23andMe, one of the best-known genetic testing companies once valued at more than $2 billion has laid off 14 percent of its employees on the consumer side of the business, according to PitchBook and CNBC.
The comapny cut some 100 jobs.
23andMe told CNBC that the cuts were due to falling demand for its mail-order genetic testing kits.
In 2018, drug giant GSK made a $300 million investment in 23andMe.
“The layoffs shouldn’t come as a total surprise: Illumina, a leading provider of DNA testing equipment, slashed its annual revenue forecast and warned investors of ‘softness’ in the market during an earnings call last summer,” PitchBook reported.