Research Desk Line-up: Electromed Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 12, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Accuray Inc. (NASDAQ: ARAY), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ARAY, following the Company's disclosure of its financial results on August 22, 2017 for the fourth quarter of the fiscal year 2017. The Company's revenue increased 18% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Medical Appliances & Equipment industry. Pro-TD has currently selected Electromed, Inc. (NYSE American: ELMD) for due-diligence and potential coverage as the Company announced on August 8, 2017 its financial results for Q4 FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Electromed when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ARAY; also brushing on ELMD. With the links below you can directly download the report of your stock of interest-free of charge at:
http://protraderdaily.com/optin/?symbol=ARAY
http://protraderdaily.com/optin/?symbol=ELMD
Earnings Reviewed
For the three months ended June 30, 2017, Accuray's (NASDAQ: ARAY) net revenue increased 18.03% to $112.09 million from $94.97 million in Q4 FY16. During Q4 FY17, the Company's gross orders decreased 10.2% to $85.74 million from $95.44 million in Q4 FY16. The Company's net revenue surpassed analysts' expectations of $111 million.
For the reported quarter, Accuray's Products segment's revenue increased 38.3% to $60.58 million from $43.81 million in Q4 FY16. The increase was primarily due to strong order conversion of backlog to revenue from system orders in the Americas and Asia/Pacific (APAC) regions. During Q4 FY17, the Company's Services segment's revenue increased 66 basis points to $51.51 million from $51.17 million in Q4 FY16. The increase was due to a modest growth in installation and training revenue.
For the reported quarter, Accuray's gross profit increased 15.8% to $43.19 million from $37.30 million in Q4 FY16. During Q4 FY17, the Company's gross margin decreased 80 basis points to 38.5% of revenue from 39.3% of revenue in Q4 FY16.
For the reported quarter, Accuray's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) increased 108.9% to $10.34 million from $4.95 million in Q4 FY16. During Q4 FY17, the Company's adjusted EBITDA margin increased 400 basis points to 9.2% of revenue from 5.2% of revenue in Q4 FY16.
During Q4 FY17, Accuray's S&M expenses increased 2.7% to 16.23 million from $15.80 million in Q4 FY16. During Q4 FY17, the Company's G&A expenses increased 5.6% to $10.88 million from $10.30 million in Q4 FY16. For the reported quarter, the Company's R&D expenses decreased 6.4% to $13.26 million from $14.16 million in Q4 FY16.
During Q4 FY17, Accuray's operating profit was $2.82 million, compared to an operating loss of $2.96 million in Q4 FY16.
During Q4 FY17, Accuray's net loss was $5.26 million, compared to a net loss of $7.21 million in Q4 FY16. During Q4 FY17, Accuray's diluted earnings per share (EPS) was negative $0.06, compared to negative $0.09 in Q4 FY16. The Company's diluted EPS was below analysts' expectations of negative $0.01.
Balance Sheet
As on June 30, 2017, Accuray's cash and cash equivalents decreased 39.8% to $72.08 million from $119.77 million in Q4 FY16.
During Q4 FY17, the Company's net accounts receivable increased 28.1% to $72.79 million from $56.81 million in Q4 FY16.
For the reported quarter, Accuray's inventories decreased 9.4% to $105.05 million from $115.99 million in Q4 FY16.
During Q4 FY17, the Company's accounts payable increased 14.8% to $17.49 million from $15.23 million in Q4 FY16.
During Q4 FY17, the Company's long-term debt decreased 69.8% to $51.55 million from $170.51 million in Q4 FY16.
For the reported quarter, Accuray's backlog was $452.85 million, compared to $405.90 million in Q4 FY16.
Outlook
For FY18, Accuray (NASDAQ: ARAY) expects revenue to be in the range of $390 million - $400 million. The Company expects a 5% increase in gross orders for the fiscal year 2018.
Stock Performance
On Monday, September 11, 2017, Accuray's (NASDAQ: ARAY) stock closed the trading session flat at $4.15. A total volume of 213.02 thousand shares were exchanged during the session. The Company's stock price advanced 1.22% in both its last one month and past three months. The stock currently has a market cap of $347.48 million.
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