Jobs: SurModics to cut 9 percent of total workforce, starting with its executive team | Earnings Roundup

August 23, 2011 by MassDevice staff

Drug delivery tech company SurModics' strategic realignment includes cutting about 9 percent of its total workforce, beginning with its senior VP & CFO and VP of human resources.

SurModics

SurModics Inc. (NSDQ:SRDX) announced today that it will reduce its workforce by about 9 percent, starting with its executive team.

Senior VP and CFO Philip Ankeny was "included in the reduction," and his CFO responsibilities shifted to current senior director and general manager Timothy Arens on an interim basis.

The company's VP of human resources Jan Webster was also let go, and her duties were assumed by Bryan Phillips, currently senior VP of legal and human resources as well as general counsel & secretary.

"This is a critical transition for SurModics to implement the components of our strategic plan that focus and position our business for maximum long-term success," president & CEO Gary Maharaj said in a press release. "While a workforce reduction is always a very difficult decision, it was necessary to enable us to achieve our objectives. We thank our affected employees for their contributions and wish them well in their future endeavors."

The Eden Prairie, Minn.-based drug delivery device maker reportedly employed 215 people at last count in 2010.

SurModics' third quarter results, published earlier this month, showed stellar growth in profits despite a modest decline in revenues. Sales were down 3 percent in the three months ended June 30 to $18 million, compared to $18.6 million for the same period last year.

Medical device revenues sank 18 percent from Q3 2010, posting at $9.6 million compared to last year's $11.7 million.

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