Former employees of Smith+Nephew (NYSE:SNN) claim that the company’s recent layoffs have gone beyond the official announcements.
MassDevice first reported that Watford, England-based Smith+Nephew’s orthopedics unit faced layoffs this month, highlighting approximately 150 job cuts in Memphis, Tennessee.
However, workers across the U.S., involved in major sectors like sports medicine and advanced wound care, are now revealing to MassDevice that they also faced layoffs shortly before Thanksgiving. (These sources remain unnamed to safeguard their employment opportunities in the medtech industry.)
Opportunities in Remote Medtech:
Medical device companies are still offering remote job roles.
“There wasn’t much justification besides the metrics they’ve analyzed over the past two years appeared unfavorable,” a former employee stated. “The turnaround was swift and unforeseen for me and many others.”
Another ex-employee noted that the layoffs commenced in November 2023, including waves of job cuts through internal restructuring and outsourcing efforts directed to Costa Rica.
Smith+Nephew remained tight-lipped about the broader scope of its recent workforce reductions or further inquiries from MassDevice, providing only a succinct response:
“Recent weeks have seen significant strides in improving our operational efficiency,” the company remarked. “The most substantial impact, as reported, was in Memphis.”
Ranked 24th globally in the medical device sector, according to the 2024 Medtech Big 100 list by Medical Design & Outsourcing, Smith+Nephew holds a position as the fifth-largest orthopedic device firm.
Last month, three prominent investors encouraged the company to consider offloading its underperforming orthopedics division.
In September, Smith+Nephew placed its 300,000-square-foot office complex near Memphis on the market. Partnering with real estate agency JLL, the company is searching for a fresh, long-term relocation within the Memphis region.
Medtech Workforce Adjustments:
The medtech landscape sees ongoing personnel changes across various enterprises.