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Free Post Earnings Research Report: Accuray’s Revenue Advanced 15%; Net Loss Narrowed

Stock Monitor: Abbott Laboratories Post Earnings Reporting

LONDON, UK / ACCESSWIRE / January 26, 2018 / Active-Investors.com has just released a free earnings report on Accuray Inc. (NASDAQ: ARAY). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ARAY. Accuray reported its second quarter fiscal 2018 operating and financial results on January 23, 2018. The radiation oncology Company surpassed top- and bottom-line expectations and re-iterated its outlook for fiscal 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Abbott Laboratories (NYSE: ABT), which also belongs to the Healthcare sector as the Company Accuray. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=ABT

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Accuray most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=ARAY

Earnings Highlights and Summary

For the second fiscal quarter ended December 31, 2017, Accuray's total revenue jumped 15% to $100.3 million compared to $87.5 million in Q2 FY17, driven by product revenue growth of 33%. The Company's revenue numbers beat analysts' estimates by $9.99 million.

During Q2 FY18, Accuray's gross orders were $77.91 million compared to $78.45 million for Q2 FY17. Order growth was primarily driven by the Company's TomoTherapy family of products which represented 80% of the unit volume during the reported quarter. Accuray's net orders were $52.65 million for the reported quarter versus $54.07 million for the year earlier same quarter. Accuray's ending backlog for Q2 FY18 increased 10% on a y-o-y basis to $470.51 million.

For Q2 FY18, Accuray's total gross profit was $39.4 million, or 39.2% of sales, compared to total gross profit of $31.4 million, or 35.9%, for Q2 FY17. The Company's operating expenses for the reported quarter were $40.4 million, reflecting an increase of 11% compared to $36.2 million in the prior year's corresponding quarter, primarily due to investments in research and development (R&D).

For Q2 FY18, Accuray reported net loss of $4.7 million, or $0.06 per share, compared to a net loss of $9.4 million, or $0.11 per share, for Q2 FY17. The Company's reported quarter numbers were better than Wall Street's estimates for a loss of $0.10 per share.

Accuray's adjusted EBITDA for Q2 FY18 was $4.8 million compared to $1.8 million in Q2 FY17.

Segment Results

During Q2 FY18, Accuray's Product revenue surged 33% to $47.11 million compared to $35.40 million in Q2 FY17, primarily due to solid implementation of the Company's strategies to improve distributor order to revenue conversion and increased Radixact contribution. The segment's gross margin for the reported quarter increased to 43.0% versus 35.1% in the year ago same quarter. The increase in product gross margin was due to product volume and mix as well as intangible amortization expiring in Q4 FY17.

For Q2 FY18, Accuray's service revenue totaled $53.2 million compared to $52.1 million in Q2 FY17. The segment's gross margin 35.9% compared to 36.4% in the prior fiscal year second quarter.

Cash Matters

Accuray's cash, cash equivalents, investments, and short-term restricted cash were $106.1 million as of December 31, 2017, compared to $94.4 million as of September 30, 2017.

In December 2017, Accuray entered a $40 million term loan while concurrently reducing the borrowing facility under its existing revolving loan by $20 million. The Company intends to use the net proceeds of the term loan, combined with existing cash on hand, to retire its 3.50% Series A convertible senior notes due on February 01, 2018.

Financial Guidance

Accuray reaffirmed its revenue, gross orders, and adjusted EBITDA, guidance originally provided on August 22, 2017.

For FY18, Accuray is forecasting revenue in the range of $390.0 million to $400.0 million representing growth of approximately 2% to 4% on a y-o-y basis with product revenue expected to grow approximately 5% to 10% on a y-o-y basis.

Accuray is projecting gross orders growth of approximately 5% and adjusted EBITDA in the band of $25.0 million to $30.0 million, representing growth of approximately 23% to 47% on a y-o-y basis.

Stock Performance Snapshot

January 25, 2018 - At Thursday's closing bell, Accuray's stock advanced 1.79%, ending the trading session at $5.70.

Volume traded for the day: 1.50 million shares, which was above the 3-month average volume of 1.19 million shares.

Stock performance in the last month – up 34.12%; previous three-month period – up 44.30%; past twelve-month period – up 9.62%; and year-to-date – up 32.56%

After yesterday's close, Accuray's market cap was at $481.93 million.

The stock is part of the Healthcare sector, categorized under the Medical Appliances & Equipment industry. This sector was up 0.9% at the end of the session.

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