According to sources, Truepill, a platform that helps other companies offer diagnostics, has conducted its third mass layoffs in a row. A third of the company was affected by the layoffs. The company didn't reply to many questions.
A source says that Truepill laid off its entire team in the U.K. The core services of the company will only be lightly supported going forward due to the impact on the data team. Impacted employees were told that they lost their jobs via a phone call, and some of them were told that the details of their separation would be made public in a few days.
The pharmacy operations portion of the business will return to form after the craziness of Truepill. When Truepill first launched, it described itself as the Amazon for pharmacy, powering companies such as Hims and LemonAID.
Truepill was able to see opportunity in selling diagnostics and services. It expanded to include brands that serve institutions such as healthcare plans and life science companies.
The company claimed to be bringing in $300 million in revenue in 2021.
In an all-hands with those who remain employed at the company, sources say chief executive and co- founder Sid Viswanathan spoke about the company's need to raise a Series E round or an extension of its Series D round. Truepill was valued at $1.6 billion as a result of that financing.
Growing concerns about digital health prompted Truepill to stop issuing prescriptions for Adderall. Employees at Ahead were affected by the service disruption. According to reports, Truepill was the preferred pharmacy partner of Cerebral, which is under federal investigation.
Viswanathan laid off 15% of his staff in June. The company was focused on defining a new category in healthcare and growing top-line revenue, but what was important was that the company operated with a new level of financial discipline and prioritization.
With today's layoffs, the company is trying to boost the staff's spirits. Merit surveys will be conducted for all employees to make sure they are being paid the correct amount. Two mental health days will be given to remaining employees. In-person meetings will be held in small groups.
The first person to take on that position since launch was announced by the company just weeks prior to the layoffs. The first CFO of Truepill was hired in April.
Resources are in short supply for Truepill employees. A group of former Truepill employees show how hard it is for them to get clarity on their entitlements after being laid off.
Current and former Truepill employees can reach out toNatasha Mascarenhas at email@example.com
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