2022-08-12 07:05:15 RPID Rapid Micro Biosystems
08/12/22 08/1207:05 08/12/2207:05 | Rapid Micro Biosystems announces restructuring plan with 20% workforce reductionThe Company is implementing an organizational restructuring plan to right-size its cost structure based on its lowered 2022 outlook. The Company will continue to invest in key growth initiatives including enhancing commercial execution and key product development programs that are expected to drive future revenue growth. The plan involves an approximately 20% reduction in the Company's workforce, which is largely focused on non-commercial functions. The Company expects the organizational restructuring plan to result in approximately $8.0 - $9.0 million in annualized cost savings by the first quarter 2023. It expects to incur restructuring charges of approximately $1.5 million to be recognized in the third quarter of fiscal year 2022. |
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