Key Developments: Accuray Inc (ARAY.O)

ARAY.O on Nasdaq

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29 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Accuray Inc Prices Offering Of $100 Million Of 3.50% Convertible Senior Notes
Friday, 8 Feb 2013 05:00am EST 

Accuray Inc announced the pricing of offering of $100 million aggregate principal amount of 3.50% convertible senior notes due 2018. The notes are being offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The sale is expected to close on February 13, 2013. Accuray has also granted to the initial purchasers of the notes the right to purchase up to an additional $15 million aggregate principal amount of notes. Interest will be payable on the notes semi-annually in arrears at a rate of 3.50% per annum. The notes will be convertible into common stock of Accuray. The initial conversion rate for the notes will be 187.6877 shares of common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of approximately $5.33 per share, representing an approximately 20.0% conversion premium based on the closing sale price of Accuray's common stock of $4.44 per share on February 7, 2013. The notes will mature on February 1, 2018. Accuray may not redeem the notes prior the maturity date. Accuray's purpose for the offering is to strengthen balance sheet in order to help improve competitive position. It intends to use the net proceeds from the offering for general corporate purposes, including investing strategically in expanding business and new product initiatives.  Full Article

Accuray Inc Reaffirms FY 2013 Revenue Guidance; Issues Q3 2013 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Wednesday, 6 Feb 2013 10:00pm EST 

Accuray Inc announced that for fiscal 2013, it expects revenue to be in the range of $320 million to $330 million. For the third quarter of 2013, it expects revenue be in the range of $70 million to $75 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $75 million for the third quarter of 2013.  Full Article

Accuray Inc Announces Proposed Offering Of $75 Million Of Convertible Senior Notes
Wednesday, 6 Feb 2013 04:24pm EST 

Accuray Inc announced that its intention to commence an offering, subject to market and other conditions, of $75 million aggregate principal amount of convertible senior notes due 2018 (the notes), to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Accuray intends to grant the initial purchasers of the notes an option to purchase up to an additional $10 million aggregate principal amount of notes. The notes are expected to be convertible under certain conditions into common stock of Accuray. The notes are expected to mature on February 1, 2018, unless earlier repurchased or converted. Accuray may not redeem the notes prior to the maturity date. The interest rate, conversion rate and other terms of the notes will be determined by negotiations between Accuray and the initial purchasers of the notes. Accuray's purpose for the offering is to strengthen its balance sheet in order to help improve its competitive position. 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.  Full Article

Accuray Inc Issues Q2 2013 Guidance; Revenue Guidance In Line With Analysts' Estimates; Lowers FY 2013 Guidance-Conference Call
Thursday, 3 Jan 2013 05:00am EST 

Accuray Inc announced that for the second quarter of 2013, it expects revenue to be in the range of $72 million to $75 million on both a GAAP and a non-GAAP basis. Based on these preliminary results, product revenue for second-quarter fiscal 2013 declined 45% to 50% versus the prior-year period while service revenue posted an increase of 13% to 15% year over year, both in terms of non-GAAP results. Net loss on a non-GAAP basis is expected to be in a range of $25 million to $30 million. The Company also announced it has updated guidance for fiscal 2013 and expects revenue to be in the range of $320 million to $330 million. Net loss is projected to be in the range of $63 million to $69 million or a net loss of ($0.87) to ($0.95) per share. This guidance represents expected results on a non-GAAP basis. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $74 million and EPS of $ for the second quarter of 2013; revenue of $338 million and EPS of $ for fiscal 2013.  Full Article

90 Presentations At Radiation Oncology Meeting Demonstrate Breadth And Depth Of Clinical Evidence For Accuray Inc
Thursday, 8 Nov 2012 08:30am EST 

Accuray Inc announced that studies presented at the 54th Annual American Society for Radiation Oncology (ASTRO) Meeting in Boston, October 28-31, 2012 continue to demonstrate the unique strengths of the CyberKnife and TomoTherapy Systems. Podium and poster presentations on a variety of indications including prostate, lung, liver, breast and head and neck, showcased Accuray's position as a in radiation oncology. TomoTherapy researchers demonstrated the benefits of and the ability to create high-quality treatment plans that maximally spare nearby healthy tissues, for simple-to-complex targets throughout the body. Also highlighted was the capability to deliver the treatment plans accurately and with guidance from fully integrated daily 3D megavoltage computed tomography (MVCT), reinforcing the flexibility of the TomoTherapy System to treat a wide array of radiotherapy needs. Data on the CyberKnife System that was presented at ASTRO 2012 continued to support the use of the CyberKnife System to deliver large radiation doses conformally and accurately to lesions of the lung, liver, prostate, and elsewhere throughout the body. The CyberKnife System's ability to track moving targets and automatically correct for motion in real time continues to provide clinicians the confidence to deliver radiosurgery and SBRT throughout the body, even to sites surrounded by healthy tissue and critical structures.  Full Article

Accuray Inc Announces Resignation Of President And Chief Executive Officer
Friday, 12 Oct 2012 07:00am EDT 

Accuray Inc announced that Euan S. Thomson has resigned as President and Chief Executive Officer (CEO) and Director of the Board. Accuray's Board has appointed Joshua H. Levine as his successor as President and CEO and Director of the Board, effective immediately.  Full Article

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