Medical device maker Accuray (NSDQ:ARAY) managed to get some Wall Street love after posting a rather harsh 3rd quarter earnings report this week, with investors likely reacting to news of promising order volume growth quarter-over-quarter.
ARAY shares were up 8.6% to $4.94 as of about 2:10 p.m. today even as the company reported a 30.7% cut in sales and more than doubled losses for the 3 months ended March 31, 2013.
New new product orders amounted to $44.1 million during Accuray’s 3rd quarter, a 146.4% increase from the prior quarter, president & CEO Josh Levine said during a conference call with investors.
In total Accuray posted $31.2 million in losses, or 42¢ per share, on sales of $70.5 million in Q3 2013. That compared with $14.9 million in losses, or 21¢ per share, on sales of $101.8 million during the same period in 2012. Adjusted for special charges, the company’s 37¢ per-share loss was 14¢ off from analysts’ consensus estimates.
Levine called Accuray’s 3rd-quarter product revenues "disappointing but not not unexpected," and said that the company expects "modest improvement in product revenue in Q4."
The radiosurgery devices maker also lowered its 2013 fiscal year outlook to $310-$318 million, down from the $320-$330 million Accuray had projected at the end of Q2.
