Amedica Announces Steps to Simplify Organization and Align Financial Objectives (press release)
Amedica Corporation (Nasdaq:AMDA), a company that develops and commercializes silicon nitride ceramics as a biomaterial platform, today announced the results of a comprehensive business review to improve financial performance, increase operational efficiencies, and strengthen the Company's value proposition.
The Company is executing a series of immediate strategic actions which include:
Staff reduction of 25 employees, or approximately 28% of the Company's workforce.
Reducing corporate overhead and operational expenditures by approximately 35%, excluding non-cash stock compensation and other non-cash expenses.
Aligning sales, marketing, and product development teams to drive broad product portfolio growth and adoption of silicon nitride.
Leveraging the Kyocera manufacturing partnership to reduce manufacturing costs by 25%.
The Company estimates that the impact from these strategic actions will deliver $6 million to $8 million of annualized operating profit benefit, beginning in the first quarter of 2015. These changes will reduce total cash burn, increase financial sustainability, and ...
