Staffing startup Nomad Health has laid off 17 percent of its staff, noting a changing healthcare market, Forbes reported.
With the move, the company's workforce went from 691 employees to 572, according to the Feb. 9 story. Nomad connects employers with short-term clinicians such as travel nurses.
"Nomad, like so many other companies in the world, is confronting a major shift in the post-pandemic economy, with inflation, slowing demand and the prospect of a recession. The healthcare staffing market is itself resetting from pandemic-fueled highs in both volume and price, and it is now decelerating at a faster rate than anticipated," CEO Alexi Nazem told employees in an email reviewed by Forbes. "Nomad's leaders, starting with me, were too optimistic about the trajectory of our market. This means, unfortunately, that we built our team for an economic reality that no longer exists."
Nomad has raised more than $200 million to date, including a $105 million round last June.