NEW YORK – 10x Genomics has laid off approximately 8 percent of its full-time employees, or about 100 people, the firm disclosed in a regulatory filing with the US Securities and Exchange Commission on Wednesday.
"We took this action to make us more resilient in the current environment and put us on a path to become a sustainable business," Cofounder and CEO Serge Saxonov said in a statement on Thursday. "While all teams and locations were affected by yesterday’s actions, there was less impact in R&D and field-based customer-facing roles."
10x estimated it will incur costs in the range of $5 million to $6 million in conjunction with the staff reduction, primarily cash severance costs, which it plans to recognize in the third quarter.
The layoffs follow an announcement from 10x last month that its preliminary second quarter revenues were down 1 percent year over year.
10x's layoffs are the latest workforce cuts in the life sciences tools and diagnostics industry. Talis Biomedical cut its workforce by 35 percent this month; Invitae laid off more than 1,000 employees last month; and PerkinElmer, Siemens Healthineers, SummerBio, and Cue Health all laid off staff in June.