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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Venus Concept to cut workforce by 18%

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.

Ve…

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  • February 7, 2023
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