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Invitae, a San Francisco-based genetic tech company, announced it is laying off more than 700 employees at its headquarters.
The layoffs at Invitae are part of a larger corporate restructuring in which more than 1,000 employees, constituting roughly a third of the company’s staff, are set to be laid off over the next year. Invitae announced the “realignment” on July 18 after it was approved by the company’s board of directors two days prior.
The genetic testing company, headquartered in Potrero Hill, plans to cut its international presence by “exiting certain territories and countries where the Company’s business is less developed,” according to SEC filings. The company will also “consolidate underutilized office and laboratory space,” possibly in its Potrero Hill office and laboratory.
While this “realignment” will cost Invitae up to $100 million, the hope is that it will lead to $326 million in cash savings by 2023 and allow the company to have cash on hand through 2024. The company had $136 million in revenue this last quarter. .
The San Francisco Business Times reported Friday that the layoffs will take place in five phases between mid-September and June 2023 and will affect everyone from scientists and software engineers to customer service and marketing staff.
Within the past five years, Invitae has swallowed up at least four different health and genetic startups. In September of last year, Invitae acquired the health data company Ciitizen for $325 million.
It is unclear when employees in each phase will be notified, and what severance benefits they will receive. A spokesperson for Invitae did not immediately respond to a request for comment from SFGATE.
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