MedAvail Holdings, Inc.: restructuring charge — MedAvail cuts 27% of staff, expects $1.8-2.0M annual savings

MedAvail Holdings, Inc.

Approximately 27% of full-time employees terminated effective April 28, 2023.
Reduction completed on April 27, 2023; employees notified same day.
Expected annualized operating expense savings of $1.8M to $2.0M vs. full year 2022.
Reduction aims to streamline operations and focus on pharmacy technology business.

item 2.05

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

MedAvail Holdings, Inc. announced a restructuring (approximately 27% of the Company’s current full-time employees).

Type: restructuring
Headcount: approximately 27% of the Company’s current full-time employees

Exact text from the filing

On April 27, 2023, MedAvail Holdings, Inc. (the “Company”) completed an additional reduction in force (the “Reduction”), in which approximately 27% of the Company’s current full-time employees were immediately terminated, effective April 28, 2023.

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Source: SEC EDGAR

accession 0001402479-23-000035

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