Discover the 6 companies that laid off the most employees last week
Layoffs
February 6, 2024
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BioSig Technologies, Inc., a medical tech company focused on precise intracardiac signal visualization, recently announced a 50% workforce reduction to cut costs. This move, scheduled for completion by January 31, aims to streamline operations. BioSig plans to shift its business model by partnering with organizations for sales and clinical support of its PURE EP™ Platform.
Ken Londoner, Chairman and CEO of BioSig, expressed gratitude to affected employees, emphasizing their crucial role in developing the PURE EP™ Platform. BioSig Technologies's strategic shift comes as PURE EP™'s Near-Field Tracking ("NFT") gains traction since its Q4 2023 launch, with increased interest and usage at major medical centers. To support further expansion, BioSig is seeking partnerships with established electrophysiology companies and distributors with existing clinical staff.
Fred Hrkac, Executive VP of BioSig, mentioned adjusting the business model to ensure an economical clinical infrastructure as they release version 7 software featuring NFT. Notably, physicians from renowned medical centers have completed over 100 cases using PURE EP™'s NFT algorithm, showcasing its potential benefits, including a 66% reduction in ablation time.
BioSig Technologies, Inc. is a medical device company specializing in the development and commercialization of a proprietary biomedical signal processing technology platform. Their key product is an advanced electrophysiology system, providing precise real-time evaluation of electrograms during electrophysiology procedures. The system, designed for use in electrophysiology laboratories under licensed healthcare practitioner supervision, encompasses the acquisition, digitization, amplification, filtering, measurement, calculation, display, recording, and storage of electrocardiographic and intracardiac signals. BioSig Technologies focuses on improving intracardiac signal acquisition and diagnostic information for procedures related to atrial fibrillation and ventricular tachycardia. Founded in 2009, BioSig Technologies, Inc. is headquartered in Westport, Connecticut.
DermTech, Inc. has recently announced strategic restructuring moves to boost revenue growth, streamline operations, and cut overall expenses. DermTech, a leader in precision dermatology with innovative non-invasive skin genomics technology, will be reducing its workforce by about 15%, affecting around 30 employees. This step is part of DermTech's ongoing efforts to focus on growing its DermTech Melanoma Test (DMT) billable samples and expanding payer coverage.
These actions aim to achieve approximately $40 million in operating expense reductions compared to fiscal 2022, along with the initial restructuring plan from June 2023. The expected one-time restructuring charge is approximately $1.3 million in the first quarter of 2024.
Bret Christensen, DermTech's CEO, highlighted the commitment to capital allocation for revenue growth and operational efficiencies in 2024. DermTech saw positive results in key performance indicators during the third quarter of 2023, thanks to a focus on reimbursed tests and realigned commercial strategies. The additional restructuring aligns with the goal of maintaining a lean organization and pursuing high-return opportunities.
DermTech, Inc., based in La Jolla, California, is a leading genomics company specializing in dermatology. Focused on the development and sale of innovative products for skin disease diagnosis and treatment, DermTech pioneers early detection solutions for skin cancers, evaluates inflammatory conditions, and tailors drug treatments. Their flagship Adhesive Skin Collection Kit enables the collection of stratum corneum tissues from various body locations, excluding specific surfaces. Notable offerings include the Pigmented Lesion Assay (PLA) for assessing melanoma risk in pigmented skin lesions and Nevome, a non-invasive test identifying pigmented lesion DNA mutation risk factors for melanoma. DermTech is at the forefront of developing gene expression assays, such as ResponseTNF and CytokineEx 17, to pinpoint cytokine inflammatory profiles for improved therapy guidance.
Innoviz Technologies Ltd. recently made important changes to its operations for financial optimization. Innoviz Technologies, a key supplier of high-performance LiDAR sensors and perception software for automobiles, strategically realigned its focus to enhance its financial position and move towards profitability. This shift involves reducing its workforce by around 13%.
The decision stems from a desire to extend its financial runway and improve competitiveness. Innoviz successfully transitioned the InnovizOne program into full production, leading to cost savings. Innoviz Technologies is now concentrating on the InnovizTwo sensor and software platform, streamlining investments for better market alignment.
Innoviz aims to cut costs associated with initiatives requiring substantial upfront investment and lengthy timelines. The focus is now on the InnovizTwo platform to secure series production awards with major automotive OEMs. This shift is expected to result in a 13% reduction in workforce and a projected annual cash outlay reduction of $22-24 million in 2024.
Innoviz Technologies Ltd. is a leading provider of solid-state LiDAR sensors and perception software, specializing in facilitating the widespread adoption of autonomous vehicles. Innoviz Technologies's product line includes InnovizPro, a high-performance solid-state LiDAR suitable for automotive and various applications, and InnovizOne, an automotive-grade LiDAR sensor designed for 3D sensing in Level 3-Level 5 autonomous driving. Innoviz Technologies also offers a range of products for object identification, tracking, sensor fusion, mapping, and localization. Founded in 2016 and headquartered in Rosh HaAyin, Israel, Innoviz Technologies has established strategic alliances with key investors, including Magna International, Samsung, Aptiv, SoftBank Ventures Asia, and others.
