2 Min Read
June 5 (Reuters) - Endo Health Solutions Inc said it plans to cut about 15 percent of its global workforce and will explore strategic alternatives for two units as the company looks to reduce about $325 million in annual operating expenses.
The company is evaluating strategic alternatives for its HealthTronics business, which provides urological products and services, and for its early stage pharmaceutical products.
Endo also cut its full-year forecast and now expects adjusted earnings per share of $4.10 to $4.40 on total revenue of $2.65 billion to $2.80 billion. The company last month said it expected adjusted earnings per share of $4.40 to $4.70 and revenue of $2.80 billion to $2.95 billion.
Analysts on average expect full-year earnings of $4.27 per share on revenue of $2.80 billion, according to Thomson Reuters I/B/E/S.
Endo had about 4,629 employees worldwide as of Feb. 20, according to a March 1 filing.
Shares of the company rose marginally in post-market trading after closing at $35.96 on the Nasdaq on Wednesday.