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 purpose for the offering is to strengthen its balance sheet in order to help improve its competitive position," according to a press release. "It intends to use the net proceeds from the offering for general corporate purposes, including investing strategically in expanding its business and new product initiatives."
Fiscal 2nd-quarter sales and profits were way off for Accuray, which makes radiation oncology equipment. The company 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.
The news sent ARAY shares down nearly 10% today on Wall Street.
Terumo doubles down on Biosensors stent, despite study failure
Terumo Corp. (TYO:4543) expanded on its deal with Biosensors International (PINK:BSNRY) to co-market the Nobori stent developed by Biosensors in Japan, despite the stent’s failure to demonstrate superiority to Cordis. Corp.’s Cypher Select Plus sirolimus-eluting stent. Biosensors won CE Mark approval in the European Union for its BioFreedom stent late last month.
Safeguard Scientifics drops $1M on stake in Sotera Wireless
Safeguard Scientifics (NYSE:SFE) said it spent $1.3 million buying a stake in Sotera Wireless, which is developing the ViSi Mobile wireless monitoring station, part of a $14.8 million round joined by new investor Delphi Ventures and existing investors Sanderling Ventures, Qualcomm Ventures, EDBI, Intel Capital, Cerner Capital and West Health Investment Fund.
Micro Interventional Devices round nears $4M
Micro Interventional Devices said it landed $3.5 million of a hoped-for $5 million Series B funding round for its Permaseal device, designed to close incisions in the transapical portion of the aorta without sutures. The round was led by Originate Ventures, joined by existing investor Battelle Ventures.
InspireMD reels in $3M
InspireMD, the Tel Aviv-based medical device company that makes the MGuard embolic protection stent, said it reeled in a $3.1 million funding round from a lone, unnamed investor.
- Abbott (NYSE:ABT): Jefferies Maintains "buy" rating, raises price target to $40.
- AbbVie (NYSE:ABBV): Credit Suisse initiates with "neutral" rating, $37 price target.
- Allergan (NYSE:AGN): Citigroup increases price target to $124, "buy" rating; Deutsche Bank reiterates "buy" rating, raises price target from $108 to $113; Jefferies reiterates "hold" rating, raises price target from $95 to $100; Jefferies reiterates "hold" rating, raises price target from $95 to $100.
- Becton Dickinson & Co. (NYSE:BDX): Deutsche Bank reiterates "hold" rating, raises price target from $85 to $89.
- Cerner (NSDQ:CERN): Jefferies reiterates "buy" rating, raises price target from $82 to $97; Oppenheimer raise price target to $54, "underperform" rating; Piper Jaffray reiterates "overweight" rating, raises price target from $84 to $100.
- Hologic (NSDQ:HOLX): Bank of America downgrades from "buy" to "neutral" rating, raises price target from $23 to $24; USI Group maintains "strong buy" rating, raises price target from $25.50 to $27.
- Intuitive Surgical (NSDQ:ISRG): TheStreet reaffirms “buy” rating.
- Johnson & Johnson (NYSE:JNJ): Credit Suisse downgrades from "neutral" to "underperform" rating, raises price target from $71 to $73.
- Sirona Dental Systems (NSDQ:SIRO): Jefferies reiterates "hold" rating, raises price target from $95 to $100.
- Stryker (NYSE:SYK): Credit Suisse downgrades from "outperform" to "neutral" rating.
- Thoratec (NSDQ:THOR): Leerink Swann maintains “outperform” rating, raises price target to $43 from $40.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.