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Shares of Accuray, Inc. (ARAY) Decline 7 Percent after Missing Fourth Quarter and Fiscal Year 2008 Estimates

Accuray, Inc. (NASDAQ: ARAY), a global leader in the field of radiosurgery dedicated to providing an improved quality of life and a non-surgical treatment option for those diagnosed with cancer, recently announced its fourth quarter and fiscal year 2008 financial results. Shares of Accuray declined 7 percent earlier this week on the news.

The company reported net sales of $50.9 million for the three months ended June 30, 2008, compared to $44.0 million for the same period one-year earlier. Net income for the second quarter totaled $191,000, or breakeven per diluted share, compared to a net income $502,000, or $0.01 per share, during the fourth quarter of 2007.

For the fiscal year 2008, Accuray, Inc. reported net sales of $210.4 million, compared to net sales of $140.5 million for fiscal year ended June 30, 2007. The increase in net sales was mainly due to 28 new contracts totaling more than $115.5 million that were signed in the fourth quarter. Net income for fiscal year 2008 climbed to $5.4 million, or $0.09 per share, compared to a net loss of $5.6 million, or $0.18 per share, during fiscal year 2007.

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