Accuray Posts Higher 1Q Profit, Weak Outlook

SUNNYVALE, Calif. (AP) — Medical radiation equipment maker Accuray Inc. said Monday its fiscal first-quarter profit grew, boosted by higher sales despite the difficult economy. But it still missed Wall Street expectations, and a disappointing revenue forecast sent shares tumbling after-hours.

For the three months ended June 27, the company earned $1.2 million, or 2 cents per share, up from a profit of $191,000, or a breakeven per share, in the same period a year earlier.

Revenue rose 15 percent to $58.8 million from $50.9 million.

Analysts, on average, were expecting a slightly higher profit of 3 cents per share on sales of $56.9 million, according to a poll by Thomson Reuters.

For the full year, the company earned $609,000, or 1 cent per share, down from a profit of $5.4 million, or 9 cents per share, a year earlier. Revenue rose 11 percent to $233.6 million from $210.4 million.

Looking ahead, the company forecast sales of $40 million to $50 million for the first quarter, below analysts' expectations of $59.3 million. For the full year, Accuray expects sales of $215 million to $230 million, also shy of Wall Street's $237.9 million average estimate.

Shares fell 88 cents, or 12 percent, to $6.664 in after-hours trading, having closed the regular session up 12 cents at $7.52.