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AI-backed remote monitoring and digital therapeutics company Biofourmis confirmed it laid off 120 employees worldwide, including 48 workers in the U.S.
The Boston-based company offers home care tools to help remotely monitor acute and post-acute patients, alerting a care team when a patient's condition changes from their personal baseline.
It also offers digital therapies, including a heart failure tool dubbed BiovitalsHF software that received FDA Breakthrough Device Designation in 2021. The tool aims to monitor patients and help them optimize their medication dosage.
The company also provides a virtual specialty care platform called Biofourmis Care, focused on managing patients with chronic conditions like hypertension, lipid management, heart failure and diabetes.
"Biofourmis is reorganizing its global workforce, which includes a reduction of 48 employees in the U.S. The largest impact will come outside the U.S. as the company focuses on accelerating growth in the U.S. market. Most of the roles are operational and administrative; the company will maintain its investment in commercial," a spokesperson for Biofourmis told MobiHealthNews in an email.
THE LARGER TREND
The layoffs come a year after the company scored $300 million in Series D funding, bringing it to unicorn status with a valuation of $1.3 billion. Four months later, the company announced it added $20 million to its Series D round.
It scored $100 million in Series C funding in 2020.
Earlier this year, the company announced a four-year collaboration with Georgia-based health system Augusta University Health to expand its Virtual Care at Home program to ease the burden of emergency department and inpatient hospital operations.
It also announced a multi-year agreement with Florida-based Orlando Health, which would leverage Biofourmis' offerings to support the nonprofit healthcare organization's delivery of a hospital-at-home program.
Other companies offering remote patient monitoring include Current Health, acquired by Best Buy in 2021, and Cadence, a remote monitoring and virtual care platform that seeks to manage conditions like COPD, hypertension, heart failure and Type 2 diabetes.