The Sunnyvale, Calif.-based radiotherapy device maker posted profits of $402,000, breaking even on a per-share basis, on sales of $85.3 million for the three months ended Sept. 30, 2020, for a bottom-line gain from losses of more than -$9.3 million on a sales decline of -4.7%.
Adjusted to exclude one-time items, earnings per share were also even at $0.00, 9¢ ahead of Wall Street, where analysts were looking for sales of $77 million.
“We are off to a solid start in fiscal 2021 despite the headwinds created by the COVID-19 environment,” Accuray president & CEO Joshua Levine said in a news release. “Our global team continues to adapt and make the necessary adjustments to compete and operate effectively given the current market conditions and delivered the fourth consecutive quarter of operating profit.
“Looking ahead, we will be focused on driving the revenue conversion process related to the China Type A systems beginning in the second quarter. Concurrent with this year’s recent ASTRO meeting, we have received very positive customer feedback related to the introduction of our ClearRT Helical kVCT imaging upgrade for the Radixact System as we drive our long-term strategic commitment to continued innovation.”
Accuray said it is not offering 2021 financial guidance due to uncertainties caused by the COVID-19 pandemic.
ARAY shares were up 6.1% at $3.225 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.75%.