SRGA - Surgalign sees 2022 revenue guidance of $82M and provides update on restructuring plan

2023-03-06 12:26:55 ET

• Surgalign ( NASDAQ: SRGA ) sees full year revenue of about $82M vs $82.08M consensus and provided update on its restructuring plan which includes product portfolio rationalization in the domestic markets, and a scale down of its international business.
• "The Company estimates that approximately 70% of total 2022 revenue was generated from roughly 30% of its product brands and believes that operating costs to support its other approximately 70% of its brands was too costly. Therefore, in January 2023, the Company began the process of removing those products from its portfolio," SRGA said.
• The Company said it will end the year with about $16.3M in cash.
• The company in November reduced its workforce by 20%.
• It expects to complete the product rationalization process by the end of the first half of 2023.
• ( SRGA ) is up 5.2% .
• Press Release

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