we made 10 years ago to transform cancer care,” the firm said.
Guardant has faced some recent challenges, with results of the ECLIPSE trial of its blood-based colorectal cancer screening assay spooking investors into a 30 percent sell-off in December.
On LinkedIn, the firm currently has 50 open positions posted, including in sectors where employees have reportedly been laid off.