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Listed biological products maker ICPbio is "urgently" stripping costs across the business in an attempt to make up for its surprise forecast $8 million loss this month.
Executive chairman Roger Gower, said the company could take "immediate steps" to make savings.
The company, which makes the serum and media used by other biotechnology companies, had downgraded its sales expectations so wouldn't need to buy as much raw material, he said. It was also discussing the cuts with its staff.
In a statement to the NZX yesterday, the company said it had identified significant areas of cost reduction which were being addressed "with some urgency".
This month ICPBio slashed its previously forecast trading profit (earnings before interest, tax, depreciation and amortisation) for the year ending June 30 of $6.1 million to an expected loss of about $8 million.
Gower, who took over from Earl Stevens - who resigned last week - said ICPBio had underestimated the time potential customers would take to test the products.
The board of ICPBio will meet tomorrow to discuss implementing the cost-cutting measures.
