Accuray (NSDQ:ARAY) shares are down today after the radiosurgery company reported surging first-quarter sales and beat Wall Street’s earnings expectations, as investors reacted to net losses of nearly six times the Q1 2011 mark.
Accuray reported losses of $26.5 million, or 38 cents per share, on sales of $100.5 million for the three months ended Sept. 30. That’s top-line growth of 163.9 percent compared with the same period last year, largely due to the massive infusion that followed ARAY’s acquisition of rival TomoTherapy earlier this year.
But losses from the just-closed quarter dwarfed last year’s levels, rising more than 471 percent compared with $4.6 million, or 8 cents per share, in Q1 2011.
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Still, The Street was looking for adjusted losses of 40 cents per share, which Accuray handily beat – adjusted to exclude one-time items, losses were $11.0 million, or 16 cents per share.
That didn’t stop investors from driving ARAY shares down to $4.03 as of about 11 this morning, from their $4.24 close yesterday, a 5.0 percent drop.
“We are pleased with the steady progress being made with integrating the two companies, highlighted by improving service gross margins,” said president & CEO Euan Thomson said in prepared remarks. “The strong revenue generated in the first quarter is reflective of the growing interest in both CyberKnife and TomoTherapy technologies.”
Accuray said it expects to post fiscal 2012 revenues of between $409 million and $424 million.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
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Nobel Biocare slashes Q3 losses
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Bioject swings to Q3 black
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The drug delivery device maker reported profits of $372,000, or 1 cent per share, on sales of $3.1 million during the three months ended Sept. 30.
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Q3 losses soar for Echo Therapeutics
Third-quarter losses soared for Echo Therapeutics (NSDQ:ECTE) on negative sales growth.
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CasMed’s Q3 losses surge on flat sales
Third-quarter losses for CAS Medical Systems (NSDQ:CASM) surged on flat sales.
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Cutera narrows losses, grows sales
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IntriCon swings to Q3 red
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The miniature medical device maker reported losses of $489,000, or 9 cents per share, on sales of $13.9 million.
That compares with profits of $243,000, or 4 cents per share, on sales of $14.7 million during the same period last year. Read more
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Tornier (NSDQ:TRNX) slashed its third-quarter losses via a 15.8 percent sales boost.
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Pro-Dex
Pro-Dex posts Q1 sales, earnings growth
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The surgical device drive maker reported profits of $446,000, or 14 cents per share, on sales of $6.0 million during the three months ended Sept. 30.
That compares with profits of $342,000, or one thin dime per share, on sales of $5.8 million during the same period last year. Read more
Misonix logs Q1 sales growth, narrows losses Misonix (NSDQ:MSON) narrowed its first-quarter losses on 14.8 percent sales growth.
The ultrasound device maker reported losses of $884,000, or 13 ce3nts per share, on sales of $3.7 million during the three months ended Sept. 30.
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