Accuray Incorp Stock Price, News & Analysis

Accuray (NASDAQ: ARAY) has announced the promotion of Suzanne Winter to president, effective July 1, 2021. With over 25 years in medical technology, Winter previously served as chief commercial officer. In her new role, she will oversee commercial operations, R&D, global manufacturing, service, and quality organizations. CEO Joshua Levine expressed confidence in Winter's leadership to drive revenue growth and manage day-to-day operations, allowing him to focus on strategic collaborations. Winter emphasized her commitment to innovation and improving patient outcomes.

Accuray Incorporated (NASDAQ: ARAY) launched RayStation treatment planning support for its CyberKnife M6 and S7 robotic systems, enhancing integration within radiation oncology departments. This system simplifies workflows, allowing clinicians to create treatment plans using various radiotherapy devices in one platform. Key features include advanced motion tracking, real-time dose adjustment, and a wide range of treatment angles. The update aims to improve operational efficiency and patient outcomes, solidifying Accuray's position in radiation oncology.

Accuray Incorporated (NASDAQ: ARAY) announced CE Mark certification for its ClearRT™ helical fan-beam kVCT imaging technology, enhancing the Radixact® System. This approval allows distribution in the EU, US, Japan, and other regions. ClearRT offers integrated imaging for precise radiation therapy, improving the treatment of tumors. It promises benefits like increased patient throughput and high-fidelity imaging. The technology is expected to support the growing demand for stereotactic body radiation therapy (SBRT), which requires advanced accuracy in treatment delivery.

Accuray Incorporated (NASDAQ: ARAY) announced a new five-year $80 million term loan and $40 million revolving credit facility with Silicon Valley Bank. The New Credit Facility aims to refinance existing debts and will provide working capital and operational flexibility. Borrowings will have a floating interest rate between 2.50% and 3.25%, significantly lower than previous margins. This move enhances their capital structure and reduces borrowing costs, allowing for better liquidity to support business growth.

Accuray Incorporated (NASDAQ: ARAY) announced a significant financial move on May 6, 2021, by entering into agreements to exchange $82.1 million of existing 3.75% senior convertible notes due 2022 for $97.1 million of new 3.75% senior convertible notes due 2026. Additionally, the company will sell $2.9 million of new notes for cash. The transactions, expected to close around May 13, 2021, will allow Accuray to repurchase approximately 3.1 million shares of its common stock at $4.51 per share. The new notes feature a conversion rate of 170.5611 shares per $1,000 principal, representing a 30% premium over the last stock price.

Accuray Incorporated (NASDAQ: ARAY) has announced the granting of equity inducement awards to Dr. Jean-Philippe Pignol, its new Chief Medical & Technology Officer. As part of his induction, Dr. Pignol received 53,191 restricted stock units and a stock option for 96,480 shares, effective April 30, 2021. The stock option has a ten-year term with an exercise price of $4.70. Vesting of the awards will occur annually and monthly, contingent upon Dr. Pignol's continued service. These inducement awards comply with NASDAQ Listing Rule 5635(c)(4) and are consistent with the 2016 Equity Incentive Plan.

Geisinger has become the first hospital system in the U.S. to implement Accuray's Synchrony technology on its CyberKnife® S7™ and Radixact® Systems for advanced cancer care. This initiative aims to enhance the targeting of radiation therapy while minimizing damage to healthy tissue. Synchrony utilizes AI for real-time radiation adjustments based on tumor movement, leading to more efficient treatment. Geisinger's investment is part of their expansion at the Henry Cancer Center, where hypofractionated radiotherapy is now possible, offering higher doses with greater precision.

Accuray announced that its customers secured the top two spots in the MArkerless Lung Target Tracking CHallenge (MATCH) using the Synchrony technology on the Radixact and CyberKnife systems. The challenge evaluated the accuracy of tumor-tracking algorithms, with scoring based on radiation therapy system precision. Accuray's technology allows real-time adaptation of treatment based on patient movement, improving treatment accuracy and patient comfort. The results demonstrate Synchrony's potential to enhance lung cancer therapy, offering a non-invasive option for medically inoperable patients.

Accuray Incorporated (NASDAQ: ARAY) reported Q3 fiscal 2021 results, with net revenue of $102.6 million, up from $99.5 million year-over-year. System revenue in China amounted to $24.9 million, while gross orders were $87.4 million, a 16% increase from Q2. However, net loss stood at $0.4 million, a substantial decline from a net income of $2.6 million in the same quarter last year. The company also received regulatory approval for its ClearRT™ Helical kVCT Imaging in Japan. Cash reserves increased to $130.1 million.