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
