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- Oncocyte Corporation OCX said that it is realigning its operations and implementing cost reduction programs to prioritize near-term revenue generators and better manage and preserve its cash.
- The company will reduce its workforce, which is expected to decrease its operating costs by more than $4.5 million annually.
- Layoffs started on August 8 and are set to be completed by September 30, the company said in an SEC filing.
- Oncocyte added that through reprioritization efforts, strategic activities, and headcount reduction, operating costs are expected to be trimmed by about $12 million in 2023 compared to 2022.
- Oncocyte's Q2 revenues rose 5% Y/Y to $2.1 million, falling short of the consensus Wall Street estimate of $2.7 million.
- It received a $1 million milestone payment during Q2 from the final delivery of the DetermaRx lung cancer test to its Chinese partner Burning Rock.
- The company posted an EPS loss of $(0.07) compared to a net loss of $(0.12) a year ago.
- The company ended Q2 with $47.1 million in cash, cash equivalents, restricted cash, and marketable securities.
- Price Action: OCX shares traded 4.11% higher at $0.99 on press time Thursday.
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