Accuray (NSDQ:ARAY) shares dipped this morning despite second-quarter results that beat the consensus sales forecast.
The Sunnyvale, California–based radiation oncology company posted profits of $179,000, breaking even at $0.00 on earnings per share, on sales of $116.3 million for the three months ended Dec. 31, 2021, for a major bottom-line slide from profits of $4.8 million this time last year despite sales growth of 19.3%.
Accuray’s earnings per share of $0.00 equaled expectations on Wall Street, where analysts were looking for sales of $103.3 million.
“Accuray’s fiscal 2022 second-quarter performance continues to reflect the strong customer demand and revenue momentum our business is generating, but also highlighted global supply chain challenges and operational headwinds created by the COVID environment,” Accuray CEO Joshua Levine said in a news release. “Driving our accelerated revenue growth is the continued adoption of our new technology upgrades on the Radixact platform which are having an impact across all regions.”
Accuray said it now expects to log sales of between $420 million and $430 million, raising the back end of its guidance range from $427 million previously.
BTIG analyst Marie Thibault wrote in a report that Accuray maintains a “Buy” rating, with its guidance looking “more than achievable” despite supply chain setbacks.
ARAY shares were down 9.5% at $3.69 per share in early-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.