Accuray posted third-quarter results that beat the consensus forecast on Wall Street but lowered its financial guidance for 2020.
The Sunnyvale, Calif.-based company reported profits of $2.6 million, or 3¢ per share, on sales of $99.5 million for the three months ended March 31, for a bottom-line loss of -93.5% sales loss of -3.6% compared with Q3 2019.
Earnings per share were 3¢, 7¢ ahead of The Street, where analysts were looking for sales of $97.3 million.
“Despite the economic upheaval around the world, Accuray, from an operational standpoint, had a solid third fiscal quarter,” president and CEO Joshua Levine said in a news release. “Gross orders increased 27% year-over-year to $106 million compared to $84 million in the comparable quarter last year. Order momentum was evident in all but one of our regions. The Americas delivered its third consecutive quarter of double-digit or higher, year-over-year revenue growth. Gross orders in Europe, the Middle East and Asia increased 15% on a year-over-year basis. Our sales team did a great job of generating new orders during the third quarter.”
Accuray withdrew its 2020 financial guidance regarding revenue and adjusted EBITDA citing the continued evolution of the COVID-19 pandemic. The company said it is unable to predict the extent to which the COVID-19 pandemic will impact future operations and financial results.
Shares in ARAY were up 6.73% to $2.22 apiece in mid-morning trading. MassDevice‘s Medtech 100 Index – which includes stocks of the world’s largest medical device companies – was up 1.8%.