A dental laser company has announced it is cutting staff and will be implementing cost-cutting measures in an effort to remain profitable.
Biolase Technology in the US has got rid of 20 positions and made additional cost-cutting measures across the organisation in order to ‘better position the company for future profitability’.
In connection with the corporate restructuring came the departure of chief financial officer Brett L Scott.
Brett’s responsibilities will be taken on, for an interim period, by chairman and chief executive officer David M Mulder and by Biloase’s corporate controller.
David Mulder said: ‘As previously discussed, the top-line performance of the company in the first half of the year was expected to be impaired by the challenging economic times and the recent change in our commercial business model.
‘That said, we see many reasons to be positive about the future of the business, and we remain fully committed to ongoing vigilance on our cost-controls and improving our balance sheet.
‘We would like to thank Brett for his service as a member of our executive team and, along with all of the employees impacted by this round of cost-cutting measures, we wish them the very best in their future endeavours.’
The reduction in staff, along with additional expense reduction activities, are expected to reduce corporate expenses by approximately $3 million on an annual basis.
The company is expected to incur approximately $70,000 in charges in the second quarter of 2010 related to severance and other non-recurring expenses related to the restructuring.