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Way To Sacrifice For The Patient and Our Mission!

Discussion in 'Exact Sciences' started by anonymous, Apr 21, 2020 at 4:52 PM.

  1. anonymous

    anonymous Guest

    The Company estimates that these items will contribute over $400 million of cost savings in 2020. The Company believes that its cost savings, coupled with its strong cash position, will enable the Company to continue serving patients who rely on its screening and diagnostic products and services through the remainder of the COVID-19 pandemic and thereafter. These estimates of potential cost savings, and the timing thereof, are subject to a number of assumptions and actual results may differ.

    The Company has initiated proactive measures to address the order weakness experienced thus far and anticipated for the balance of 2020, due to the COVID-19

    pandemic. The Company expects to achieve cost savings through, among other things:

    (i) reduction of the CEO’s base salary to effectively zero (excluding amounts to cover benefits and taxes),

    (ii) elimination of the Board of Directors annual cash retainer,

    (iii) reduction of base salaries for our executive team and employees at or above the director level,

    (iv) reduction in the annual corporate bonus and quarterly sales commissions,

    (v) implementation of a voluntary furlough program,

    (vi) implementation of a workforce reduction, involuntary furloughs, and work schedule reductions,

    (vii) reduction of investments in marketing and other promotional activities,

    (viii) reduction in costs of goods sold consistent with the expected decrease in revenue,

    (ix) pause in certain clinical trial activities,

    (x) reduction of travel and professional services fees, and

    (xi) delay or termination of certain capital projects.
  2. anonymous

    anonymous Guest

    and buy body bags at Costco and rent refrigerator trucks and put them in the Verona parking lot.
  3. anonymous

    anonymous Guest

    Very sad and we all knew the expansion was a mistake. The “selection process” was driven by some set of metrics that is “legally sound” but lacks common sense input. Seeing the growth of the company is a double edged sword; more resources coupled with dumb large corporate decision making. Best of luck to all.