Orthopedic implant maker Exactech laid off 63 employees because of a rash of surgery cancellations due to COVID-19, Florida Health News reports.
What you should know:
1. Exactech laid off 54 employees at its Gainesville, Fla., headquarters and nine at its Sarasota, Fla., office.
2. As more states cancel elective procedures in efforts to protect the public, demand for Exactech's products has fallen dramatically.
3. The company has implemented several cost-cutting measures including canceling travel, enacting a hiring freeze and halting overtime work, but none of the measures were effective enough.
4. Exactech's remaining employees will face tiered salary cuts, but the company projects most employees will maintain 90 percent of their original salaries.
5. Exactech employs more than 900 people worldwide.