Lombard Medical Announces Completion of Restructuring and Implementation of Strategic Plan to Achieve Profitability
LOMBARD MEDICAL (EVAR)
US:NASDAQ Investor Relations:
investors.lombardmedical.com
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Source: Business Wire
OXFORDSHIRE, England--(BUSINESS WIRE)-- Lombard Medical, Inc. (NASDAQ: EVAR), a developer, manufacturer and marketer of endovascular aortic aneurysm repair products, today announced completion of a restructuring following the implementation of its new strategy to focus sales efforts in the UK, Japan and China, and reduce operating and manufacturing costs in order to achieve cash flow breakeven in the near term. The restructuring program is anticipated to result in a reduction of nearly $12 million in operating expenses in 2018 when compared to 2016 expenditure levels, a reduction of more than 50%. Kurt Lemvigh, Chief Executive Officer, commented “During 2017, we have refocused sales and marketing activities in an effort to concentrate on our highest margin markets. We continue to sell on a direct basis in our home market of the UK and via our distribution partner Medico’s Hirata in Japan. Sales i
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