Risk Factors Update Summary
- Uncertainty regarding FDA regulation of LDTs may impact future testing requirements and approval processes.
- There is substantial doubt about the company's ability to continue as a going concern. Cash and cash equivalents decreased from $77 million to $36 million.
- Potential impact of the VALID Act on the company's ability to purchase necessary materials for testing.
- Workforce reductions of approximately 15% and 30% were implemented, resulting in one-time charges of $2.1 million and $1.3 million.
- Increased compliance complexity and risks due to new data privacy laws in various states.
- Operating expense reductions of approximately $40 million compared to fiscal 2022 were achieved through restructuring plans.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1651944&owner=exclude
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