Layoffs: Accuray to cut 13% of its workforce amid "strategic transformation"

New Accuray president & CEO Joshua Levine plans to cut about 13% of the company's workers in efforts to execute a "strategic transformation" that will save the company about $40 million per year.

Sunnyvale, Calif.-based radiotherapy devices maker Accuray [1] (NSDQ:ARAY [2]) will lay off about 13% of its global workforce, mostly in the U.S., the company reported this week.

Accuray made the announcement upon releasing its preliminary 2nd quarter 2013 financial results, in which the company noted a 45%-50% decline in product revenue.

The news sent ARAY shares down more than 20% to trade at $5.40, compared with last night's close at $6.78.