COVID-19 vaccine maker Novavax, opens new tab said it will reduce about 12% of its total workforce as the cash-strapped biotech company seeks to further cut costs amid doubts about its ability to remain in business.
The Maryland-based company had said in May it would cut a quarter of its workforce, just months after its "going concern warning". Since then, Novavax has been eyeing further cost cuts as it focuses on its updated COVID shot and the development of its COVID and flu combination vaccine.
About 30% of full-time jobs would be impacted by both the layoff rounds, Novavax said in an email response. The vaccine maker had 1,992 full-time employees as of Feb. 21, 2023, according to the latest annual regulatory filing.
Novavax said the decision is part of its intention to bring down expenses below $750 million this year, which it had disclosed during its third-quarter earnings call in November.
Novavax sees the full annual impact of the cost savings to be realized in 2025, and expects to incur one-time charges of about $4 million to $7 million in the first quarter of 2024.
Novavax, Inc., a late-stage biotechnology company, specializes in discovering, developing, and commercializing vaccines for preventing serious infectious diseases. Novavax's primary vaccine candidates include ResVax, a respiratory syncytial virus (RSV) fusion protein nanoparticle vaccine currently in Phase III clinical trials, targeting infant protection through maternal immunization. Another leading candidate, NanoFlu, is in Phase III clinical trials for treating seasonal influenza in older adults. Novavax employs Matrix-M, its lead adjuvant, to enhance immune response amplitude and change its quality, enabling vaccination with lower antigen doses. Novavax is also developing vaccines for older adults and healthy children against RSV, as well as clinical testing against the Ebola virus. Additionally, Novavax is in the preclinical stage of developing a COVID-19 vaccine, NVX-CoV2373, in collaboration with Takeda Pharmaceutical Company Limited. Founded in 1987, Novavax is headquartered in Gaithersburg, Maryland.
Group 1 Automotive, a company specializing in auto sales and repairs, recently made a tough decision. Due to challenges in selling used cars in the United Kingdom and facing financial losses, it has announced plans to reduce its workforce there by 10%, which amounts to 300 jobs.
This decision comes as Group 1 grapples with a changing market and increased costs. While its U.S. operations have been doing well in adapting to market shifts, its U.K. branch has struggled, particularly with selling used vehicles.
The company's financial report for the fourth quarter showed a decline in profit by about 30%, falling short of analyst expectations. Despite a revenue increase of 10%, higher expenses, especially in selling, general, and administrative areas, have impacted profit margins. In the U.K., expenses have risen, and margins have fallen, contributing to the overall challenges faced by the company.
Group 1 Automotive acknowledges the need to align its costs with current market conditions. The decision to reduce its workforce reflects its efforts to streamline operations and mitigate financial losses.
Recent market developments, particularly in the U.K., have prompted Group 1 Automotive to take proactive steps to address its financial challenges. By optimizing its operations and adjusting to market changes, the company aims to navigate through these uncertain times and emerge stronger in the future.
Group 1 Automotive, Inc., through its subsidiaries, operates in the automotive retail industry. Group 1 Automotive sells new and used cars, light trucks, and vehicle parts, as well as service insurance contracts; arranges related vehicle financing; and offers automotive maintenance and repair services. It operates primarily in the metropolitan areas in 15 states in the United States; 33 towns in the United Kingdom; and 3 states in Brazil. As of February 5, 2020, Group 1 Automotive owned and operated 186 automotive dealerships, 242 franchises, and 49 collision centers that offer 31 brands of automobiles. Group 1 Automotive, Inc. was founded in 1995 and is headquartered in Houston, Texas.
PayPal is set to undergo another round of layoffs, aiming to trim its workforce by 9% throughout the year. CEO Alex Chriss explained that this move is to streamline the business, ensuring agility for customer service and profitable growth. PayPal, with 29,900 employees in 2022, previously cut 7% of its workforce under former CEO Dan Schulman. PayPal's stock has faced challenges, dropping 61% in two years and 79% from its July 2021 peak.
Chriss, who took the helm in September, emphasizes the need for a leaner, more focused approach. Analysts anticipate varied interpretations: Bulls may see this as a positive step towards margin accretive growth, drawing parallels with successful cost-cutting strategies in the tech sector. On the other hand, bears may view it defensively, raising concerns about potential headwinds in upcoming financial results.
The layoffs align with Chriss's goal of instilling a culture of innovation and focusing on impactful opportunities. Analysts suggest that the move reflects a shift towards heightened productivity. While the stock market reaction was relatively neutral, the future implications of these layoffs remain to be seen.
PayPal Holdings, Inc. operates as a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. Its payment solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, and iZettle products. PayPal''s payments platform allows consumers to send and receive payments, withdraw funds to their bank accounts, and hold balances in their PayPal accounts in various currencies. It also offers gateway services that enable merchants to accept payments online with credit or debit cards, as well as digital wallets. PayPal Holdings, Inc. was founded in 1998 and is headquartered in San Jose, California.
Some data was sourced from LevelFields.AI
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