More Medtech Layoffs in a Layoff-Filled Year

Sometimes, it hurts to be right. Case in point, this MD+DI headline from February: Layoffs Are Turning Out to Be Medtech's Biggest Trend in 2023.

Here it is November, and we have yet another round of medtech layoffs to report, this time impacting about 300 New Jersey-based workers within the diagnostics division of Siemens Healthineers. This brings the total number of medtech layoffs in 2023 to at least 19,784 (and that's not counting the medtech layoffs that were reported late last year).

According to a recent filing with the New Jersey Department of Labor, Siemens Healthineers intends to spread the job cuts out over 13 dates, with the final layoffs slated for Dec. 31, 2024.

Medtech Dive reports that these layoffs include 120 layoffs announced in June. The company plans to consolidate some of its instrument manufacturing operations in Flanders, NJ, to Dublin, Ireland in September 2024. Additional details are anticipated during the company's fourth-quarter earnings call Wednesday.

The medtech layoffs also come as rumors are circulating that Siemens Healthineers may be looking at strategic options for its diagnostics division, which could potentially include a sale valued at up to $8 billion, according to a Bloomberg report. Reuters also reported on the speculated sale, citing a source "familiar with the situation," who said a strategic review is underway, albeit in the early stages.