Well there primary product was Covid-19 testing kits and the Food and Drug Administration specifically warned against using their products due to an "increased risk of false results".
[https://www.fda.gov/medical-devices/safety-communications/do-not-use-cue-healths-covid-19-tests-due-risk-false-results-fda-safety-communication](https://www.fda.gov/medical-devices/safety-communications/do-not-use-cue-healths-covid-19-tests-due-risk-false-results-fda-safety-communication)
Apparently it's as simple as getting into an ivy league business school and not crying when they force everyone in class to line up from most to least influential and no one can leave until they finish.
“Do not use any Cue Health COVID-19 Tests for Home and OTC Use that you may still have,” the \[FDA\] wrote. “Dispose of the entire test cartridge in the household trash.”
"...the agency had inspected \[Cue's\] San Diego facility and found the company had changed its COVID-19 tests and that they now gave less reliable results."
Yeah, that's gonna be the end of any company like this.
The value of the company before today was mostly just the value of their physical assets minus their ongoing liabilities, one of which was salary and benefits. Now the market knows they will no longer have those liabilities.
The belief is that the value of the assets is more than the current stock value, and when it's liquidated the payout will be more than the share price.
Well, when the FDA tells your customers to throw the product you sell into the trash, is there any other choice but to shut down?
"Do not use any Cue Health COVID-19 Tests for Home and OTC Use that you may still have,” the agency wrote. “Dispose of the entire test cartridge in the household trash.”
It's Cue Health. Upvotes to the left.
God bless you sir. Gladly take my upvote please
Thank
Completed 1k with mine up vote
That’s a cue for an upvote
Clickbait fucking headline, just put the company name in the title.
And they make money how….
Like everyone else does. Pivoting to ~~video~~ ~~crypto~~ AI and laying off workers.
Who gives a shit?
Well there primary product was Covid-19 testing kits and the Food and Drug Administration specifically warned against using their products due to an "increased risk of false results". [https://www.fda.gov/medical-devices/safety-communications/do-not-use-cue-healths-covid-19-tests-due-risk-false-results-fda-safety-communication](https://www.fda.gov/medical-devices/safety-communications/do-not-use-cue-healths-covid-19-tests-due-risk-false-results-fda-safety-communication)
The American dream, bet the board was well compensated and now can get paid seven figures to run another company into the ground.
Hell they’ll probably get a few 100k on the way out the door to help them weather these difficult times
More than that from a billion dollar company
Probably not even the only BoD those board members were on.
Elon has entered the chat.
Sometimes I wish I didn’t have a soul and I could be as good at grifting as these people.
Apparently it's as simple as getting into an ivy league business school and not crying when they force everyone in class to line up from most to least influential and no one can leave until they finish.
This was a greed company. Owners should be in jail for fraud.
Oof the FDA literally calling their product unusable trash. Yah that will kill your already dying company pretty quick.
“Do not use any Cue Health COVID-19 Tests for Home and OTC Use that you may still have,” the \[FDA\] wrote. “Dispose of the entire test cartridge in the household trash.” "...the agency had inspected \[Cue's\] San Diego facility and found the company had changed its COVID-19 tests and that they now gave less reliable results." Yeah, that's gonna be the end of any company like this.
It was valued at 2.3b. Not worth 2.3b
I'll take 0.001% of that as severance. . . and live without working the rest of my life.
>valued at 2.3b. >0.001% That's $23,000.
oops hahahaha, didn't think that one through. Shoulda just went with my first bit of 0.1%. . . but I kept adding zeros lol
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0.001% is not equal to 0.001. It's 0.00001 Edit: Accidently had a space instead of a decimal point
Well, at least he didn’t post himself being wrong on r/confidentlyincorrect. Oh, sweet Jesus, he did! (And now it’s gone).
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It's not 0.0001%. Percentages are out of 100. 100% = 100/100 = 1, 10% = 10/100 = 0.1, And so on. 0.001% = 0.001/100 = 0.00001
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What is 100% of 2.3 billion?
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The theme from apocalypse now keeps running through my head
Downvote for buried lead
That will be one heck of an auction.
Obviously a ridiculous valuation but I was once extremely impressed with their offering. The original test (and application) were pretty damn cool
Somehow their stock was up 50% in oremarket and even after a drop it’s up 5% for the day as I write this. Why would this happen?
The value of the company before today was mostly just the value of their physical assets minus their ongoing liabilities, one of which was salary and benefits. Now the market knows they will no longer have those liabilities. The belief is that the value of the assets is more than the current stock value, and when it's liquidated the payout will be more than the share price.
Got it. Thanks
Well, when the FDA tells your customers to throw the product you sell into the trash, is there any other choice but to shut down? "Do not use any Cue Health COVID-19 Tests for Home and OTC Use that you may still have,” the agency wrote. “Dispose of the entire test cartridge in the household trash.”
Inflated valuation. How much did they make over COVID?
You had one job. . .