Accuray Inc Earnings: Here’s Why Investors are Happy Now
Accuray Incorporated (NASDAQ:ARAY) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 12.31%.
Accuray Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.37 in the quarter versus EPS of $-0.13 in the year-earlier quarter.
Revenue: Decreased 30.71% to $70.55 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Accuray Incorporated reported adjusted EPS loss of $0.37 per share. By that measure, the company missed the mean analyst estimate of $-0.22. It missed the average revenue estimate of $77.97 million.
Quoting Management: “I am encouraged by the noticeable improvement in new order volume during the third quarter and the positive reception for our new products,” said Joshua Levine, president and chief executive officer of Accuray. “We are starting to see the early benefits of the actions we have been taking to improve the commercial focus and execution of our business. We look forward to further unlocking the value in our two new product platforms as we continue to focus on optimizing our commercial execution.”
Key Stats (on next page)…
Revenue decreased 9.3% from $77.78 million in the previous quarter. EPS increased to $-0.37 in the quarter versus EPS of $-0.30 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a loss of $0.11 to a loss $0.12. For the current year, the average estimate has moved down from a loss of $0.87 to a loss of $0.88 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)