Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
ICAD INC announced a restructuring with charges of approximately $0.3 million affecting detection business unit and Xoft, Inc. (approximately 28%, decreasing its headcount by approximately 23 employees).
- Type
- restructuring
- Charge
- approximately $0.3 million
- Affected area
- detection business unit and Xoft, Inc.
- Headcount
- approximately 28%, decreasing its headcount by approximately 23 employees
Exact text from the filing
On March 20, 2023, iCAD, Inc. (the “Company”) committed to a restructuring plan intended to support its long term strategic goals and reduce operating expenses by further aligning its cost structure to focus on areas the Company believes are more likely to generate the best long-term results, in light of current industry and macroeconomic environments (the “RIF”). The Company plans to reduce its workforce by approximately 28%, decreasing its headcount by approximately 23 employees, predominantly from the Company’s detection business unit. Xoft, Inc., a wholly-owned subsidiary of the Company, will also furlough 12 of its employees, or approximately 50% of its workforce. The Company currently estimates it will incur one-time cash pre-tax restructuring charges of an aggregate of approximately $0.3 million in the first half of 2023 as a result of the RIF, comprised primarily of one-time severance and benefits payments, and employee-related transition costs.
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