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What: Shares of Accuray
So what: For the quarter, Accuray reported a 34% rise in revenue to $100.5 million and a loss of $0.20 per share. EPS fell well short of the $0.12 loss that Wall Street had been forecasting. Accuray shipped 23 units of its proprietary CyberKnife system during the fourth quarter, of which 15 were installed. These results also include the results from TomoTherapy, which Accuray acquired last year. Looking forward, Accuray projects 2013 revenue will be in the range of $405 million-$425 million, with most of that coming in the second half of the year. Wall Street had been looking for fiscal 2013 revenue of $436.6 million.
Now what: Accuray's technology is exciting, but the rollout of its product couldn't possibly be moving any slower. To top this off, the acquisition and integration of TomoTherapy -- while under way for more than a year -- is slowing things down even further. With investors now having to wait until the second half of 2013 before sales really pick up, and with the company forecasting low-to-mid single-digit revenue growth in the upcoming year, there's no reason to be rushed into this stock. When Accuray can consistently show me the profits, then I'll give it a closer look.
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Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
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