Recent Updates — ARAY

Mika Nishimura informed the Board of her intention not to stand for re-election at the November 2026 annual meeting. She will continue serving as a Class II director and Chairperson of the Compensation Committee until the conclusion of the meeting, citing no disagreement with company operations or policies. Accuray develops and manufactures medical devices used in radiation therapy.

Stockholders approved a reverse stock split with a ratio between 1-for-15 and 1-for-40, an increase in authorized common shares to 400 million, and the issuance of equity under Nasdaq Listing Rule 5635. These votes enable the company to close its previously announced transaction with TCW Asset Management Company LLC, which includes exchanging $40 million of term loan debt for convertible preferred stock, a $15 million equity investment, and access to a delayed draw term loan of up to $5 million. The board appointed Richard A. Meier as an independent director effective October 5, 2026. Accuray develops radiation therapy solutions for oncology.

Accuray Incorporated reported financial results for the fourth quarter and fiscal year ended June 30, 2026. Total net revenue decreased 21% to $100.9 million in Q4 and 12% to $401.9 million for the full year. The company announced a comprehensive financing transaction with TCW Asset Management that strengthens liquidity, reduces leverage, and provides covenant relief through December 2027. Service revenue grew 6% year-over-year in Q4, while product revenue fell 42%. GAAP net loss was $1.9 million ($0.02 per share) for the quarter and $49.2 million ($0.40 per share) for the fiscal year. Adjusted EBITDA improved to $12.9 million in Q4 from $9.4 million prior year, though full-year Adjusted EBITDA declined to $10.6 million from $28.3 million. The company did not provide formal revenue or Adjusted EBITDA guidance for fiscal 2027 due to macroeconomic uncertainties. Accuray operates in the medical technology industry, designing and manufacturing radiation therapy systems for oncology.

Accuray entered into a Securities Purchase Agreement with TCW Asset Management to issue 55,000 shares of Series A Convertible Preferred Stock for $55.0 million, comprising $15.0 million in cash and the conversion of $40.0 million in existing debt. The transaction requires stockholder approval and includes a reverse stock split ranging from 1-for-15 to 1-for-40. Approximately 27.6 million outstanding warrants held by TCW will be cancelled, while new warrants for 15.3 million shares were issued at $0.01 per share. Concurrently, Accuray amended its Financing Agreement to secure a covenant holiday through December 31, 2027, and access up to $5.0 million in delayed draw term loans. The board size was reduced to seven members, with TCW designating two directors, and two incumbent directors resigned. Accuray operates in the medical technology industry, providing radiation therapy systems for cancer treatment.