Health IT company iSOFT (ASX:ISF) aims to achieve annualised cost savings of $50 million by June 2011.
In a missive in the company's annual report, iSOFT's acting CEO, Andrea Fiumicelli said the company aimed to achieve these cuts by eliminating investments in unprofitable products, focusing on its core markets for growth and applying a more targeted approach to R&D.
“iSOFT needs to be in the best possible position to take advantage of ongoing opportunities,” he said. “In my new position as acting CEO, I am focused on restructuring the company to improve profitability.”
The company is in a position to capitalise on an eventual recovery in global healthcare IT expenditure, he added.