Accuray lays off nearly 6% of global workforce

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 tha…

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Accuray gets FDA nod for breast cancer treatment on Radixact system

The Radixact system. [Image from Accuray]Accuray (Nasdaq:ARAY) announced that the FDA granted 510(k) clearance to its VitalHold breast package on the Radixact system.

The company also says it expects the treatment option to become available in Europe.

VitalHold facilitates deep inspiration breath hold (DIBH) treatments. It uses the Radixact System’s fixed beam angle delivery mode (TomoDirect) and fully integrated, automated surface-guided radiation therapy (SGRT). This features the Catalyst+ HD system from C-RAD.

DIBH treatments help to minimize radiation doses to organs at risk, reducing associated complications later in life. During treatment, a patient takes a deep breath, moving the heart away from the chest wall and the targeted tumor. SGRT tracking continuously monitors the breathing and positions with cameras to confirm the position is appropriate for radiation delivery. This method allows care teams to effectively position the patient and conf…

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Accuray stock rises on Street-beating Q2

Accuray (Nasdaq:ARAY) shares rose this morning on second-quarter results that topped the consensus forecast.

ARAY shares ticked up 12.1% at $2.75 apiece. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 14.4%.

The Sunnyvale, California–based radiation oncology company posted losses of $1.9 million. That amounts to losses of 2¢ per share on sales of $114.8 million for the three months ended Dec. 31, 2022.

Accuray reported a large bottom-line slide into the red from profits of $179,000 this time last year. Its sales dipped 1.3% year over year. The company’s earnings came in 1¢ ahead of expectations on Wall Street, while revenues topped estimates by 33.3%.

“We have delivered another strong quarter of performance in Q2 showcasing the growing customer demand for our precision radiotherapy solutions and the excellent operational execution by the Accuray team amidst chal…

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Accuray partners with Switzerland innovation hub

Accuray (Nasdaq:ARAY) announced that it partnered with Genolier Innovation Hub to establish a new approach to improving patient care.

Genolier, a subsidiary of Aevis Victoria, will unite companies from medtech, pharma and biosciences, as well as physicians and scientists. The goal is to bring medical and technological advances to patients faster. The Hub is expected to open in early 2024. It will be located at the Genolier Healthcare Campus in Genolier, Switzerland.

The facility will offer workspaces to support simulation-based training, plus radiation therapy systems for training. It will also feature R&D and demonstration offerings and meeting rooms for seminars, workshops and events.

Under the partnership, Accuray will leverage the Hub as a global training center. There, customers can obtain hands-on training and learn about radiation therapy techniques with Accuray’s CyberKnife and Radixact systems.

“We are proud to lead the ra…

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Accuray names Franco Palomba as chief accounting officer

Accuray (Nasdaq:ARAY) this week announced that it has appointed Franco Palomba as VP, chief accounting officer and controller.

Palomba will be responsible for the controllership functions at the Sunnyvale, California-based company, which includes global accounting organization and associated budgetary and administrative operations and financial and regulatory compliance. He will report directly to senior VP and CFO Ali Pervaiz.

“Franco is a well-rounded executive with the deep strategic and tactical expertise necessary to help advance our global finance organization and drive the growth of our business. Under his guidance his teams have delivered significant value including streamlining processes, reducing debt and increasing income. We look forward to his leadership at this important time in our organization’s evolution,” Pervaiz said in a news release.

Prior to joining the company, Palomba was the VP of finance and controller at Ashvattha Therapeutics …

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