Accuray slips on Q4 earnings miss
Summary
The Sunnyvale, Calif.-based radiotherapy device maker posted losses of -$1.4 million, or -2¢ per share, on sales of $97.2 million for the three months ended June 30, widening its losses by 48.0% on sales growth of 0.8% compared with fiscal Q4 2018. “From all perspectives, fiscal 2019 was a very successful year,” president & CEO Joshua Levine said in prepared remarks. “We generated 12% gross order growth for the year while our efforts to increase efficiencies led to the company’s first operating profit since 2011. From a strategic growth perspective, we advanced our opportunities in China, which is the world’s fastest growing radiotherapy market. It should be noted that our progress during fiscal 2019 came without significant revenue contribution from the China market as the process for awarding and issuing Class A and B user licenses for radiotherapy systems is still in an early phase.” Accuray said it expects to report fiscal 2020 sales of $410.0 million to $420.0 million.