Accuray (NSDQ:ARAY) saw its shares slide approximately 3% yesterday after the company released preliminary earnings for its 4th quarter and fiscal year 2017.
The Sunnyvale, Calif.-based company said it expects results to fall in line with guidance it released in April, with revenue of between $111.5 and $112 million for the 4th quarter and between $382.8 and $383.3 million for the full fiscal year.
Gross product orders for Q4 are expected to be approximately $86 million, and $298 million for the full year, with an ending backlog on June 30 of $453 million. Age-outs and cancellations during Q4 are expected to be approximately $19 million and $4 million, respectively, Accuray said.
“Our 4th quarter revenue growth was driven by improved performance in both our Europe and Asia Pacific regions and we finished the fiscal year with renewed momentum resulting from our increased focus on converting backlog to revenue. We also had double digit gross order growth in the second half of the fiscal year, driven by the full commercial launch of our Radixact system and continued strong demand for our CyberKnife system. During the fourth quarter, we continued to improve the company’s balance sheet with a new $52 million revolving loan agreement that reduces our annual interest costs by $2 million versus our prior secured term loan and we reduced our total debt by $10 million. As we look forward to fiscal year 2018, we strongly believe we have the people, processes and product roadmap in place for continued growth in orders, revenues and market share,” prez & CEO Joshua Levine said in a press release.
Shares in Accuray slid approximately 3% yesterday, opening at $4.75 and closing at $4.60.
In April, Accuray saw shares drop after the medical device maker missed expectations on Wall Street with its fiscal 3rd quarter results.