Weekly Vitals: St. Jude, Boston Sci Face Restructuring and Layoffs

Sadly, 300 St. Jude Medical employees found themselves suddenly jobless as they headed into the Labor Day holiday this year. The medical device maker announced the job cuts last week as the result of a company restructuring effort that yielded two new operating units: the Implantable Electronic Systems Division (IESD) and the Cardiovascular and Ablation Technologies Division (CATD). "The company estimates that as a result of the organizational changes announced, it will be able to reduce pre-tax operating expenses by approximately $50-$60 million annually beginning in 2013," according to a press release. In related news, Boston Sci could face a similar fate and Cook Medical weighs the impact of the device tax. Read about these stories and more in our weekly roundup.