Shares in Accuray (NSDQ:ARAY) rose today after the medical device maker beat expectations on Wall Street with its fourth quarter and full fiscal year 2018 earnings.
The Sunnyvale, Calif.-based company posted losses of $946,000 or 1¢ per share, on sales of $113.8 million for the three months ended June 30, seeing losses shrink 82% while sales grew 1.5% compared with the same period last year.
Losses per share were just ahead of the 2¢ consensus on Wall Street.
For the full year, Accuray posted losses of $23.9 million, or 28¢ per share, on sales of $404.9 million, seeing losses shrink 19.2% while sales grew 5.6% compared with the previous fiscal year.
“With fourth quarter gross order growth of 12% over the last fiscal year, we had a solid finish to our fiscal year. We also generated gross order growth for the full fiscal year from three of our four regions and record fourth quarter sales. At the same time, we increased our year-end cash position due to our improved operating results and paid down debt by approximately $33 million. These improved financial metrics occurred while we increased the investment in our product roadmap, which is expected to result in Accuray bringing to market new imaging software and true motion correction for Radixact as well as CyberKnife enhancements in the near future. Our product portfolio is the strongest it has ever been and the technology innovations associated with our key development programs will position the company for growth going forward,” prez & CEO Joshua Levine said in a press release.
Accuray released guidance for the coming fiscal year 2019, expecting too see revenues up 4% to 8% at between $415 million and $425 million. The company said it expects to post adjusted EBITDA of between $21 million and $27 million.
The company also announced that its CFO Kevin Waters will leave the company, effective October 1, to become the CFO at a company in the Urology market. Current VP of finance and chief accounting officer will take over as interim CFO beyond October 1 as the company searches for a permanent replacement.
Shares are up 6.4% so far today, at $3.75 as of 2:03 p.m. EDT.
In May, Accuray saw shares fall after it missed EPS expectations on Wall Street with its fiscal year 2018 third quarter earnings results.
