Surmodics (Nasdaq: SRDX) announced a restructuring that includes cutting 13% of the workforce at the Eden Prairie, Minnesota-based IVD tech developer.
In its most recent annual report, Surmodics listed a headcount of 447, which means the layoff could involve nearly 60 workers. The cost-reduction plan will save roughly $10 million to $11 million in cash for the remainder of the company’s fiscal year that ends Sept. 30, 2023, according to the company.
The move comes just weeks after the company revealed that the FDA had indicated that its Surveil drug-coated balloon was not approvable. Surmodics yesterday evening also reduced its full-year revenue guidance.
“We remain focused on making progress with respect to our regulatory strategy for the SurVeil DCB and are preparing to engage with the FDA to evaluate the appropriate path forward,” Surmodics CEO Gary Maharaj said in a news release.
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