Layoffs in medtech: These companies recently reduced their workforce

[Image courtesy of Nastuh Abootalebi on Unsplash] The workforce reduction trend has swept the economy recently, and unfortunately, the medtech space is not immune to layoffs.

You’ve probably read about the ongoing layoffs sweeping the tech industry, media and more.

For instance, Yahoo, Disney, Zoom and more all reported workforce reductions as companies across industries grapple with economic pressures. Think inflation, supply chain challenges and more.

Medtech has shown some resilience in the present environment. Some major medical device companies released positive earnings.  However, others announced headcount reductions, citing macroeconomic headwinds. Others felt the weight of regulatory issues and restructuring efforts.

Here are a few companies across medtech that enacted layoffs over the past several months.

3M

In 3M’s fourth-quarter earnings report, the company announced that it plans to reduce its global manufacturing workforc…

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  • February 14, 2023
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Retractable Technologies downsizes workforce

Retractable Technologies this week announced that it has reduced its workforce by 16% due to the completion of its facility expansion efforts and the completion of U.S. government orders related to the COVID-19 vaccine.

The staff reduction will affect the Little Elm, Texas-based company’s production, operations and logistics departments. Retractable Technologies said in an SEC filing that there will be an overall annualized savings of approximately $2.1 million, or 13% in annual payroll expense. Separation costs are expected to be approximately $200,000.

Retractable Technologies, which makes syringes, blood collection and IV catheter devices, expects that it will be able to maintain its domestic production after the reduction and have “significantly enhanced” domestic production capacity when it completed its expansion efforts.

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  • June 8, 2022
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