Why Accuray Shares Are Soaring Today
Shares of Accuray (NASDAQ: ARAY) were soaring 15.6% higher as of 11:03 a.m. EST on Wednesday with investors liking what they saw with the medical device maker's fiscal 2020 second-quarter results. Accuray announced its Q2 results after the market closed on Tuesday.
The company reported revenue for the quarter of $98.8 million, down a little from the prior-year period but higher than analysts expected. Accuray also posted earnings of $10.7 million, or $0.12 per share, which was much better than the consensus Wall Street estimate of a net loss of $0.07 per share.
There was also good news with Accuray's full-year 2020 outlook. While the company maintained its full-year revenue guidance of between $410 million and $420 million, it boosted its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance. Accuray now expects full-year adjusted EBITDA of between $21 million and $26 million, higher than its previous projection of $19 million to $24 million.
Source Fool.com
