Accuray Incorporated (ARAY) shares rose 4.86% in after-hours on Wednesday, June 23, 2021, and closed at $4.75 per share. Earlier in the morning session, ARAY’s stock gained 2.49% to close Wednesday’s session at $4.53. ARAY shares have risen 97.82% over the last 12 months, and they have moved down 4.23% in the past week. Over the past three months, the stock has lost 4.43%, while over the past six months, it has declined only 0.22%.
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Let’s have a look at its recent news and developments.
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Appointment of new President
On June 22, 2021, Accuray promoted Suzanne Winter to the president, reporting to chief executive officer Joshua Levine, effective as of July 1, 2021. Ms Winter has more than 25 years of medical technology experience and a track record of successfully building global business franchises.
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Expansion of Cybercide System Versatility
On June 16, 2021, Accuray Incorporated launched the RayStation treatment planning support for the company’s CyberKnife® M6™** and S7™** Robotic, Radiotherapy Systems.
Workflows and operational efficiency will be improved due to the integration and RayStation can be combined with the Accuray data management system to provide a single platform for treatment planning and data integration for CyberKnife treatments.
Commercialization expansion of CE-Marked ClearRT
On June 10, 2021, ARAY received the CE Mark certification for its ClearRT helical fan-beam kVCT imaging capability. ClearRT technology is now available in the European Union, the United States, and Japan. It is also available in countries across the world where either the CE Mark or FDA’s 510(k) clearance are necessary for commercial distribution.
New $120Million Credit Facility
On May 6, 2021, Accuray Incorporated entered into a new five-year $80 million term loan and $40 million revolving credit facility with Silicon Valley Bank and a syndicate of banks.
The company will use the new credit facility amount to repay all outstanding borrowings with MidCap Financial. The $25 million facilities can be used for working capital, other general corporate purposes, and other permitted uses.
Convertible Notes Exchange and Subscription
On May 6, 2021, Accuray Incorporated entered into privately negotiated agreements with the holders of its existing 3.75% senior convertible notes due 2022 to exchange an aggregate of $82.1 million principal amount of 2022 Notes for approximately $97.1 million aggregate principal amount of a new series of 3.75% senior convertible notes due.
Accuray will also sell approximately $2.9 million aggregate principal amount of New Notes for cash.
Inducement grants
OnMay 6, 2021, Accuray Incorporated announced equity awards as required by NASDAQ Listing Rules.
Equity inducement awards were for Jean-Philippe Pignol, M.D., Ph.D., the company’s new Chief Medical & Technology Officer. The Board approved granting Dr. Pignol (i) an award of 53,191 restricted stock units covering shares of the company’s common stock, and (ii) a stock option to purchase 96,480 shares of the company’s common stock, in each case effective as of April 30, 2021.
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Conclusion
As of this writing, there is no recent news or development except the appointment of the new president which is also two days old news and we do not think so that it contributed to the good performance of ARAY stock on Wednesday.
