Venus Concept (Nasdaq:VERO) announced today that it plans to implement a restructuring plan that includes a large workforce reduction.
The medical aesthetic technology developer also intends to change up its executive leadership team amid the restructuring.
Venus Concept plans to cut 70 employees, equalling a reduction of approximately 18% of its global workforce as of Dec. 31, 2022. It completed the first phase of the reduction — impacting employees in Israel and North America — on Feb. 6.
Shares of VERO dipped 3.8% at 37¢ apiece as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 12.3%.
In connection with the actions, Venus Concept expects restructuring charges between $2 million and $2.5 million. It intends to substantially settle those charges in cash. The company expects to realize the majority of its savings in the second half of 2023.