Small-cap med-tech stories rarely have smooth, parabolic trajectories toward success, and radiotherapy company Accuray (ARAY)
is certainly no exception in that regard. While management does deserve
praise for the extent to which it has driven better service margins,
fiscal Q4's sales shortfall and the company's falling share of new North
American placements loom as real concerns. Imminent product
introductions give investors a reason to hang on, but sales execution
must follow if this stock is going to work.
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Accuray's Quarter Not A Disaster, But Share Growth Is Still An Issue
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