Gish Biomedical Cuts Work Force by 18%

Struggling Gish Biomedical Inc. said Wednesday it has cut about 45 employees, about 18% of its staff, over the last seven months and is considering a number of “strategic alternatives.”

The Irvine company, which designs and produces medical devices, said it made the cuts, which involved mostly assembly workers, after losing two major manufacturing customers. Stiff competition in the cardiovascular products market also brought lower prices, Gish said.

The company, which now has 195 employees, is considering a number of alternatives, said Jeanne Miller, chief financial officer. “Obviously, acquisitions and divestitures are all possible in any business environment,” she said. “Joint ventures are also a possibility.”

Gish also said Wednesday that it lost $326,200, or 9 cents a share, in the fiscal second quarter ended Dec. 31, compared with a loss of $232,700, or 7 cents a share, a year ago. Sales dropped 13.5% to $4.5 million from $5.2 million.

The company has posted losses in eight of the last nine quarters.