SRDX - Surmodics cuts workforce by 13% after FDA declines to approve drug-coated balloon
- Surmodics ( NASDAQ: SRDX ) is cutting 13% of its workforce in the aftermath of the US FDA's decision in January not to approve its SurVeil drug-coated balloon .
- The company expects restructuring charges of $1M-$1.2M in fiscal 2023 Q2, the same quarter the layoffs will take place .
- Over the last year, shares are down ~26% .
- Seeking Alpha's Quant Rating views Surmodics ( SRDX ) as a sell.
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Surmodics cuts workforce by 13% after FDA declines to approve drug-coated balloon