The Sunnyvale, Calif.-based radiosurgery device maker reported losses of $14.9 million, or 21¢ per share, on sales of $101.8 million during the 3 months ended March 31.
Although that’s a whopping 86.0% addition to the top line, compared with Q3 2011, losses grew by some 1,183%. Excluding 1-time items, however, adjusted losses per share were 13¢, well ahead of analysts’ predictions of 21¢ apiece.
Shares of ARAY, which makes the CyberKnife radiosurgery device, were trading at $6.46 as of about 2:40 p.m., down 9.5% on the day.
"We continue to see healthy growth in our installed base, which has grown 14 percent year on year. This growth in turn drives our service revenues, which have increased 19 percent over the same period last year," president & CEO Euan Thomson said in prepared remarks. "In addition, our service gross margin continues to improve, reaching 16 percent in the third quarter which puts us well ahead of our 10 percent target for fiscal year 2012."
Accuray said it expects to post sales of $409 million to $424 million for fiscal 2012, down from prior guidance of $411 million to $426 million.