Orthopedic surgery leaders have been forced to make some difficult decisions amid a tough economic environment and other obstacles facing the healthcare industry.
Here are seven bankruptcies, layoffs and closures affecting the orthopedic industry this year:
Bankruptcies
1. Spinal cord implant designer InVivo Therapeutics filed for Chapter 11 bankruptcy in February. The company's creditors voted to approve the company's liquidation plan in June.
Layoffs
1. In January, Philadelphia-based Rothman Orthopaedic Institute announced plans to lay off 5% of its workforce, citing "Inflation, healthcare labor, and other costs of providing medical care are growing faster than reimbursement for healthcare services."
2. Medtronic laid off 44 employees from its Carlsbad, Calif.-based facility in March. There was another round of layoffs in May, which let go an undisclosed number of employees as part of ongoing restructuring efforts to improve the company's profit margins.
3. Zimmer Biomet laid off 3% of its back office workforce as part of a global restructuring in February. The company said its restructuring strategy is expected to save it $200 million by 2025.
4. NuVasive laid off 157 employees at its San Diego headquarters in January, and permanent layoffs went into effect in March. NuVasive said the layoffs were part of companywide organizational restructuring.
5. Latham-based OrthopedicsNY laid off 34 employees in May as part of an operational efficiency restructuring within the organization's business office. The layoffs did not affect patient-facing roles.
Closures
1. In addition to layoffs, Medtronic closed more than five manufacturing sites and six distribution centers earlier this year.