MADISON, Wis. — Exact Sciences is laying off hundreds of employees — roughly 5% of its workforce — citing “the impact of inflation, market volatility, and prioritization of the programs that will have the greatest impact on improving cancer care.”
In a statement to News 3 Now Monday evening, the company said it is making the move “to allocate our workforce and resources more closely to our highest priority programs.”
Roughly 350 employees, around 250 of whom work in Wisconsin, will be laid off. Employees work in jobs at various levels within the company and across multiple divisions.
The company said the latest layoffs are in addition to the roughly 230 employees who were laid off earlier this year.
The layoffs do not affect the company’s planned future growth, including a planned $350 million expansion announced in January, a spokesperson said.
Read Exact Sciences’ full statement below:
“Exact Sciences is committed to improving the lives of people globally through innovative tests to help detect cancer earlier and provide guidance for successful treatment. For many years, our company has focused on investing to support rapid growth, both organically and through acquisition, and we have made great strides in achieving this mission. 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. This will result in a reduction of approximately 5% of our workforce. Impacted team members will be supported with empathy and respect through the transition and 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.”
COPYRIGHT 2022 BY CHANNEL 3000. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.
