Cantel Medical layoffs, on the record
Every job cut, severance charge and restructuring Cantel Medical reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from 2,693 to 3,669.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | 2,693 | July 31, 2018 |
| 10-K for 2019 | 2,775 | July 31, 2019 |
| 10-K for 2020 | 3,669 | July 31, 2020 |
Job cuts, severance and restructuring
Our summaryBusiness optimization and restructuring-related charges were recorded in fiscal 2018, with pre-tax restructuring items in cost of sales and general and administrative expenses.
Word for word“In fiscal 2018, pre-tax restructuring-related items of $1,517 were recorded in cost of sales and $3,814 were recorded in general and administrative expenses.” 10-K for 2018
Our summaryRestructuring-related activities contributed to higher general and administrative expenses in fiscal 2018 compared with fiscal 2017.
Word for word“These increases were primarily due to the addition of internal and external resources to address our continued growth initiatives, compliance requirements and various restructuring-related activities.” 10-K for 2018
Our summaryRestructuring-related charges were recorded in fiscal 2017 in general and administrative expenses.
Word for word“In fiscal 2017, pre-tax restructuring-related items of $3,284 were recorded in general and administrative expenses.” 10-K for 2018
Our summaryThe company recorded higher restructuring-related costs tied to organizational leadership changes, which increased general and administrative expenses.
Word for word“In fiscal 2019, pre-tax restructuring-related items of $2,243 were recorded in cost of sales and $21,507 were recorded in general and administrative expenses.” 10-K for 2019
Our summaryThe company described its restructuring-related costs as severance tied to workforce reductions and other restructuring activities.
Word for word“Restructuring-related and business optimization items consist of severance-related costs associated with work force reductions and other restructuring-related activities.” 10-K for 2019
Our summaryThe company reported that operating income fell, with restructuring-related costs, including accelerated amortization of certain intangible assets, cited as a driver.
Word for word“The decrease was primarily due to lower net sales, restructuring-related costs (including the accelerated amortization of certain intangible assets) and an increase in research and development costs.” 10-K for 2019
Our summaryThe company reported a restructuring-related charges adjustment in its adjusted EBITDAS reconciliation for fiscal 2019.
Word for word“Restructuring-related charges (1) 18,524 5,001 2,760 Litigation matters 163 2,345 — CEO retirement costs (2) — — 1,937 Gain on disposition of business (1,305 ) — — Resolution of contingent liability — (1,138 ) — Adjusted EBITDAS $ 174,848 $ 178,270 $ 160,942” 10-K for 2019
Our summaryThe company incurred restructuring-related charges to streamline global operations and integrate Hu-Friedy with its Dental business, mostly severance and other benefit costs from headcount reductions.
Word for word“In connection with our ongoing efforts to streamline and consolidate our global operations and integrate the Hu-Friedy acquisition with our legacy Dental business, we have incurred approximately $ 17,937 , $ 22,097 and $ 5,001 of restructuring-related charges in each of the years ended July 31, 2020, 2019, and 2018, respectively.” 10-K for 2020
Our summaryUnpaid severance from restructuring was recorded in compensation payable and will be paid over fiscal 2021 and 2022 under the employee separation policy.
Word for word“As of July 31, 2020, $ 7,887 was included in compensation payable on our consolidated balance sheets.” 10-K for 2020
Our summaryManagement cut costs in response to COVID-19, including salary reductions, employee furloughs and lower travel expenses.
Word for word“The decrease was primarily due to the impact of the COVID-19 pandemic on net sales and gross profit noted above, restructuring-related charges, elevated depreciation expense associated with our new ERP platform and our new Medical headquarters in Minnesota, partially offset by the decrease in certain operating expenses resulting from management cost reduction measures taken in response to the COVID-19 pandemic (including salary reductions, employee furloughs and reductions to travel and expenses) and to a lesser extent, lower sales commissions.” 10-K for 2020
| Fiscal year ended | Restructuring charges |
|---|---|
| 2018-07-31 | $5 million |
| 2019-07-31 | $22.1 million |
| 2020-07-31 | $17.9 million |
Cantel Medical has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Cantel Medical’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2020-09-25. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.