Healthcare Triangle implements cost reduction initiatives

Healthcare Triangle announced that the Company is undertaking a series of strategic initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability. Thyagarajan Ramachandran, CFO of Healthcare Triangle, said, “We are announcing a comprehensive set of initiatives that are both necessary and decisive. This program will aim to right-size the Company’s cost structure, invest in high-potential growth opportunities, realign leadership, and position the business for long-term growth. Implementing these strategic initiatives will allow us to establish a clear path to consistent profitability and sustainable free cash flows.” Company initiatives include: Implementation of planned enhancements to the platform portfolio; Aligning selling, general and administrative costs by reducing third-party professional fees and infrastructure costs; Streamline the leadership structure to create clearer lines of accountability; Adjust go-to-market focus based on current market realities and how our customers want to leverage our platforms; Further streamlining the organization to drive process-related efficiencies. As a result of the initiatives announced today, the Company expects to: Enhance gross margins by blending platform and managed services offerings; Cost optimization across business operations. Strategic initiatives are expected to generate an estimated annualized savings of $3 million – $4 million in FY2024.