Accuray shares up on strong Q4, weak FY 2015 earnings

Accuray (NSDQ:ARAY) reported a strong 4th quarter as it saw losses grow faster than revenue for its fiscal year in an  earnings report published yesterday.

The company celebrated the largest volume of gross orders it’s seen since 2011, and a record grossing quarter for its CyberKnife system, according to an earnings conference call.

“For the 4th quarter, we reported gross orders of just under $85 million, which represents a 14% increase compared with the year ago period and in a 20% on a constant currency basis. To put that performance in perspective, this is the highest level of gross orders that company has attained for any quarter since the acquisition of TomoTherapy in June 2011,” CEO Josh Levine said in a press release.

For the quarter, Accuray reported losses of $5.6 million, or 7¢ per share, on sales of $101.8 million for the 3 months ended June 30. That amounts to a 42.9% reduction in losses as sales shrunk 0.2% compared with the same period last year.

Losses per share for the quarter came well under Wall Street analysts expectations of 11¢ per share and revenue topped expectations by over $10 million.

For the company’s fiscal year, Accuray reported losses of $40.2 million, or 51¢ per share, on sales of $379.8 million. Accuray saw losses grow over 2014, up 13.4%, with revenue only expanding by 2.8%. Losses per share were 4¢ higher than last year’s 47¢.

Shares have stayed on the optimistic side, trading up 12.7% as of 4:35 p.m. EDT.

“Our team finished the year with strong momentum globally as we executed on our core strategies for driving consistent growth. We successfully launched the InCise MLC for the CyberKnife System, continued to gain traction with our TomoTherapy system positioning, began to see results from our domestic GPO/strategic account selling initiative and continued to expand on our success in China.  Underlying these achievements was a focus on our customers who continued to report industry leading customer satisfaction with regard to Accuray equipment,” Levine said in an SEC filed press release.

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