Accuray is laying off approximately 5.9% of its global workforce in a cost-savings initiative, according to a filing with the Securities and Exchange Commission.
The Madison, Wisconsin–based radiation oncology developer reported in September that in accordance with its margin expansion plan, it would commit to a cost-savings initiative designed to reduce operating costs through the reduction of its global workforce.
As of June 30, Accuray had 1,024 employees, according to its most recent annual report. That means the layoff could affect roughly 60 employees.
Accuray informed affected employees of the cost-saving initiative yesterday.
The initiative is estimated to cost about $2.5 million and will be recorded in the second quarter of fiscal year 2024. The company expects to complete the cost-savings initiative in the second quarter of fiscal year 2024 as well.
Even as Accuray cuts costs, it is still strategically making investments. More than a month ago, it opened its Accuray Center for Education training center at its corporate headquarters, which moved from California to Wisconsin over the summer. The facility features several Accuray radiation therapy systems for training — and lab spaces with advanced remote learning capabilities. The facility also has a hybrid, in-person with remote connection option to enable multiple medical care team members to participate in the same course at the same time from different locations.
Accuray is the latest company to announce workforce reductions this year. The trend has swept the economy throughout the year, and some major medtech companies have cited macroeconomic headwinds for the headcount reductions.
MassDevice has reported more than 18,000 medtech job cuts across the industry since mid-2022.