Another quarter is in the books and not a lot has changed for Accuray (ARAY).
This remains a perpetually frustrating story as the company has
meaningfully improved the functionality of its systems, but those
improvements haven’t shown up in orders, revenue, market share, or
profits. While new data, reimbursement, and product enhancements could
give a spark to CyberKnife, and China remains an attractive opportunity
in concept, it’s going to take still more time for those to develop into
real drivers.
Pre-market indications are that
Accuray is going to sell off on fiscal first quarter results, but I
didn’t find them all that bad. Still, I don’t see that near-term spark
to shift sentiment or drive investors to take another look at the
shares, so while I think Accuray probably deserves to trade closer to
the mid-single-digits, the company is still a long way from critical
mass in orders or revenue and catalysts are slow to emerge.
Read more here:
Accuray Drifting, And Critical Mass Seems Far Away
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