Cancer: Accuray's losses widen as it prepares for "major technology launch"
Medical device maker Accuray reports that its losses jumped 170% during fiscal 2012, cautioning that Q1 results will be dramatically lower as it ramps up for a new product launch this fall.
Medical device company Accuray (NSDQ:ARAY) said it's completed a "year of transition" as it looks to the release of 2 new products in October, which it says will help "change the dynamic" of the radiosurgery market.
The Sunnyvale, Calif.-based radiosurgery medical device maker reported net losses of $72 million, or about $1.02 per share, on sales of $240 million, representing 170% more red ink compared with losses of $26.7 million for fiscal 2011.
Accuray said it actually narrowed losses during the 4th quarter, to $20 million from $24.9 million, on a 26.8% sales boost. The 2012 top line was $60.6 million, compared with $47.8 million during FY2011.