Conceptus Inc. (CPTS) said it is cutting its U.S. field sales
staff by roughly 15% and discontinuing promotion of a uterine
product in a bid to refocus its sales efforts.
The moves comes as it works to place a stronger focus on its
Essure procedure, a U.S Food and Drug Administration-approved
procedure for permanent birth control without surgery or drugs.
"We believe the long-term opportunity for our Essure procedure
remains highly attractive, and the salesforce time to drive the
Gynecare Thermachoice promotion is, in this case, better redirected
to our highest priority which is to grow our Essure business," said
Chief Executive D. Keith Grossman.
The Gynecare Thermachoice uterine balloon therapy system is
manufactured for and marketed by a division of Ethicon Inc., an
operating company of Johnson & Johnson Inc. (JNJ). Conceptus
said it will work with the company to ensure a smooth transition
for customers of the product.
A spokeswoman for Conceptus couldn't immediately be reached for
further detail on the reduction in U.S. field sales staff.
The plans comes on the heels of a reduction last month in the
company's sales guidance for the year after a slowdown in November
sales and softness in procedure volumes in France and Spain, two of
the company's largest overseas markets.
Shares were off 10 cents to $12.42 after the market open in New
York. The stock is off roughly 6.6% over the past 12 months.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com