H|T: The Healthtech Times – Truepill, Peloton, and Calm all make staff cuts

Plus: ByteDance Pays $1.5 Billion for China Hospital Chain in Health Foray.

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Market watch: Well Health, Dialogue Health (BETAKIT)

Well Health achieves record quarterly revenues, while Dialogue Health grows its revenues but posts a larger loss for the second quarter running.

Peloton slashing 780 jobs, closing stores and hiking prices in push to turn profit (CNBC)

The company did not specify how many of its 86 retail locations it plans to shutter, but said an “aggressive” reduction will begin in 2023. The pace of closures will depend on how quickly Peloton can negotiate getting out of leases.

Interaxon secures $9.5 million USD to roll out subscription model for brain sensing headband, Muse (BETAKIT)

The funding was jointly led by BDC Capital, Alabaster (family office of Sunny Vu, founder of Misfit), and Export Development Canada. It also included participation from new investors Phyto Partners, Iter Investments, Intretech(HK) Co, and The Clavis Foundation.

Digital health unicorn Truepill conducts third round of layoffs in 2022 (TECHCRUNCH)

One source says that Truepill’s entire U.K. team was laid off, as well as a meaningful portion of the virtual pharmacy platform’s product team. The data team was also impacted, while the diagnostics and telehealth components of the company — its core services — will be only lightly supported going forward.

Lucid closes $3 million to turn music into medicine for Alzheimer’s patients (BETAKIT)

“This is much more than a feel-good app,” Amplify managing partner Kathryn Wortsman told BetaKit in an interview. “It is really rooted in clinical validation.”

Lucid co-founder and CTO Aaron Labbé began his journey into the music-as-therapy space after contending with “a lack of empathy during the care process” through his own personal mental health challenges.

Meditation App Calm Lays Off 20% of Staff (THE WALL STREET JOURNAL)

“Regrettably, today we are reducing our overall workforce by 20%,” Chief Executive David Ko said in a memo. “While some of you will be impacted, all of you will be affected. I can assure you that this was not an easy decision, but it is especially difficult for a company like ours whose mission is focused on workplace mental health and wellness.”

Armed with more capital to back women entrepreneurs, Phoenix Fire makes first investment in VoxCell (BETAKIT)

Phoenix Fire, which aims to support early-stage women entrepreneurs across Canada, has raised another $1.4 million CAD and announced its first investment: Victoria-based biotech startup VoxCell BioInnovation.

ByteDance Pays $1.5 Billion for China Hospital Chain in Health Foray (BNN BLOOMBERG)

TikTok’s Chinese owner paid about 10 billion yuan to take full ownership of Amcare Healthcare, which runs women’s and children’s hospitals in cities from Beijing to Shenzhen, according to a person familiar with the matter, asking to not be identified discussing private information.

Two ByteDance subsidiaries now own a combined 100% stake of Amcare, according to corporate registry tracker Qichacha.

Sandpiper Ventures closes $20 million first fund focused on early-stage, women-led tech startups (BETAKIT)

Launched in May 2020 to address the existing gender imbalance in Canada’s venture capital (VC) ecosystem, Sandpiper aims to support women-led tech startups in Atlantic Canada and across the country at the seed stage, while also growing the proportion of women investors.

Doximity posts 25% revenue growth, but stock sinks as company cuts revenue guidance (FIERCE HEALTHCARE)

Doximity, a digital platform for medical professionals, brought in $91 million in revenue in the most recent quarter, a 25% jump from a year ago as the company saw strong growth in its telehealth services. But the company’s stock took a hit in after-hours trading Thursday after it slashed its revenue guidance for the year.

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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