Accuray (NSDQ:ARAY) shares dipped this morning despite fourth-quarter results that beat the consensus forecast.
The Sunnyvale, Calif.-based radiation oncology company posted losses of -$11.1 million, or -12¢ per share, on sales of $110.9 million for the three months ended June 30, 2021, for a massive bottom-line slide from losses of $152,000 this time last year despite sales growth of 16.8%.
Adjusted to exclude one-time items, earnings per share were -1¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $102.1 million.
“Despite the challenging environment caused by the COVID-19 pandemic, we finished fiscal year 2021 on a strong note with 17% year-over-year revenue growth and 19% year-over-year gross order growth in the fourth quarter, both of which were ahead of our expectations,” Accuray CEO Josh Levine said in a news release. “I am proud of the team’s execution during the quarter and for the entire year, considering the challenging operating environment created by the pandemic. In addition to delivering year-over-year revenue growth in fiscal 2021, we aggressively managed expenses and working capital, refinanced our debt with more favorable terms and believe that we have positioned the business for further growth through the successful commercial launch of high impact technology upgrades like ClearRT Helical kVCT Imaging for the Radixact System.
“Our product portfolio is the strongest it has ever been and we believe our continued investment in meaningful technology innovations will position the company for growth going forward.”
Accuray projects full-year revenues ranging between $410 million and $420 million.
ARAY shares were down -4.4% at $3.80 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.