23andMe is exploring the sale of its telehealth division, Lemonaid Health, amidst financial struggles and declining stock prices following a significant data breach.
The company initially acquired Lemonaid for $400 million, promising to enhance telemedicine by integrating genetic data, but its stock has plummeted since going public.
Facing a lawsuit from a data breach affecting millions, 23andMe cut 40% of its workforce and ended drug discovery efforts, struggling to maintain its market position.
23andMe's stock price fell drastically to $0.35 in September 2022 and underwent a reverse stock split to avoid delisting from Nasdaq, currently trading at $3.60.
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