Accuray Reports Decline in Revenue for Second Quarter

Accuray Inc., a radiation oncology company, reported declines in revenue for the second quarter of fiscal 2013 in its latest financials. Revenue was $77.8 million for the quarter, down from $106.4 million last year. Net loss attributable to shareholders for the quarter amounted to $28.2 million, or $0.40 per share, compared to $10.4 million, or $0.15 per share, in the previous year. Gross margins for products fell from 48.6% to 44%, but margins for services increased from 21.2% to 26.9%. "While I am encouraged by the growing stream of profitable service revenue, we clearly need to concentrate on commercializing our two new product platforms that were announced in October 2012 during the ASTRO tradeshow," said Joshua Levine, president and chief executive officer of Accuray, in the financial report. Accuray has restructured its operations and expects to save $40 million in operating expenses per year, in addition to taking on a non-recurring charge of $3 million to $4 million in the third quarter of fiscal 2013. Accuray management projects total revenue for fiscal 2013 of $320 million to $330 million.