Amedica (AMDA) Announces 38% Headcount Reduction
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Amedica Corporation (Nasdaq: AMDA) announced that it has reduced its workforce by approximately 38% to lower its operating expenses. The company will continue to focus on its commercial sales strategy to add new surgeons, territories, and distributors.
"We acknowledge the hard work of those affected by this decision, towards bringing silicon nitride technology to patient care," said Dr. Sonny Bal, Chairman and Chief Executive Officer of Amedica. "Consistent with our previously-announced commitments, this prudent course, albeit based on a difficult decision, will conserve cash and further our business objectives."
The actions associated with the plan were implemented on October 3, 2016 and completed on October 4, 2016. The Company estimates the staff reductions to result in savings of approximately $2.0 million in cash operating expenses on an annualized basis, with estimated one-time severance and related costs related to the restructuring of approximately $465 thousand expected to be recorded in the 4th quarter of 2016.
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