In a regulatory filing yesterday, Omnicell reported that on November 23, the company committed to a plan to reduce the company’s headcount as part of the company’s expense containment efforts being implemented due to ongoing macro-economic headwinds. The company expects to reduce its workforce across a majority of its functions affecting approximately 350 employees, representing approximately 9% of the company’s workforce. In connection with the plan, the company estimates that it will incur approximately $17.0M of nonrecurring restructuring and related charges. The charges are expected to be cash-based and primarily consisting of employee severance and benefits costs, which the company expects to incur the majority of in the fourth quarter of 2022. The company expects to substantially complete the plan, including cash payments, by the end of the first quarter of 2023, it stated in the filing.
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