Accuray (Nasdaq:ARAY) shares rose this morning on second-quarter results that topped the consensus forecast.
ARAY shares ticked up 12.1% at $2.75 apiece. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 14.4%.
The Sunnyvale, California–based radiation oncology company posted losses of $1.9 million. That amounts to losses of 2¢ per share on sales of $114.8 million for the three months ended Dec. 31, 2022.
Accuray reported a large bottom-line slide into the red from profits of $179,000 this time last year. Its sales dipped 1.3% year over year. The company’s earnings came in 1¢ ahead of expectations on Wall Street, while revenues topped estimates by 33.3%.
“We have delivered another strong quarter of performance in Q2 showcasing the growing customer demand for our precision radiotherapy solutions and the excellent operational execution by the Accuray team amidst challenging macroeconomic conditions,” said Suzanne Winter, Accuray CEO. “Our teams remain focused on advancing our innovation-driven growth agenda so that we can deliver on our promise to improve the outcome and quality of life of patients diagnosed with cancer or neurological disease.”
Accuray projects 5% revenue growth in 2023. It set its sales guidance for between $447 million and $455 million.