SURGALIGN HOLDINGS, INC.: restructuring charge — Surgalign approves restructuring; expects $30-35M cash savings, $5.5-7M in costs

SURGALIGN HOLDINGS, INC.

Board approved restructuring including workforce reductions and brand rationalization; estimated cash savings of $30-35M vs 2022.
Restructuring costs estimated at $5.5-7.0M ($3.0-3.5M severance, $2.5-3.5M other exit costs) in Q4 2022 and Q1 2023.
Exploration of further restructuring including potential sale or exit of certain domestic and international business aspects.
Company also pursuing additional capital fundraising to supplement cash for operations and restructuring.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SURGALIGN HOLDINGS, INC. announced a restructuring with charges of total estimated restructuring cost of approximately $5.5 – $7.0 million affecting Digital Health and core hardware assets.

Type: restructuring
Charge: total estimated restructuring cost of approximately $5.5 – $7.0 million
Affected area: Digital Health and core hardware assets

Exact text from the filing

and $2.5 – $3.5 million in other exit and disposal costs during the fourth quarter of 2022 and first quarter of 2023 for a total estimated restructuring cost of approximately $5.5 – $7.0 million. Estimated cash savings are expected to be realized throughout 2023. Efforts to raise additional capital from fundraising initiatives are currently underway to

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Source: SEC EDGAR

accession 0001193125-22-280763

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