Accuray (ARAY) is probably one of the most exasperating companies and stocks I’ve ever followed, which is part of the reason I’ve always been willing to sell down my position whenever the stock runs up. For all of what should be positive drivers for the company and its technology/product offerings, steady progress towards growth and scale has always proved elusive.
I applaud management’s urge to be cautious with guidance, but I think we’re once again seeing “investor fatigue” here, as mid single-digit revenue and low single-digit order growth guidance aren’t going to get it done... particularly when compared to what should be a large China opportunity that is starting to bear fruit. While I do think these shares are valued too lightly today, I can’t really bring myself to invite other investors onboard this pain train.
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Accuray: As Usual, Two Steps Forward, One-And-Three-Quarters Steps Back
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