Conformis to lay of 10% of workforce (MassDevice)
ConforMIS (NSDQ:CFMS) said yesterday that it plans to lay off about 10% of its workforce as it aims to put black ink in the ledger in 2021.
Billerica, Mass.-based ConforMIS, which makes customized knee and hip implants, had 350 employees as of Feb. 28, according to a regulatory filing. The cuts are expected to cost about $700,000 in severance and other exit charges during the fourth quarter, generating savings of more than $4 million next year, the company said.
“We are taking decisive actions to prioritize our highest-impact new product opportunities, our Conformis hip system and our cementless Press Fit total knee, which we believe provide us an opportunity to build a stronger, more sustainable business. As a result of these actions, we believe we can achieve profitability in 2021,” CEO Mark Augusti said in prepared remarks. “These actions included the difficult decision to part ways with many valued employees. On behalf of the entire company, I thank these colleagues for their many contributions to the business.”
Conformis also said it’s working to improve its balance sheet by paying down half of its $30 million d...
