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Illumina said on Monday it was cutting 5% of its global workforce to realign its operating expenses as stubborn inflation and a strong dollar weigh on the genetic sequencing equipment maker’s business.
The San Diego-based genomics pioneer said it was expecting to take a restructuring charge, which would include expenses related to optimizing its facilities, in the fourth quarter.
The layoffs come on the back of a near $4 billion impairment it took in the third quarter related to its cancer test unit GRAIL.
The company, which is in the process of launching its next-generation NovaSeq X DNA sequencing systems, has over 9,100 employees globally, according to its website.
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