Wall Street piled favor on California radiosurgery systems maker Accuray (NSDQ:ARAY) after the company narrowed losses in its 4th quarter, even as sales dropped by more than 15%.
Accuray Inc.
Accuray touts new order volume amid sinking sales, widening losses in Q3
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Recall: Accuray explains caution on CyberKnife radiosurgery system
Holaira raises $10M for lung device | Wall Street Beat
Medical device company Holaira said it drummed up $10 million, changed its name and moved its headquarters.
Formerly known as Innovative Pulmonary Solutions, Holaira said it plans to use the Series C round to develop its minimally invasive devices to treat obstructive lung disease. All of Holaira’s existing backers participated, namely Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, and Versant Ventures.
Cancer: Sarif Biomedical sues Accuray over CyberKnife
Sarif Biomedical accused Accuray (NSDQ:ARAY) of infringing 1 of its patents with the CyberKnife radiosurgery device for cancer, which uses targeted radiation blasts to destroy tumor cells.
Tool, Texas-based Sarif’s patent covers ""Computer-Assisted Microsurgery Methods and Equipment." The medical device company alleges that Accuray’s device trespasses on that intellectual property, according to the lawsuit.
Stung by widening losses, Accuray plans $75M debt offering | Wall Street Beat
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.
Losses soar, shares plummet for Accuray
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.
Layoffs: Accuray to cut 13% of its workforce amid “strategic transformation”
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.