The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Accuray (NSDQ:ARAY) shares are down nearly 10% today as investors react to wider 3rd-quarter losses and a lower sales forecast for the rest of fiscal 2012.
The Sunnyvale, Calif.-based radiosurgery device maker reported losses of $14.9 million, or 21¢ per share, on sales of $101.8 million during the 3 months ended March 31.
U-Systems won a date with the FDA to review its pre-market application for the first ultrasound device indicated for breast cancer screening.
The somo.v Abus device, which is set to undergo agency review on April 11, 2012, is already FDA-cleared for diagnostic use as an adjunct to a mammogram.
Accuray (NSDQ:ARAY) shares are down today after the radiosurgery company reported surging first-quarter sales and beat Wall Street’s earnings expectations, as investors reacted to net losses of nearly six times the Q1 2011 mark.
Accuray reported losses of $26.5 million, or 38 cents per share, on sales of $100.5 million for the three months ended Sept. 30. That’s top-line growth of 163.9 percent compared with the same period last year, largely due to the massive infusion that followed ARAY’s acquisition of rival TomoTherapy earlier this year.
Becton, Dickinson & Co. (NYSE:BDX) picked a new man for the corner office this week with the announcement that Vincent Florenza will join the board of directors and take the reins from current board chairman and CEO Edward Ludwig on October 1, 2011.
Mauna Kea Technologies is looking to raise up to $67 million through an initial public offering of 3.29 million shares on the NYSE Euronext stock exchange.
The offering will priced between 10.65 euros and 13 euros a share and is expected to close on July 4, according to Reuters news service .
Cardica surges to Q1 profits
Cardica Inc. (NSDQ:CRDC) posted profits of $6.2 million, or 25 cents per share, on sales of $10.0 million during the three months ended Sept. 30. That compares with losses of $2.7 million, or 17 cents per diluted share, on sales of $947,000 during the same period last year.
CAS Medical Systems Inc. (NSDQ:CASM) named Thomas Patton president and CEO.
Prior to his arrival, Patton acted as an advisor for Greenwich, Conn.-based Ferrer Freeman & Company LLC, a private equity firm, and served as CEO at hematology diagnostics start-up QDx Inc. Prior to that he was CEO of Memphis, Tenn.-based Wright Medical Group.
CAS Medical Systems Inc. (NSDQ:CASM) closed a sale of $1.9 million worth of common stock to a private group of investors.
The Branford, Conn.-based device maker brought in $1.9 million with the sale of nearly 1.38 million shares of stock at $1.40 per share.
In addition to supporting the company’s operations, the new capital will fund its planned investments in the cerebral oximetry market, CASMED said in a press release.
