Accuray Incorporated (NASDAQ:ARAY) gave a revenue forecast on Friday that did not sit well with investors, sending the company's small cap stock lower.
According to CBS Moneywatch, the radiation therapy company said the lower revenue outlook comes after as sales dropped due to a lack of customer demand. This, the company said, could be attributed to customers waiting for the newest technology to become available.
In the coming year, Accuray said it expects lower sales, and revenue will be especially weak in the first 6 months of the fiscal year as customers anticipate two new long-awaited products. The new technologies will be introduced at an upcoming medical conference, after which it says orders should come streaming in.
Accuray expects revenue to top out at $425 million for the coming year, and first quarter revenue will be "substantially below the first quarter of fiscal 2012."
This came in well below Wall Street expectations, which called for full-year revenue to be forecast at $436.7 million.
As of 4:38 on Friday, Accuray shares were down 10.7 percent to $5.84 each.