MASSDEVICE ON CALL — St. Jude Medical‘s (NYSE:STJ) coming overhaul and massive layoffs were attributable partly to the 2.3% medical device tax taking effect January 1, the company told reporters.
“The medical device tax was one of many factors that contributed to the rationale for the realignment of our business, which resulted in the reduction of operating expenses,” St. Jude spokeswoman Amy Jo Meyer told the Minneapolis Star Tribune.
The medical device giant announced last week that it terminated 300 employees, effective immediately, and that the company was undertaking a massive overhaul to structure its businesses from 4 divisions into 2: the Implantable Electronic Systems Division and the Cardiovascular and Ablation Technologies Division.
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