Shares in Accuray (NSDQ:ARAY) have risen today after the medical device maker beat expectations on Wall Street with its 2nd quarter earnings results.
The Sunnyvale, Calif.-based company posted losses of $4.7 million, or 6¢ per share, on sales of $100.3 million, seeing losses shrink 49.6% while sales grew 14.7% compared with the same period during the prior year.
Losses per share were just ahead of the 10¢ consensus on Wall Street.
“We have made solid progress towards achieving consistent operating performance during the first half of the fiscal year and we believe we are well on track to achieve our fiscal 2018 guidance, which was originally provided in August. Our 33% year-over-year product revenue growth during the second quarter was primarily driven by solid implementation of our strategies to improve distributor order to revenue conversion and increased Radixact contribution. As the fiscal year progresses, we believe that we will see the initial signs of commercial momentum in the U.S., which could enable us to expand our growth rate in fiscal 2019. We are building this momentum through the market’s increased recognition of the clinical benefits of our radiation therapy solutions,” prez & CEO Joshua Levine said in a prepared statement.
The company reaffirmed its guidance for the remainder of its fiscal year 2018, expecting to see revenue of between $390 million and $400 million, representing approximate growth of between 2% and 4% year-over-year.
Adjusted EBITDA is expected to be between $25 million and $30 million, representing growth of approximately 23% to 47% year-over-year.
Shares in Accuray have risen today, up 4.5% to $5.43 as of 11:30 a.m. EST.
Earlier this month, Accuray said it made an irrevocable net share settlement election for its 3.5% Series A convertible senior notes due February 1, 2018, looking to pay cash up to $1,000 for each $1,000 principal amount of Series A notes converted alongside delivery of shares for the conversion value in excess of $1,000.
