Radiosurgical devices maker Accuray posted a 30% cut in sales during its 3rd quarter, but CEO Levine says he's "encouraged" by an uptick in order volume.
Medical device maker Accuray (NSDQ:ARAY) managed to get some Wall Street love after posting a rather harsh 3rd quarter earnings report this week, with investors likely reacting to news of promising order volume growth quarter-over-quarter.
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 (NSDQ:ARAY) 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.
Medical device maker Accuray reports that its losses jumped 170% during fiscal 2012, cautioning that Q1 results will be dramatically lower as it ramps up for a new product launch this fall.
Medical device company Accuray (NSDQ:ARAY) said it's completed a "year of transition" as it looks to the release of 2 new products in October, which it says will help "change the dynamic" of the radiosurgery market.
Medtronic shares hit a year-long high a day before the medical device company is slated to release its 1st-quarter earnings.
Investors sent shares of Medtronic (NYSE:MDT) to a year-long high yesterday, a day ahead of the medical device company's scheduled earnings release for its fiscal 1st quarter.
Shares in the world's largest pure-play med-tech firm hit $41.57 – a 52-week high – on their way to a $41.45 close on Wall Street yesterday afternoon, ending the trading day up 1.5%. Since August 22, 2011, MDT shares have gained 32.5%.
Shares of Insulet Corp. are up nearly 4% today after the diabetes management company said its 2nd-quarter sales rose nearly 60%.
Sales for Insulet (NSDQ:PODD), which makes the OmniPod insulin pump, soared nearly 60% during the second quarter, sending PODD shares up nearly 4% today on Wall Street.
Bedford, Mass.-based Insulet also slashed its losses by 25.5% as it added 536 basis points to its gross profit margin.
Wall Street shrugs off a 126% increase in net losses for HeartWare on the strength of a 43% top-line gain; share gain slightly on The Street.
Even though 2nd-quarter net losses soared for HeartWare International (NSDQ:HTWR), sales rose 43% for the medical device company, sending shares up a tick today.
HeartWare, which makes implantable heart pumps, reported losses of $22.8 million, or $1.61 per share, on sales of $29.1 million during the 3 months ended June 30.
NxStage Medical's shares hit a new 52-week low, despite the company's record sales and a forecast-beating 2nd quarter.
NxStage Medical (NSDQ:NXTM) notched a new low watermark for the year, despite reporting a strong 2nd quarter with records sales.
NXTM shares briefly hit $13.20 today, the lowest they've been in the last 52 weeks. Shares regained few cents by the early afternoon to trade at $13.34, still down 16% on the day.