They have laid off 1,000 people today. I am a top performer and I was laid off. Invitae is definitely not going to be around for much longer. They have a cash runway until end of 2023. Good luck to everyone!
19 replies (most recent on top)
What hurts the most is the fact that I was walked out like a criminal.
This should never happen.
The management has problems planning strategy, planning work, planning execution... Now they proved that they cannot plan and execute decent layoffs. This will tain the company forever.
Honestly, I regret I ever accepted this job.
On the other hand, I've worked with some talented people and they will remain my friends forever.
50% accurate
That's what happens when you hire a bunch of Ambry id--ts.
Some of them were good
That's what happens when you hire a bunch of Ambry id--ts.
I don't work there, but reading about how the layoffs happened is a major red flag for all who remain. Look out!
Remember: just because someone is a c-level executive, it doesn't necessarily mean that they know what they are doing. Scrutinize their words and actions and act accordingly.
Just say it was Ken, Lol
I'm literally the only one who can do my job at Invitae and they laid me off? Good luck, Chuck. You're in for a world of sh-t when you realize...
Fu-k this company. As a top performer for over 2 ½ years to be unceremoniously let go today by being logged out of my work computer mid-day just shows the cowardice and incompetence of this company. I hope you rot you pieces of sh-t.
Who should go was indeed decided by an individual in a c-suite who claims to "know" how to run companies. This individual is very active on Linkedin and now liking others posts when they are looking for work. This individual has always been passive aggressive since they joined 2 years ago! This individual also never has run a genomics organization and approved half a billion dollar worth of acquisition for a company with NO revenue. No accountability for their actions!
Those who were let go, you all deserve a better job.
You’ll all be better off now. Better to be saved from a sinking ship now when the job market is still hot, than lose your job when Invitae ultimately collapses down the road, during a recession. Short term pain for longterm gain. You’ve got this!
It's 1,000 because that's the number leadership said they were firing in the e-mail to all employees this afternoon. Then (seemingly) random employees began receiving termination "heads up" meeting invitations to speak with their manager, be officially let go, told you will get an e-mail with more details.
It seems random because there are a vast number of incredibly talented top performers among those being fired. The fact that they aren't transitioning top performers to the surviving teams/labs suggests they have zero idea what they are doing other than a number on a spreadsheet. You do not toss top talent out the door, especially in the manner they are doing (immediate revocation of access, you're done). Seems as if they went off a list of employee numbers, geographic locations and salaries to meet a calculated number and extend runway 1.5 years. Managers were shocked, employees were shocked. This was entirely a money play and it shows; bridges have been burned, cash is king kids.
It seems as though that the people who were laid off were selected at random. Not surprising though as the company is run really poorly anyway and I agree with the first poster’s statement that this company will be bankrupt soon anyway. Even though it’s horrible to be laid off, people will likely find better positions elsewhere than continuing to work for executives that don’t know how to run a profitable business
They laid off people last Friday too. How do you know they laid off a 1000 today?
What teams are seeing the most losses?
Yeah, I was expecting a layoff, but as a top performer, I thought I was safe. Severance was only 4 weeks. Pretty small.
Who is surprised by this? If you are, you need to be mocked.
Seriously though, sorry for everyone affected.
imho could have been done better and less traumatic, less confusing and just bad
Operating Plan Details
- Headcount and office/lab space: The company plans workforce reductions aligned with its newly-streamlined operations. The company is also taking immediate steps to consolidate underutilized office and laboratory space.
- Portfolio optimization: The company has conducted a rigorous assessment of its product portfolio as well as the associated research & development and commercial spending. The new plan shifts the focus to programs relevant to the core testing businesses to drive near-term cost of goods sold (COGS) reductions. These programs will speed the pathway to positive cash flow and drive the completion of the genome management platform that places Invitae in the middle of patients, providers and the greater healthcare ecosystem. Initiatives and products that are not attached to the go-forward core priorities have been put on hold or eliminated.
- Other operating expenses: The company has performed an extensive review of internal and external costs and how those may align with the new business structure. Through that analysis, additional savings will be generated through the ongoing digitization of workflows, elimination of duplication and streamlined processes across the core platforms and rationalization of technology and external services spend.
- International business structure: As part of the plan announced today, the company will shift its focus to serving less than a dozen international geographies where the testing business demonstrates the potential to reach positive cash flow in a shorter duration. The company plans to conduct an orderly exit from territories and countries in which the business is more nascent, focusing on supporting those territories through the transition and allowing those providers and patients sufficient time to shift to alternative resources for their testing needs.
**These changes are expected to deliver approximately $326 million in annual cost savings by the end of 2023 and allow the company to extend its cash runway to the end of 2024. **
How is the severance?
my dad has been laid off today too, he was expecting it
good luck to all people who got affected, you'll be better off