Qlife reduces operational costs - workforce reductions and restructuring
Qlife is carrying through cost reductions, mainly by reducing the workforce. The redundancies are an adaptation to the post-covid markets reality, as well as a precautious change to ensure the company's resources are used to meet the primary milestones.
During the past year, Qlife has been transitioning and transforming to a post-covid reality. The current cost reductions are related to a significantly reduced demand for covid-tests and primarily affect personnel in production and supply chain roles.
Further, Qlife is also reducing costs by internal restructuring and focus on the execution of the company's primary mid-term milestones: To complete the regulatory filing for approval of a CRP test for self-test use in the European markets as well as completion and filing of for a CE approval of a PHE test for self-test use, which paves the way for the market launch of two new tests in the home market.
The estimated effect of the changes are annual savings of 34 MSEK, with anticipated effect from Q1, 2023.
“We need to focus on our primary milestones, i.e., to help improve quality of life for every individual and for the future society by making Egoo Health available for home use. With the proposed new issue and a more streamlined workforce we will maintain control of our financing and enable delivery on our promise to our customers and shareholders”, says Thomas Warthoe, CEO of Qlife Holding.