A surge in product sales propelled radiation oncology firm Accuray to an 18% increase in revenue and a lower net loss in its fiscal fourth quarter.
For the period (end-June 30), Accuray had revenues of $112.1 million, up from $95 million in the fourth quarter of fiscal 2016. The company attributed the revenue increase primarily to order conversions from backlog to revenue for system orders in the Americas and the Asia-Pacific region. Product revenues climbed 38.4%, while service revenues increased 1%. Accuray had a quarterly net loss of $5.3 million, compared with a loss of $7.2 million in the same period last year.
For the fiscal year, Accuray had revenues of $383.4 million, down 3.9% from $398.8 million in fiscal 2016. The lower revenue was due primarily to extended revenue service conversion times, mainly resulting from a higher percentage of order growth in the firm's distributor channels, according to Accuray. The firm had a fiscal 2017 net loss of $29.6 million, compared with a net loss of $25.5 million in fiscal 2016.
Looking ahead, Accuray said it expects fiscal 2018 revenue to range from $390 to $400 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) will range from $25 to $30 million, representing approximately 23% to 47% growth, according to the company.
