More cuts at Novoste
This article was originally published in The Gray Sheet
Executive Summary
Termination of 86 employees, announced March 31, is attributed to the impact of drug-eluting stents on the company's core business opportunity in brachytherapy treatment of in-stent restenosis. The move will save over $6 mil. annually and cost about $716,000 in severance, according to the Norcross, Ga. firm. The 40% workforce cut comes 13 months after the company laid off 35 people to save $3 mil. annually. However, the firm's sales force remains intact, in keeping with a 2002 plan to withstand expected DES-related loss of business in 2003 and 2004 (1"The Gray Sheet" Jan. 21, 2002, p. 12)...
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