ARAY - Why Shares of Accuray Rose Thursday
2023-04-27 13:35:26 ET
Shares of Accuray (NASDAQ: ARAY) were up by more than 15% early Thursday afternoon after the healthcare company released its fiscal 2023 third-quarter earnings Wednesday afternoon. The radiation oncology device specialist makes the CyberKnife and Tomo Therapy systems, which deliver radiosurgery, stereotactic body radiation therapy (SBRT), intensity-modulated radiation therapy, image-guided radiation therapy, and adaptive radiation therapy. Its stock is up more than 48% this year.
The fiscal quarter, which ended March 31, was the company's first in the black since its fiscal 2022 second quarter (i.e., calendar Q4 2021). Accuray reported revenue of $118.1 million, up 22.8% year over year, and net income of $600,000, compared to a loss of $1 million in the prior-year period. Revenue was also up 3% sequentially over the fiscal second quarter .
It shipped a company record of 30 radiation systems, amounting to 67% year-over-year growth. Accuray also had good news recently: Data from its PACE (Prostate Advances in Comparative Evidence)-A clinical study showed that men with prostate cancer who were treated with SBRT maintained urinary continence and sexual function better than men treated with surgery.
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Why Shares of Accuray Rose Thursday