Medical device company Accuray (NSDQ:ARAY) said CEO Euan Thomson has left the company and will be replaced by Joshua Levine, the former CEO of Mentor Corp. and Immucor.
Thomson, who led the Sunnyvale, Calif.-based radiosurgery medical device maker since 2002, said in a prepared statement that a change in the company’s leadership was "healthy for the organization."
"It’s time for a change, for both the company and me" Thomson said.
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Levine, age 54, was CEO of Mentor Corp. where he led the company through a sale to Johnson & Johnson (NYSE:JNJ) in January 2009, and more recently was CEO of Immucor Corporation until October 2011 when it was acquired by TPG Capital for $2 billion.
Accuray has had mixed fortunes as of late. The company recently reported net losses of $72 million, or about $1.02 per share, on sales of $240 million in 2012, representing 170% more red ink compared with losses of $26.7 million for fiscal 2011.
Accuray said it actually narrowed losses during the 4th quarter, to $20 million from $24.9 million, on a 26.8% sales boost. The 2012 top line was $60.6 million, compared with $47.8 million during FY2011.
But the company warned that results for the 1st quarter of FY 2013 could be "substantially below the first quarter of fiscal 2012,"as customers hold off on ordering until Accuray completes new product rollouts. Those are expected to launch in October at the American Society of Radiation Oncology’s annual meeting in Boston.
"I am honored and excited about the opportunity to lead this great organization through its next phase of growth,"Levine said. "Accuray has a history of technical innovations in the radiation oncology field that have helped support the personalized clinical needs of cancer patients and the radiation oncologists who treat them. I look forward to working with all of Accuray’s talented and dedicated employees to help build profitable growth producing value for all of the company’s constituents – shareholders, customers, and employees alike,"
