Accuray shares down on Q3 EPS miss, growing losses

Shares in Accuray (NSDQ:ARAY) have fallen today after the medical device maker missed EPS expectations on Wall Street with its fiscal year 2018 third quarter earnings results.

The Sunnyvale, Calif.-based company posted losses of $8.9 million, or 10¢ per share, on sales of $99.8 million for the three months ended March 31, seeing losses grow 76% while sales only grew 2.6% compared with the same period during the previous year.

Losses per share of 10¢ were just behind the 5¢ loss-per-share consensus on Wall Street, where analysts expected to see sales of $97.7 million, which the company topped.

“Market acceptance of our Radixact System, as well as strong sales of our latest software upgrades, have been key factors in our continuing market momentum. Radixact’s positioning as a highly efficient and versatile treatment platform capable of treating both ends of the case mix spectrum from routine to highly complex cases, continues to resonate with customers and is driving an expanded market opportunity for Accuray,” prez & CEO Joshua Levine said in a press release.

Accuray lifted its sales guidance for the year, expecting to post sales of between $395 million and $400 million, up from the previously announced range of between $390 million and $400 million.

The company lowered its EBITDA guidance, dropping it from between $25 million to $30 million to between $18 million and $20 million due to “strategic investments and lower than anticipated gross margins.”

Shares in Accuray have fallen 12.1% so far today, at $4.40 as of 10:33 a.m. EDT.

In January, Accuray released data from a study exploring the use of its CyberKnife system used in stereotactic radiosurgery procedures for patients with trigeminal neuralgia, touting rapid and long-lasting pain relief with minimal side effects.

The post Accuray shares down on Q3 EPS miss, growing losses appeared first on MassDevice.

from MassDevice https://ift.tt/2KrfXvz