Category: Accuray Inc.
On the heels of gaping losses and a more than 25% sales decline, Accuray announces plans for a $75 million debt round.
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.
Accuray's fiscal 2nd quarter sales plunge and its losses gape wider, sending share prices down almost 10% today.
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.
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.
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.
Radiotherapy devices maker Accuray settles a patent infringement claim from Radiation Stabilization Solutions for $150,000.
A drawing from Radiation Stabilization Solutions' patent.
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 (NSDQ:ARAY) lost a little love on Wall Street after the company reported a sizable dive in sales for its 1st quarter 2013.