SkinHealth Systems Inc. (SKIN): restructuring charge — Beauty Health cuts 10% of workforce (95 employees); expects $5.1M Q4 charge

SkinHealth Systems Inc.

Workforce reduction of 95 employees (63 US, 32 international), reducing headcount to 893.
Estimated Q4 2023 charges of $5.1 million for notice pay, severance, and related costs.
Expects annualized savings of ~$17M from workforce reduction and ≥$3M from non-headcount cuts.
Phase 1 of cost savings plan expected to be substantially complete by March 31, 2024.
Cash and equivalents of $559.4M at Sept 30, 2023; company believes sufficient for 12+ months.

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

SkinHealth Systems Inc. announced a restructuring with charges of approximately $5.1 million (reduce its current global workforce by 10%, including 95 employees).

Type: restructuring
Charge: approximately $5.1 million
Headcount: reduce its current global workforce by 10%, including 95 employees

Exact text from the filing

of claims against the Company. In connection with this workforce reduction, the Company estimates that it will incur charges in the fourth quarter of 2023 of approximately $5.1 million related to notice pay, cash severance payments, and other employee-related separation costs. The Company expects that the majority of these charges will be incurred in the fourth

View on SEC.gov

13 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

SkinHealth Systems Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-039265

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.