Boston Scientific ($BSX) is cutting 50 jobs at its facility in Galway, Ireland, following through on its goal of streamlining operations and slashing costs.
In 2011, Boston Sci announced plans to cut up to 1,400 jobs worldwide in an effort to save about $275 million a year by 2013, and trimming the staff of its 2,500-employee Irish facility is part of that process, Ireland's Business & Leadership reports. The Galway facility will become Boston Sci's hub for drug-eluting stents, the company told MassDevice, and the firm will shift other operations to facilities elsewhere.
Boston Sci has been trudging through lean times of late, taking a $3.4 billion loss in the second quarter. But the device giant has a plan for the future, interim CEO Hank Kucheman says. In addition to slimming down operations and payroll, Boston Sci is looking to boost revenue with the asthma-treating Alair and the innovative S-ICD, a subcutaneous defibrillator the company acquired in its $150 million buyout of Cameron Health.
If all goes according to plan, Boston Sci could post revenue growth as early as next year on the strength of its new devices, Kucheman says. "And we will begin to see these things gain traction in the next 12 to 18 months," he told FierceMedicalDevices. "The investors that are with us today see that opportunity."