ACCURAY INC (ARAY): restructuring charge — Accuray cuts ~5.9% of workforce as part of margin expansion plan, expects $2.5M cost in Q2 FY2024

On September 13, 2023, in accordance with its margin expansion plan, Accuray Incorporated (the “Company”) committed to a cost savings initiative designed to reduce operating costs through the reduction of its global workforce. On October 25, 2023, the Company informed affected employees of such cost savings initiative, which resulted in the elimination of approximately 5.9 percent of the Company’s global workforce. The Company expects to substantially complete the cost savings initiative in the second quarter of fiscal 2024. The Company estimates the total cost of this initiative to be approximately $2.5 million, which is expected to be recorded in the second quarter of fiscal 2024.