Exact Sciences, a Madison-based biomedical giant has announced it is laying off about five percent of its workforce
This was about 350 people, about 250 of whom are in Wisconsin.
The cancer detection company, best known for its flagship Cologuard product, said in a statement distributed by director of corporate communications Stephanie Spanos that the job cuts come on top of 230 job cuts made in May of this year.
These layoffs were made at all levels of the organization and across divisions.
The statement said: “The impact of inflation, market volatility and prioritization of the programs that will have the greatest impact on improving cancer care have resulted in the need to allocate our workforce and resources more closely to our highest priority programs.”
“We’ve also taken steps to simplify our organizational structure to improve communication and operational efficiencies.”
Staff who lose their jobs will receive “comprehensive severance packages, outplacement services and the opportunity to apply for one of the 200 open roles across the company.”
“We remain deeply committed to Madison and excited to be part of its future for years to come,” the statement said.
Exact Sciences announced in January that it was expanding its Madison campus with a 266,000-square-foot research and development facility.
In addition, to accommodate the company’s rapid growth, existing lab and Warehouse space will be expanded. Exact expects the $350 million investment to create 1,300 new jobs.
According to Spanos, the plans announced in January cover investment and job creation goals to be met by 2025, and the job cuts “do not affect our planned future growth or community commitments.”
Exact Sciences Corp. reported third-quarter results that exceeded Wall Street expectations last week.
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The company reported a third-quarter loss of $148.8 million, or 84 cents per share, on $523.1 million in revenue.
According to the Associated Press, the average estimate of eight analysts polled by Zacks Investment Research was for a loss of $1.10 per share and revenue of $500.8 million.
Exact Sciences reported a net loss of $166.9 million, or 97 cents per share, on revenue of $456.4 million in the third quarter of last year.
Exact Sciences anticipates full-year revenue in the $2.03 billion to $2.04 billion range.