Cue Health Inc.: restructuring charge — Cue Health to cut ~30% of workforce (326 employees) in cost reduction plan

Cue Health Inc.

Reduction of 326 employees (~30% of global workforce) under new cost reduction plan.
Estimated restructuring charge of $5-7 million cash plus ~$0.3M non-cash for RSU acceleration.
Layoffs expected to be completed by late June 2023 after 60-day WARN notice; cash payments by Q4 2023.
CEO cites challenging macro environment and 'in-between period' between COVID product and expanded test menu.

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

Cue Health Inc. announced a restructuring with charges of in the range of approximately $5.0 million to $7.0 million (326 employees, which constitutes a reduction of approximately 30% in the Company’s global workforce).

Type: restructuring
Charge: in the range of approximately $5.0 million to $7.0 million
Headcount: 326 employees, which constitutes a reduction of approximately 30% in the Company’s global workforce

Exact text from the filing

In connection with the CRP, the Company estimates that it will record an aggregate restructuring charge related to one-time termination benefits in the range of approximately $5.0 million to $7.0 million. The substantial majority of these charges will result in cash expenditures. Cash expenditures in connection with the CRP consist of payments for salary,

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Source: SEC EDGAR

accession 0001628945-23-000085

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