{"id":647987,"date":"2023-11-12T17:20:34","date_gmt":"2023-11-12T16:20:34","guid":{"rendered":"https:\/\/www.atreus.de\/?post_type=publication&#038;p=647987"},"modified":"2024-10-24T15:56:39","modified_gmt":"2024-10-24T13:56:39","slug":"restructuring-medtech","status":"publish","type":"publication","link":"https:\/\/www.atreus.de\/en\/publication\/case-studies-en\/restructuring-medtech\/","title":{"rendered":"Restructuring at Manufacturer of Medical Technology"},"content":{"rendered":"<div  class=\"zw-cgb header-standard-block is-first-block desktop-has-image mobile-has-image default-margin white-color content-left content-down zw-atr-portrait-pos-default zw-atr-landscape-pos-default height-default \"><div class=\"row\"><div class=\"zw-cgb-content col-12 mx-auto\"><div  class=\"header-standard-inner-container\"><div class=\"bg-image\"><span class=\"copyright-image d-none d-lg-block\">\u00a9fotolia.com, sudok1<\/span><img decoding=\"async\" class=\"respnsive-img d-none d-lg-block\" loading=\"lazy\" alt=\"atreus_\" src=\"https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/header-05-1.jpg\" srcset=\"https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/header-05-1.jpg 1920w, https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/header-05-1-768x432.jpg 768w, https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/header-05-1-1024x576.jpg 1024w, https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/header-05-1-480x270.jpg 480w, https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/header-05-1-1440x810.jpg 1440w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" style=\"aspect-ratio:1920\/1080 !important\" title=\"atreus_\"><span class=\"copyright-image d-lg-none d-block\">\u00a9fotolia.com, sudok1<\/span><img decoding=\"async\" class=\"responsive-img d-lg-none d-block\" loading=\"lazy\" alt=\"atreus_\" src=\"https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/teaser-img-fuer-2-und-3-spalter-05-1.jpg\" srcset=\"https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/teaser-img-fuer-2-und-3-spalter-05-1.jpg 823w, https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/teaser-img-fuer-2-und-3-spalter-05-1-768x578.jpg 768w, https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/teaser-img-fuer-2-und-3-spalter-05-1-480x361.jpg 480w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" style=\"aspect-ratio:823\/619 !important\" title=\"atreus_\"><\/div><div class=\"preheadline-container\"><div class=\"zw-breadcrumb-container black-color d-md-down-none\"><\/div><p class=\" zw-cgb preheadline zw-prevent-animation\">Case Study<\/p><h1 class=\" zw-cgb headline zw-prevent-animation\">Restructuring at Manufacturer of Medical Technology<\/h1><\/div><div class=\"inner-content\"><p class=\" zw-cgb fulltext zw-prevent-animation\"><code><sub>220583<\/sub><\/code><\/p><\/div><\/div><\/div><\/div><\/div><div class=\"zw-breadcrumb-container black-color d-none d-md-down-block\"><nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><span class=\"label\">c<\/span> <a href=\"https:\/\/www.atreus.de\/en\">Home<\/a><span class=\"separator\"> c <\/span><a href=\"https:\/\/www.atreus.de\/publikationen-events\/\">Publikationen<\/a><span class=\"separator\"> c <\/span><span class=\"last\"><\/span><\/p><\/nav><\/div>\n\n    <div  class=\"zw-cgb    infoblock default-margin black-color  \">\n      <div class=\" row\">\n        <div class=\"zw-cgb-content has-padding col-12\">\n          <div class=\"inner-content parent-has-padding\"><h2 class=\" zw-cgb headline\">At leading German manufacturer of medical soft tissue<\/h2><p class=\" zw-cgb fulltext \">A leading medical technology manufacturer in Germany, specializing in implants, was facing considerable challenges: Global supply chain problems, recruitment difficulties and a decline in sales due to undelivered customer orders. As measures, a savings program was implemented, investment projects were stopped and an interim CFO took over the management. Successes include the waiver of further covenant breaches, sales growth and consolidated annual financial statements with an auditor&#8217;s opinion.<\/p><div class=\"link-container\"><\/div><\/div>        <\/div>\n      <\/div>\n    <\/div>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-zw-default-color-400\"><\/div>\n\n\n<div  class=\"zw-cgb row  columnmaster020 default-margin \"><div class=\"columnmaster-inner-content g-0\">    <div  class=\"zw-cgb no-image-layout columnblock black-color has-icon   \">\n      <div class=\"zw-cgb zw-cgb-content\">\n\n        <div class=\"column-content\"><div class=\"inner-content\"><div class=\"icon-container\"><span class=\"atr-icon\">q<\/span><h2 class=\" zw-cgb headline h4\">Company Details<\/h2><\/div><ul class=\"zw-cgb-ul fulltext \"><li class=\"\">Global leader in implants for reconstructive and aesthetic surgery<\/li><li class=\"\">Exporting 1,700 products to 80+ countries across 5 continents<\/li><li class=\"\">Approx. 