After losing 0.73% in regular trading on Wednesday, January 26, 2022, Accuray Incorporated (ARAY) shares jumped 6.88% in the after-hours session and closed the daily trading at $4.35. Yesterday’s stock volume was 1.32 million shares. ARAY shares have fallen 21.58% over the last 12 months, and they have moved down 2.63% in the past week. Over the past three months, the stock has lost 5.35%, while over the past six months, it has declined 1.93%.
Let’s see what are the latest news about the company?
ARAY latest development
On January 26, 2022, Accuray Incorporated (ARAY) released financial results for the second quarter of fiscal 2022 which ended on December 31, 2021.
Financial highlights of Q2, 2022
ARAY generated a record net revenue of $116.3 million in Q2 2022 compared to $97.5 million in Q2, 2021. Gross profit was $42.6 million versus $40.8 million in Q2, 2022. Total operating expenses remain $38.6 million in Q2, 2022 compared to $32.6 million in Q2, 2021. It earned a net income of $0.2 million compared to a net income of $4.8 million in the second fiscal quarter of 2021. Adjusted EBITDA was$6.8 million, compared to $13.5 million in Q2, 2021. Accuray Incorporated ended the second fiscal 2021 quarter with cash, cash equivalents, and short-term restricted cash of $123.4 million compared with $104.7 million at the end of the first 2022 quarter.
Revised Fiscal 2022 guidance
The company revised its financial outlook for FY 2022 and now expects total revenue in the range of $420.0 million to $430.0 million compared to the previous guidance of $420.0 million to $427.0 million. Adjusted EBITDA is expected to be in the range of $15.0 million to $20.0 million compared to previous figures of $33.0 million to $35.0 million.
ARAY CyberKnife® Robotic Radiosurgery System approval
On December 15, 2021, the Japanese Ministry of Health, Labor, and Welfare (Shonin) approved marketing approval of ARAY’s CyberKnife® Robotic Radiosurgery System for the treatment of trigeminal neuralgia (TN) in Japan.
With the recent approval, more patients would be able to use high-precision radiosurgery treatment typically delivered in just one outpatient procedure. The system is already approved in the U.S, and in other parts of the world to treat TN.
ARAY’s CyberKnife data publication
On November 10, 2021, Accuray Incorporated (ARAY) announced the publication of the most recent CyberKnife data, which is an analysis of 7,000 patients with brain or spinal lesions treated at Stanford University School of Medicine, online in the Journal of Neurosurgery.
In 1994, neurosurgeon John R. Adler, MD., developed the CyberKnife platform which is now become a common tool to treat a wide range of lesions.
ARAY stock flipped in the after-hours and gained after it announced Q2 financial results. We can expect it to perform well on Thursday as well.