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HomeFinTechLumos Diagnostics: Closes Sarasota facility in effort to reduce costs

Lumos Diagnostics: Closes Sarasota facility in effort to reduce costs

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Lumos Diagnostics Closes Sarasota facility in effort to reduce costs

  • Lumos Diagnostics (LDX) is closing its operations facility in Sarasota, Florida
  • The decision reflects the company’s goal to reduce spending and improve operating cashflow
  • Lumos, who specialises in point-of-care diagnostic testing, announced having 1.7 quarters left of available funding and is seeking financing options as well as implementing cost reduction measures
  • The company has already begun winding up operations at the Sarasota facility and expects to complete this process either in late September or early October
  • LDX shares end the day trading 5.66 per cent in the red at five cents

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