Why Accuray (ARAY) Hit a Five-Year High Today

NEW YORK (TheStreet) -- Accuray  (ARAY) was rising 11% to $10.21 on Friday after the radiation oncology services provider reported its second-quarter earnings results. The stock hit a high of $10.71 as of 12:16 p.m., its highest point in nearly six years.

The company reported gross orders of $80.3 million, while total revenue increased 20% year-over-year to $93.6 million. Gross profit margin grew to 40.8%, while adjusted EBITDA reached $6.8 million. Accuray also adjusted its fiscal year 2014 guidance of total revenue to a range of $340 million to $350 million, up from its previous guidance of $325 million to $345 million, which it provided on Aug. 27, 2013 and reaffirmed on Nov. 7, 2013.

"The second quarter marks our fourth consecutive quarter of net order strength, driven by our improved commercial execution and customer focus.  We are pleased with our strong and improving operational performance during the first half of our fiscal year," said president and CEO Joshua H. Levine in the company's statement. "We remain focused on our strategic growth agenda and believe our focus on operational and commercial execution, coupled with fiscal discipline, will continue to create value for all of our stakeholders."

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