Some things just never change, and Accuray’s (ARAY) inability to string together sustained success is one of them. Sympathizers will note that the latest issues hitting the company (supply chain costs/disruptions) are outside their control, and I largely agree, but it doesn’t change the basic fact that calendar/fiscal 2022 was supposed to be the start of real evidence of the new and improved Accuray on multiple fronts – product quality, order intake, market share, and in the financials.
I’ve long since made my peace with what Accuray is (and what it isn’t), I still believe the market undervalues the stock – the progress here has been frustratingly slow, and with many cases “two steps forward, and almost-two steps back”, but I do believe there has been progress. Moreover, compared to a lot of med-techs with lackluster growth prospects (and not as many potential long-term drivers of upside), I believe Accuray’s travails are more than compensated for in the discounted share price.
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