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.
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.