SURGALIGN HOLDINGS, INC.: restructuring charge — Surgalign updates restructuring: targets $30-35M savings, reports ~$82M revenue, sells Coflex/CoFix for $17M

SURGALIGN HOLDINGS, INC.

Inventory write-down of $12.5-15.5M in Q4 2022 due to product rationalization.
Workforce reduced by ~20% in December 2022; target cash savings of $30-35M in 2023 vs 2022.
Preliminary 2022 revenue ~$82M; year-end cash ~$16.3M.
Closed sale of Coflex/CoFix brands to Xtant Medical for $17M on March 1, 2023.
Product rationalization expected by mid-2023; ~70% of 2022 revenue from ~30% of brands.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SURGALIGN HOLDINGS, INC. reported year ended December 30, 2022 results: revenue approximately $82.0 million. Guidance reaffirmed.

Period: year ended December 30, 2022
Revenue: approximately $82.0 million
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

and Confirms its Prior 2022 Revenue Guidance Company on track to achieve target cash savings of $30—$35 million in 2023 vs 2022; expects to report 2022 revenue of approximately $82.0 million and end the year with a cash balance in excess of $16 million Deerfield, Ill., March 6, 2023 – Surgalign Holdings, Inc. (Nasdaq: SRGA), a global medical technology company

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

SURGALIGN HOLDINGS, INC. announced a restructuring with charges of approximately $12.5—$15.5 million affecting companywide (reduction in force of approximately 20%).

Type: restructuring
Charge: approximately $12.5—$15.5 million
Affected area: companywide
Headcount: reduction in force of approximately 20%

Exact text from the filing

underway and is expected to be finished by the middle of 2023. As part of this product rationalization, the Company expects to incur an inventory write down of approximately $12.5m - $15.5 million in its fourth quarter of 2022 for the period ended December 31, 2022. All other charges and costs disclosed within the November 9, 2022, Form 8-K have been

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Source: SEC EDGAR

accession 0001193125-23-061153

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