California radiation oncology systems maker Accuray (NSDQ:ARAY) scored major Wall Street points with its 2nd quarter financial report, with shares soaring on news of lowered losses and increased guidance for the year.
Accuray’s losses shrank by more than 80% on a 20% boost in sales during the 3 months ended December 31. Per-share earnings beat Wall Street’s consensus estimates by a whopping 12¢. ARAY shares spiked today, trading 13.3% higher to $10.47 as of about 3:30 p.m.
Accuray reported losses of $5.4 million, or 7¢ per share, on sales of $93.6 million during the quarter, beating analyst’s per0-share estimates of 19¢ lost. That compared with losses of $29.2 million, or 40¢ per share, on sales of $77.8 million during the same period the previous year.
The device maker also increased its full-year outlook, now expecting revenue in the range of $340-$350 million, compared with previous guidance in the range of $325-$345 million.
"Our upwardly revised guidance range reflects an anticipation of continued momentum throughout the 2nd half of our fiscal year," president & CEO Joshua Levine said in prepared remarks. "We are pleased to report an adjusted EBITDA profit of $6.8 million in the second quarter, as we drive toward achieving sustainable positive cash flow."
The news marks the 2nd quarter in a row with major cuts in losses. In Q1 Accuray slashed its losses by $35.6%, even as sales declined 7.4%. The company is also operating under a new CFO, with former Conceptus (NSDQ:CPTS) finance chief Gregory Lichtwardt, who replaced Derek Bertocci who said that he stepped down to spend more time with his family.