restructuring | GenomeWeb

restructuring

The moves are part of an effort to consolidate and reduce costs related to administrative, finance, and operational support functions.

The firm will provide product enhancement and clinical lab services, including comprehensive tumor profiling using proprietary cell-based products and services.

The company reported drops in revenues for both its human health and environmental health units, blaming challenging market conditions for the decreases.

The company beat analysts' consensus estimates on both the top and bottom lines as its molecular diagnostics sales rose 9 percent at constant exchange rates.

The company said the diagnostics unit will be focused on reproductive health, diagnostics for emerging markets, and applied genomics.

Olink Proteomics will focus on developing protein biomarker discovery products while Olink Bioscience will work on other technologies arising from its IP portfolio.

In November, the company said it was selling off its biomedical commercialization and marketing services business in order to focus on its diagnostic offerings.

The company has scaled back its headcount from a peak of 115 employees to about 100 staff members, primarily on the commercial side.

The molecular diagnostics company has been given 60 days to demonstrate that it's in compliance with TSX listing requirements.

The moves are part of an organizational restructuring designed to increase the company's focus on its core women's health business and reduce operating costs.

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