ATS Medical
This article was originally published in The Gray Sheet
Executive Summary
Restructuring announced June 17 is expected to save $3 mil. annually and result in a one-time charge of $600,000. Citing intense competition in the mechanical heart valve market and the increasing popularity of tissue valves, the firm will lay off half of its workforce, including the entire management team, with the exception of CEO Richard Kramp. A search for a new CEO is ongoing. First quarter sales were down 9% at $3.9 mil., resulting in a loss of $1.5 mil...