Pages: [1]   Go Down
Print
Author Topic: Cyberonics to lay off more employees  (Read 3067 times)
0 Members and 1 Guest are viewing this topic.
Birdbomb
Head Cheese
Administrator
Hero Member
*****

Karma: +9/-1
Offline Offline

Posts: 7791


Head Cheese


WWW
« on: August 22, 2007, 11:43:11 AM »

Source

Cyberonics to lay off more employees
Wednesday August 22, 5:11 pm ET [/b]


Cyberonics Inc. is preparing to let go more of its employees.
In May, the Houston medical device company laid off 15 percent, or 90 of its 600-employee work force as part of a company reorganization to reduce operational costs.

On Wednesday, the company, still citing operational costs reductions, said it will eliminate another 12 percent, or roughly 60 employees.

Cyberonics (NASDAQ: CYBX - News) said the $2.5 million in costs associated with the reductions will be expensed in the second quarter of fiscal 2008, which will end on Oct. 26.

The work force reductions are expected to result in significant cost savings beginning in the third quarter of the current fiscal year.

"The recent non-coverage determination by the Centers for Medicare and Medicaid Services has resulted in reduced sales of VNS Therapy Systems for treatment-resistant depression patients," said Dan Moore, president and chief executive officer. "We are fully committed to creating shareholder value by returning the company to positive cash flow generation and profitability as quickly as possible."[/size]

Logged

"If you are going through hell, keep going." (Sir Winston Churchill, 1874-1965)
VNS implanted Sept 02, turned off Dec 04, Generator ex-planted Nov 07
Electrodes are in me for LIFE!
Pages: [1]   Go Up
Print
Jump to: