Accuray (NSDQ:ARAY) laid off 29 workers and plans to cut another 22 over the next three quarters, reducing its workforce by 5 percent.
The cancer treatment device maker aims to reduce costs following its $277 million acquisition of TomoTherapy Inc. (NSDQ:TOMO).
Accuray has already cut about 135 people since the acquisition, which closed in June, Reuters reported.
The news followed Accuray’s first quarter 2012 earnings report, in which the company touted top-line growth of 163.9 percent to $100.5 million, largely due to the massive infusion that followed the acquisition.
The report also included heavy losses of $26.5 million, or 38 cents per share, a 471 percent increase from Q1 2011’s losses of $4.6 million, although most of it was in the form of one-time items.
Numbers released about the merger, which closed in June, showed that Accuray was significantly smaller than TomoTherapy, with 200 fewer employees than TomoTherapy’s 636. Accuray’s 2010 revenues were about 6 percent higher than TomoTherapy’s, at $206 million compared to $195 million.
And Sunnyvale, Calif.-based Accuray’s finances were in much better shape. The company was profitable in 2010, posting just under $7 million in net income, compared to a $30 million net loss for TomoTherapy.
Fellow device-maker Stryker Corp. (NYSE:SYK) announced it’s own 5 percent workforce reduction last week, but for much different reasons. The Michigan-based orthopedic giant cited the the impending 2.3 percent medical device tax prescribed by President Barack Obama’s health care overhaul.