Cue Health, a San Diego-based company that experienced rapid growth during the pandemic with its COVID-19 tests, is now facing a significant downturn, leading to plans to cut 230 employees, nearly half of its workforce. This decision comes as Cue grapples with declining sales of COVID tests, which have been a major revenue driver.

The company’s shift in strategy aims to refocus on its Cue Health Monitoring System, but challenges persist as Cue navigates losses, declining revenue, and key leadership departures. Despite being the first company to receive FDA clearance for an at-home COVID test outside emergency use authorization, Cue’s revenue heavily depends on COVID test sales, which have notably decreased.

This financial strain has prompted Cue to explore additional financing options to meet its cash requirements in the coming year.

NEWS Source:- https://finance.yahoo.com/news/cue-health-cut-230-employees-090000558.html

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Company Profile:-

Founded:- 2010
Industry: Health Care, Health Diagnostics, Life Science, Medical, Wellness
Location:- San Diego, California, United States
Total Funding:- NA
Company Stage:- Public
Founders:- Ayub Khattak, Clint Sever
Website:- www.cuehealth.com
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