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Stung by widening losses, Accuray plans $75M debt offering | Wall Street Beat

February 7, 2013 by MassDevice staff

On the heels of gaping losses and a more than 25% sales decline, Accuray announces plans for a $75 million debt round.

MassDevice.com Wall Street Beat

Accuray (NSDQ:ARAY) plans to issue $75 million worth of convertible senior notes as it gears up to restructure its business after a year of widening losses.

The Sunnyvale, Calif.-based medical device company said it will use the proceeds from the offering of debt due Feb. 1, 2018, to shore up its balance sheet.

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Losses soar, shares plummet for Accuray

February 7, 2013 by MassDevice staff

Accuray's fiscal 2nd quarter sales plunge and its losses gape wider, sending share prices down almost 10% today.

Accuray

Accuray (NSDQ:ARAY) shares lost nearly 10% today after the medical device company reported soaring losses and a nearly 27% sales slide for its fiscal 2nd quarter.

The Sunnyvale, Calif.-based company, which makes radiation oncology equipment, posted losses of $29.2 million, or 40¢ per share, on sales of $77.8 million for the 3 months ended Dec. 31, 2012. That amounts to a 180.8% increase in losses and a 26.9% top-line reduction.

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Layoffs: Accuray to cut 13% of its workforce amid "strategic transformation"

January 4, 2013 by MassDevice staff

New Accuray president & CEO Joshua Levine plans to cut about 13% of the company's workers in efforts to execute a "strategic transformation" that will save the company about $40 million per year.

Accuray logo

Sunnyvale, Calif.-based radiotherapy devices maker Accuray (NSDQ:ARAY) will lay off about 13% of its global workforce, mostly in the U.S., the company reported this week.

Accuray made the announcement upon releasing its preliminary 2nd quarter 2013 financial results, in which the company noted a 45%-50% decline in product revenue.

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Smith & Nephew names new CFO | Personnel Moves

November 20, 2012 by MassDevice staff

Smith & Nephew welcomes Julie Brown as CFO after former CFO Adrian Hennah stepped down from his position in September.

fired/hired

 Smith & Nephew names Julie Brown its new finance chief

Accuray settles patent infringement claim for $150k

November 9, 2012 by MassDevice staff

Radiotherapy devices maker Accuray settles a patent infringement claim from Radiation Stabilization Solutions for $150,000.

Radiation Stabilization Solutions patent image

A drawing from Radiation Stabilization Solutions' patent.

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Accuray's sales sink and losses narrow in Q1

November 9, 2012 by MassDevice staff

Radiotherapy devices maker Accuray reports a 18% dive in 1st-quarter sales as the company comes down from previous spikes associated with a merger.

Accuray logo

Accuray (NSDQ:ARAY) lost a little love on Wall Street after the company reported a sizable dive in sales for its 1st quarter 2013.

AtriCure welcomes new CEO | Personnel Moves

November 5, 2012 by MassDevice staff

Medical device company AtriCure names a new president & CEO after posting its 3Q earnings, which came in below analysts' estimates. 

fired/hired

 AtriCure names Michael Carrel its new CEO

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