FRAMINGHAM – Definitive Healthcare in Framingham announced last week a plan to lay off 55 employees or about 6% of its workforce in the first quarter of 2023..
On January 12, Definitive Healthcare announced a restructuring plan intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth, according to a U.S. Securities Exchange Commission (SEC) filling.
The Plan provides for a reduction of the Company’s current workforce by approximately 55 people, or approximately 6 percent of its total workforce.
“The Company estimates that in the first quarter of 2023 it will incur pre-tax cash restructuring and related charges to its GAAP financial results of approximately $2.0 million to $2.5 million, consisting primarily of severance payments, employee benefits, and related cash expenses, as well as an immaterial non-cash stock-based compensation charge related to the vesting of share-based awards for employees who are terminated,” according to a SEC filling.
The Company expects the Plan will be substantially complete by the end of the first quarter of 2023, according to the filling.
The company’s HQ is at 492 Old Connecticut Path in Framingham.