280 employees, \u20ac67m turnover<\/li><\/ul><\/div><\/div>      <\/div>\n    <\/div>\n    <div  class=\"zw-cgb no-image-layout columnblock black-color has-icon   \">\n      <div class=\"zw-cgb zw-cgb-content\">\n\n        <div class=\"column-content\"><div class=\"inner-content\"><div class=\"icon-container\"><span class=\"atr-icon\">p<\/span><h2 class=\" zw-cgb headline h4\">Situation and Challenge<\/h2><\/div><ul class=\"zw-cgb-ul fulltext \"><li class=\"\">Global supply chain and recruitment difficulties<\/li><li class=\"\">30% of customer orders undelivered, impacting sales<\/li><li class=\"\">Loan covenant breached, CFO departure<\/li><li class=\"\">Appointment of Atreus Manager as Interim CFO<\/li><\/ul><\/div><\/div>      <\/div>\n    <\/div>\n    <div  class=\"zw-cgb no-image-layout columnblock black-color has-icon   \">\n      <div class=\"zw-cgb zw-cgb-content\">\n\n        <div class=\"column-content\"><div class=\"inner-content\"><div class=\"icon-container\"><span class=\"atr-icon\">m<\/span><h2 class=\" zw-cgb headline h4\">Objective and Tasks<\/h2><\/div><ul class=\"zw-cgb-ul fulltext \"><li class=\"\">Stabilize earnings and liquidity<\/li><li class=\"\">Reassure syndicate banks, prevent legal action<\/li><li class=\"\">Focus on sales, earnings, cash flow, cost reduction<\/li><li class=\"\">Enhance reporting with margin analysis<\/li><\/ul><\/div><\/div>      <\/div>\n    <\/div>\n<\/div><\/div>\n\n<div id=\"parent69232\"class=\"zw-cgb halb-halb-headline-text-block-135 default-margin \"><div class=\"row\">    <!--  block -->\n    <div class=\"half-content has-padding col-lg-6 col-12 leftBlock order-1 blue-400 white-color has-icon has-headline \"><div class=\"icon-container\"><span class=\"atr-icon\">n<\/span><h2 class=\" zw-cgb headline\">Measures and Procedures<\/h2><\/div><div class=\"content-container\"><div class=\"inner-content parent-has-padding\"><ul class=\"zw-cgb-ul fulltext \"><li class=\"\">Preparation of a forecast, sensibilization of the CEO, the advisory board and the main shareholder for the danger of a renewed covenant breach with the threat of insolvency<\/li><li class=\"\">Immediate savings program: hiring freeze, travel ban, postponement of projects lacking immediate impact on earnings, freezing of key investment projects<\/li><li class=\"\">Improve coordination between management, advisory board and main shareholder through more structured process and expansion of the group of participants<\/li><\/ul><div class=\"link-container\"><\/div><\/div><\/div><\/div>    <!--  block -->\n    <div class=\"half-content has-padding col-lg-6 col-12 rightBlock order-2 blue-900 white-color has-icon has-headline \"><div class=\"icon-container\"><span class=\"atr-icon\">x<\/span><h2 class=\" zw-cgb headline\">Results and Achievements<\/h2><\/div><div class=\"content-container\"><div class=\"inner-content parent-has-padding\"><ul class=\"zw-cgb-ul fulltext \"><li class=\"\">Q4\/23 without covenant breach, YoY growth in Q1\/23<\/li><li class=\"\">Consolidated financial statements 2022 with unqualified audit opinion<\/li><li class=\"\">Sales peak in March 2023, exceeding previous highs by &gt;20%<\/li><li class=\"\">Avoided further credit line drawdowns with sufficient liquidity<\/li><\/ul><div class=\"link-container\"><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-zw-default-color-400\"><\/div>\n\n\n<div  class=\"zw-cgb  sidebarblock default-margin \">\r\n      <div class=\"row\">\r\n        \r\n\t\t<div class=\"zw-cgb global-widget left  white-color  no-margin\">\r\n\t\t\t\t\t\t\t<div class=\"bg-img-container\">\r\n\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"1920\" height=\"720\" src=\"https:\/\/www.atreus.de\/wp-content\/uploads\/2022\/03\/widget-managementueberlassung.jpg\" style=\"aspect-ratio:1920\/720 !important\" alt=\"atreus_\" title=\"atreus_\">\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<div class=\"inner-container bg-blue\">\r\n\t\t\t\t      <div class=\"headlinetwo-container\">\r\n\t\t<p class=\"zw-cgb headline two\">Management leasing: goodbye to bogus self-employment.<\/p>\r\n\t  <\/div> \t\t\t\t<div class=\"widget-content fulltext\">\r\n\r\n\t\t\t\t\t\t<p>Atreus&#8217; management leasing contract model offers full legal security and flexibility for clients and interim managers.<\/p>\n\r\n\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t<div class=\"zw-cgb zw-cgb-button-container\">\r\n\t\t\t\t\t<a href=\"https:\/\/www.atreus.de\/en\/expertise-in-interim-management\/service\/management-leasing\/\" class=\"zw-cgb btn btn-primary\">LEARN MORE<\/a>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t<\/div><\/div>    \n\n    <div  class=\"zw-cgb  change-padding  infoblock default-margin black-color  \">\n      <div class=\" row\">\n        <div class=\"zw-cgb-content has-padding col-12\">\n          <div 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