Brief: Surmodics To Reduce Company's Workforce By Approximately 13%

SurModics

03/02/2023 21:49

Feb 3 (Reuters) - Surmodics Inc  SRDX.O :
    * SURMODICS - ON JAN 30, CO INITIATED CERTAIN ORGANIZATIONAL
CHANGES DESIGNED TO ALIGN ITS HUMAN RESOURCES WITH BUSINESS
NEEDS & TO REDUCE USE OF CASH
    * SURMODICS INC - ORGANIZATIONAL CHANGES WILL RESULT IN A
REDUCTION IN COMPANY'S WORKFORCE BY APPROXIMATELY 13%
    * SURMODICS - IN CONNECTION WITH WORKFORCE REDUCTION, CO
EXPECTS
TO RECORD TOTAL RESTRUCTURING CHARGES OF ABOUT$1.0 MILLION TO
$1.2 MILLION IN Q2 2023
    * SURMODICS INC - WORKFORCE REDUCTION IS EXPECTED TO BE
COMPLETED
WITHIN COMPANY'S SECOND FISCAL QUARTER
    * SURMODICS - RESTRUCTURING CHARGES REPRESENT CASH
EXPENDITURES
FOR SEVERANCE, BENEFITS CONTINUATION, OUTPLACEMENT, AND OTHER
COSTS

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