CardioGenesis
This article was originally published in The Gray Sheet
Executive Summary
Disappointing preliminary fourth-quarter results lead to planned cost-cutting measures including a 40% reduction in the firm's sales force (from 30 to 18 reps), and a company-wide headcount cut of 28%. Fourth-quarter revenue is expected in the $2.5 mil. range, with operating losses of about $3.0 mil. The company cites "unfavorable economic conditions" as contributing to lower-than-expected sales of the TMR laser revascularization system. In early 2001, CardioGenesis indicated it would cut or outsource 90% of its work force (1"The Gray Sheet" July 30, 2001, p. 11)...