Dexcom, a San Diego-based glucose monitoring company, is laying off 350 employees.
The company announced Wednesday that it cut 3% of its global workforce. Of the 350 layoffs, 196 workers are headquartered in San Diego. Most of the affected San Diego employees are in operations and manufacturing.
A Dexcom spokesman wrote in a statement to the Times: “Dexcom is taking positive steps to position itself in long-term success through strategic changes in the organizational model and operational structure. This includes effective reductions as we readjust the structure to enhance our commitment capabilities.”
The layoffs were recently made outside of California. Last year, it announced a shift to Arizona’s centralized manufacturing industry and canceled 536 positions in San Diego.
Founded in 1999, Dexcom has become a leading developer of continuous glucose monitors. For people with diabetes, wearing a glucose monitor eliminates the need for fingertip testing and can track their blood sugar levels 24/7. Dexcom alerts patients when their blood sugar moves dangerously.
Initially, the company’s products mainly serve people with type 1 diabetes, an autoimmune disease that usually develops during puberty. Over time, its research has also expanded to include studies that include type 2 diabetes.
The company also aims to expand its services to support prediabetes customers, as well as those who want to monitor their glucose levels for healthy purposes.
Recently, it announced a new display that will last up to 15 days. Previously, the monitor could be worn for up to 10 days. The new version is scheduled to be released in the next few months.
This year, Dexcom also faces alert issues with the glucose monitors that were recalled twice.
Dexcom shares fell about 2% on Thursday.
The company’s net revenue in the second quarter was $179.8 million, up from $143.5 million in the previous year’s listing period, with revenue rising 15% from $1.94 billion to $1.157 billion.
