Accuracy shares dip on Q3 miss

Shares in Accuray (NSDQ:ARAY)  dropped slightly today after the medical device maker missed expectations on Wall Street with its fiscal 3rd quarter results.

The Sunnyvale, Calif.-based company posted losses of $5 million, or 6¢ per share, on sales of $97.3 million for the 3 months ended March 31, seeing the bottom-line swing into losses from reported profits of $756,000 while sales shrunk 7.6% compared with the same period last year.

Accuray posted losses per share that just missed Wall Street consensus of 0¢.  Revenue also fell short of expectations of $110.2 million.

“Our 49% year-over-year gross order growth during the third quarter was led by increased demand for our CyberKnife System especially from existing customers. In addition, gross orders were favorably impacted by solid demand for our new Radixact System, which is now in full commercial launch. The 3rd quarter gross orders have resulted in 9-month order results that are above expectations. We are seeing several indicators that lead us to believe our strong order growth will continue through the end of fiscal 2017 and into fiscal 2018,” prez & CEO Joshua Levine said in a press release.

The company updated its guidance for the rest of its fiscal year, dropping its sales expectations to between $380 and $390 million from earlier guidance of between $410 and $420 million. Guidance for EBITDA was also lowered to between $22 and $26 million from between $32 and $38 million.

Shares in Accuray dropped 1.1% today, closing at $4.55.

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