Babylon, a digital health company that facilitates virtual visits, intends to let go of about 100 employees as it cuts costs by about $100 million, Bloomberg reported recently.
The London-based firm had said July 6 it was instituting cost efficiencies in the third quarter of 2022 but didn't specify how. People familiar with the matter told Bloomberg that the move will include layoffs, according to the July 12 story. The job cuts could affect about 100 employees in the U.S. and United Kingdom.
"Like many other responsible organizations at these times of change, we are focusing our resources on activities that most directly serve our mission, and that means some reduction in noncore activities," Babylon spokeswoman Marnie Maton said in a statement to Bloomberg. "We are not reducing any patient-facing clinicians in Rwanda, the U.K or U.S."
Babylon didn't respond to a request from Becker's for further comment. The company quadrupled its annual revenue but still had an operating loss of $402.5 million in 2021.