MedAvail Holdings, Inc.: restructuring charge — MedAvail reduces workforce by 40%, targets $1.7M annual savings

MedAvail Holdings, Inc.

Board approved reduction in force of ~40% of full-time employees, effective Jan 22, 2024.
Expects annualized operating expense savings of ~$1.7 million versus full year 2024.
Expects to incur ~$0.3 million in Q1 2024 expenses related to the reduction.
Company continues to pursue strategies to address financial condition and liquidity.

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 with charges of approximately $0.3 million (approximately 40% of the Company's current full-time employees).

Type: restructuring
Charge: approximately $0.3 million
Headcount: approximately 40% of the Company's current full-time employees

Exact text from the filing

expected to result in annualized operating expense savings of approximately $1.7 million compared to the full year 2024. The Company expects to incur expenses of approximately $0.3 million during the first quarter of 2024 related to the Reduction. The first quarter expenses and annualized savings the Company expects in connection with the Reduction are estimates

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Source: SEC EDGAR

accession 0001402479-24-000004

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