Invitae Corp: restructuring charge — Invitae divests Ciitizen, cuts workforce 15%; expects $90-100M annualized cash savings

Invitae Corp

Ciitizen assets sold to new entity led by former Ciitizen GM; Invitae retains minority equity stake.
Workforce reduction of approximately 15% as part of broader cost-cutting initiatives.
One-time severance payments of about $10 million expected.
Anticipated annualized cash savings of $90-100 million excluding severance.
Plans to recognize restructuring charges in Q4 2023 and Q1 2024; non-cash charges not yet estimable.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Invitae Corp announced a restructuring with charges of approximately $10 million affecting Company-wide (approximately 15%).

Type: restructuring
Charge: approximately $10 million
Affected area: Company-wide
Headcount: approximately 15%

Exact text from the filing

The Company also announced plans to reduce its operating expenses through a workforce reduction and other cost saving initiatives, which include streamlining processes across its core platforms and optimizing its technology, professional services and other spending. The divestiture and the announced plans will decrease the Company's workforce by approximately 15%. In combination with the Ciitizen transaction, these initiatives are anticipated to result in one-time severance related payments of approximately $10 million.

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Source: SEC EDGAR

accession 0001501134-23-000117

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