Accuray dives despite beating The Street as losses gape | Earnings Roundup

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.

CardioNet’s Q3 sales slip, losses narrow
CardioNet (NSDQ:BEAT) managed to pare its losses by nearly 5 percent during the third quarter, despite a 3.2 percent sales decline.

The remote cardiac monitoring firm reported losses of $7.1 million, or 29 cents per share, on sales of $26.6 million for the three months ended Sept. 30.

That compared with losses of $7.5 million, or 31 cents per share, on sales of $27.5 million during the same period last year. Read more

Electromed’s Q1 sales surge, profits soar
First-quarter profits for Electromed (NSDQ:ELMD) soared 119 percent on a 29.1 percent sales increase.

The airway clearance therapy maker reported profits of $246,000, or 3 cents per share, on sales of $5.4 million for the three months ended Sept. 30.

That compares with profits of $112,000, or 2 cents per share, on sales of $4.2 million during the same period last year. Read more

Kips Bay’s Q3 losses widen as sales fall to zero
Kips Bay Medical (NSDQ:KIPS) posted wider losses during the third quarter as its sales slid to zero.

The company reported losses of $1.2 million, or 8 cents per share, on no sales during the three months ended Oct. 1.

That compares with losses of $733,000, or 5 cents per share, on sales of $37,000 during the same period last year. Read more

Nobel Biocare slashes Q3 losses
Nobel Biocare (VTX:NOBN) slashed its third-quarter losses by more than 87 percent despite a slight sales decline.

The Swiss dental devices maker logged losses of $3.1 million (€2.2 million), or 3 cents (€0.02), on sales of $174.3 million (€128.2 million)during the quarter.

That compares with losses of $24.2 million (€2.2 million), or 19 cents (€0.14) per share, on sales of $179.1 million (€131.7 million) during the same period last year. Read more

Bioject swings to Q3 black
Bioject Medical Technologies (OTC:BJCT) posted third-quarter profits on 106.8 percent sales growth.

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.

That compares with losses of $357,000, or 2 cents per share, on sales of $1.5 million during the same period last year. Read more

Q3 losses soar for Echo Therapeutics
Third-quarter losses soared for Echo Therapeutics (NSDQ:ECTE) on negative sales growth.

The transdermal drug delivery developer reported losses of $1.5 million, or 4 cents per share, on sales of -$44,000 for the three months ended Sept. 30.

That compares with losses of $620,000, or 2 cents per share, on sales of $47,000 during the same period last year. Read more

CasMed’s Q3 losses surge on flat sales
Third-quarter losses for CAS Medical Systems (NSDQ:CASM) surged on flat sales.

The patient monitoring firm posted losses of $2.1 million, or 16 cents per share, on sales of $5.8 million during the three months ended Sept. 30.

That compares with losses of $508,000, or 4 cents per share, on sales of $5.8 million during the same period last year. Read more

Cutera narrows losses, grows sales
Cutera (NSDQ:CUTR) pared its third-quarter losses on sales growth of 26 percent.

The cosmetic device maker reported losses of $2.9 million, or 21 cents per share, on sales of $15.2 million during the three months ended Sept. 30.

That compares with losses of $3.5 million, or 18 cents per share, on sales of $12.1 million during the same period last year. Read more

IntriCon swings to Q3 red
IntriCon (NSDQ:IIN) logged third-quarter losses on a 5.8 percent sales slide.

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

Tornier’s Q3 sales jump as it slashes losses
Tornier (NSDQ:TRNX) slashed its third-quarter losses via a 15.8 percent sales boost.

The extremity joint replacement company posted losses of $1.6 million, or 4 cents per share, on sales of $57.6 million for the three months ended Oct. 2.

That compares with losses of $12.8 million, or 43 cents per share, on sales of $49.7 million during the same period last year. Read more

BioMimetic Therapeutics shaves losses on sales growth
BioMimetic Therapeutics (NSDQ:BMTI) shaved 8.1 percent off its third-quarter losses with 21.4 percent sales growth.

The biotech firm reported losses of $7.1 million, or 25 cents per share, on sales of $429,000 for the three months ended Sept. 30.

That compares with losses of $7.8 million, or 29 cents per share, on sales of $353,000 during the same period last year. Read more

Pro-Dex
Pro-Dex posts Q1 sales, earnings growth
Pro-Dex (NSDQ:PDEX) logged first-quarter growth for both its top and bottom lines.

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.