Losses soar, shares plummet for Accuray

February 7, 2013 by MassDevice staff

Accuray's fiscal 2nd quarter sales plunge and its losses gape wider, sending share prices down almost 10% today.


Accuray (NSDQ:ARAY) shares lost nearly 10% today after the medical device company reported soaring losses and a nearly 27% sales slide for its fiscal 2nd quarter.

The Sunnyvale, Calif.-based company, which makes radiation oncology equipment, posted losses of $29.2 million, or 40¢ per share, on sales of $77.8 million for the 3 months ended Dec. 31, 2012. That amounts to a 180.8% increase in losses and a 26.9% top-line reduction.

Adjusted to exclude 1-time items, losses per share were 30¢, under Wall Street's 32¢ adjusted loss expectation.

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ARAY shares were down 9.9% to $4.58 as of about 2 p.m. today.

President & CEO Joshua Levine cited an ongoing restructuring that aims to reduce costs by $40 million annually.