Med-tech companies don't fix themselves overnight, but Accuray (ARAY) management deserves real praise for how quickly it has addressed one of the biggest challenges of the TomoTherapy acquisition. That said, the overall system growth for this company is not yet where it needs to be and Accuray remains a "show me" story in small-cap med-tech.
A surprisingly strong fiscal second quarter
Although pro forma revenue did decline 11% this quarter, Accuray beat the average sell-side estimates for the quarter. Although adjusted product revenue fell 23%, service revenue climbed 17% from last year. The decision of Siemens (SI) to exit the linac market already seems to be paying some dividends in terms of incremental equipment placements for Accuray.
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Accuray Fixing The Margins, But Where's The Growth?
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