Medtech layoffs: A list of companies that have downsized their workforce in recent times
You’ve probably read about the ongoing layoffs sweeping the tech industry, media and more. For instance, Yahoo, Disney, Zoom and more all reported workforce reductions as companies across industries grapple with economic pressures.
Think inflation, supply chain challenges and more. Medtech has shown some resilience in the present environment. Some major medical device companies released positive earnings. However, others announced headcount reductions, citing macroeconomic headwinds. Others felt the weight of regulatory issues, restructuring efforts and supply chain problems. Changes in how China buys products for its national health system have had a negative impact, too.
In fact, MassDevice has reported on more than 18,000 medtech workers let go across the industry since mid-2022. (Have a tip about layoffs at your company or within the industry? Let us know.) Here is our roundup — based on MassDevice reporting — of companies across medtech that enacted layoffs since mid-2022:
| Company | Size of layoff |
| 3M | 2,500 employees |
| Akili | 30% reduction (46 employees) |
| Ambu | 200 employees (roughly 4%) |
| Baxter | Less than 5% of workforce (up to 3,000 employees) |
| Better Therapeutics | 35% of workforce (as many as 15 employees) |
| Boston Scientific | 120 jobs |
| Butterfly Network | 10% of workforce (roughly 46 employees) |
| Dentsply Sirona | 8%-10% of workforce (roughly 1,500 employees) |
| iCad | 28% of workforce (approximately 23 employees) |
| Illumina | 5% of global workforce (roughly 455 employees — at least) |
| Johnson & Johnson MedTech | at least 1,000 employees |
| Pear Therapeutics | 162 employees |
| Philips | 10,000 employees (13% of its global workforce) |
| Retractable Technologies | 16% of workforce (roughly 37 employees) |
| Surgalign | Not disclosed |
| Surmodics | 13% of workforce (around 60 employees) |
| Titan Medical | 52 employees |
| Venus Concept | 70 employees (18% of workforce) |
| Verily | 15% of workforce (presumably more than 200 employees) |
| Vicarious Surgical | 14% of workforce (roughly 23 employees) |
Here is more information regarding the layoffs of several companies:
3M In its fourth-quarter earnings report, 3M announced plans to reduce its global manufacturing workforce by 2,500. The decision was made to align with adjusted production volumes due to macroeconomic challenges that are expected to persist in 2023. CEO Mike Roman said that the company will continue to focus on delivering for customers and shareholders despite the challenging economic environment.
Akili The maker of digital therapeutics, Akili, recently announced a 30% reduction in its workforce, which amounts to 46 employees across different areas and functions. The decision was communicated to employees on Jan. 12, and the reduction is expected to be completed by the end of the first quarter. CEO Eddie Martucci called the decision “necessary but difficult” in a letter to employees. Boston-based Akili develops a video game-based therapeutic for children with attention deficit hyperactivity disorder (ADHD).
Ambu Last August, Denmark-based Ambu made plans to cut 200 employees from its global workforce in a cost-cutting effort due to difficulties in progressing its single-use endoscope technologies. The layoffs represent about 4% of its workforce at the time, which was approximately 4,500. The company confirmed that it completed about 70% of the layoffs by the end of August.
Baxter In response to significant macroeconomic challenges, Baxter implemented a cost reduction program, including a global workforce reduction of less than 5%. The company listed 60,000 employees in its most recent annual report, meaning the layoff could affect up to 3,000 workers. The restructuring plan is expected to be completed later this quarter, with anticipated savings of more than $300 million. Baxter announced its plans to spin off its renal care and acute therapies units in January.
Better Therapeutics In March 2023, Better Therapeutics commenced a workforce reduction of approximately 35% of its employees as part of a cost reduction initiative to improve its cash runway and focus on the long-term success of the company. The company had 44 employees as of Dec. 31, 2021, so the layoff could affect at least as many as 15 employees. The reduction was planned to be completed on March 24.
Boston Scientific Boston Scientific notified the state of Texas earlier this year that it would cut 120 jobs at a Houston facility it acquired as part of its $1.225 billion purchase of Preventice Solutions in 2021. The company informed employees of the intent to transfer the work in April 2022, and affected employees had the opportunity to apply for positions at the company’s facility in Arden Hills, Minnesota.
Butterfly Network Handheld ultrasound technology developer Butterfly Network announced layoffs in its third-quarter earnings report. CEO Dr. Todd Fruchterman highlighted a plan to extend the company’s cash runway, including “improved efficiencies and targeted reductions” in Butterfly’s workforce. The layoffs covered 10% of the company, which had 463 total employees at the end of 2021.
Dentsply Sirona Dental equipment maker Dentsply Sirona announced a cost-saving restructuring plan on Feb. 16, which includes layoffs of up to 10% of its employees. The company’s most recent headcount had 15,000 employees, meaning the cuts could affect as many as 1,500 workers. The restructuring plan aims to improve operational performance and drive shareholder value creation, with the goal of achieving at least $200 million in annual cost savings over the next 18 months.