Accuray's sales sink and losses narrow in Q1

November 9, 2012 by MassDevice staff

Radiotherapy devices maker Accuray reports a 18% dive in 1st-quarter sales as the company comes down from previous spikes associated with a merger.

Accuray logo

Accuray (NSDQ:ARAY) lost a little love on Wall Street after the company reported a sizable dive in sales for its 1st quarter 2013.

The Sunnyvale, Calif.-based radiotherapy devices maker managed to narrow its losses by 9% to $24.1 million, or 34¢ per share, during the 3 months ended Sept. 30, 2012, compared with losses of $26.5 million, or 38¢ per share, reported for the same period last year.

Sign up to get our free newsletters delivered right to your inbox.

Revenues sank 17.6% to $82.7 million, compared with $100.5 million during the 1st quarter of 2012.Accuray attributed the difference to the previous year's spike in sales of Tomotherapy systems following a merger that closed in June 2011. Declines were reported for both products and services, according to the Q1 regulatory filing.

"The year-on-year decline in product revenue reflects the fact that shipments of TomoTherapy Systems returned to normal levels from the unusually high levels in the 1st quarter after the acquisition was completed," CFO Derek Bertocci said in prepared remarks. "Service revenue continued to increase, up 10% from the prior year, driven primarily by continued increases in the installed base of systems."