Accuray Announces Results for Third Quarter of Fiscal 2009
Record Total Revenue for Quarter
For the third quarter of fiscal 2009,
Net income for the third quarter of fiscal 2009 was
For the nine months ended
At
"With record revenue and solid CyberKnife sales, we are pleased with third
quarter performance and the strength of our business," said Euan S. Thomson
Ph.D.,
Outlook
The following statement is forward-looking and actual results may differ
materially.
Additional Information
Additional information regarding backlog segmentation, which will be discussed during the conference call, is available in the Investor Relations section of the company's Web site at www.accuray.com.
Earnings Call Open to Investors
About the CyberKnife(R) Robotic Radiosurgery System
The CyberKnife Robotic Radiosurgery System is the world's only robotic radiosurgery system designed to treat tumors anywhere in the body non-invasively. Using continual image guidance technology and computer controlled robotic mobility, the CyberKnife System automatically tracks, detects and corrects for tumor and patient movement in real-time throughout the treatment. This enables the CyberKnife System to deliver high-dose radiation with pinpoint precision, which minimizes damage to surrounding healthy tissue and eliminates the need for invasive head or body stabilization frames.
About
Safe Harbor Statement
The foregoing may contain certain forward-looking statements that involve
risks and uncertainties, including uncertainties associated with the medical
device industry. Except for the historical information contained herein, the
matters set forth in this press release, as to financial guidance including
realization of backlog, anticipated cost savings and benefits from job
eliminations, procedure growth, market acceptance; clinical studies,
regulatory review and approval, and commercialization of products are
forward-looking statements within the meaning of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements speak only as of the date the statements are made and are based on
information available at the time those statements are made and/or
management's good faith belief as of that time with respect to future events.
You should not put undue reliance on any forward-looking statements. Important
factors that could cause actual performance and results to differ materially
from the forward-looking statements we make include: failure to achieve
anticipated savings from cost-cutting efforts; market acceptance of products;
variability of installation and sales cycle including customer financing and
construction delays; competing products, the combination of our products with
complementary technology; and other risks detailed from time to time under the
heading "Risk Factors" in our report on Form 10-K for the 2008 fiscal year, as
updated from time to time by our quarterly reports on Form 10-Q and our other
filings with the
Accuray Incorporated
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended Nine months ended
------------------ -----------------
March 28, March 29, March 28, March 29,
2009 2008 2009 2008
--------- --------- --------- ---------
Net revenue:
Products $41,006 $40,706 $119,762 $116,821
Shared ownership program 1,285 2,715 3,197 8,071
Services 17,901 11,017 47,730 26,966
Other 1,109 4,320 4,106 7,584
----- ----- ----- -----
Total net revenue 61,301 58,758 174,795 159,442
Cost of revenue:
Cost of products 17,630 19,411 49,894 52,332
Cost of shared ownership
program 185 755 654 2,227
Cost of services 12,057 8,165 32,214 19,014
Cost of other 1,067 4,144 3,833 5,813
----- ----- ----- -----
Total cost of revenue 30,939 32,475 86,595 79,386
------ ------ ------ ------
Gross profit 30,362 26,283 88,200 80,056
Operating expenses:
Selling and marketing 11,420 10,792 35,623 32,115
Research and development 9,259 8,632 26,807 24,475
General and administrative 8,821 7,943 28,513 23,820
----- ----- ------ ------
Total operating expenses 29,500 27,367 90,943 80,410
------ ------ ------ ------
Income (loss) from
operations 862 (1,084) (2,743) (354)
Interest and other income,
net 575 1,345 2,436 6,154
--- ----- ----- -----
Income (loss) before provision
for income taxes 1,437 261 (307) 5,800
Provision (benefit)
for income taxes 221 (323) 306 608
--- ---- --- ---
Net income (loss) $1,216 $584 $(613) $5,192
====== ==== ===== ======
Net income (loss) per common
share, basic and diluted:
Basic $0.02 $0.01 $(0.01) $0.10
Diluted $0.02 $0.01 $(0.01) $0.09
Weighted average common
shares outstanding used in
computing net income (loss)
per share:
Basic 55,724 54,856 55,138 54,539
Diluted 58,772 60,125 55,138 60,862
Cost of revenue, selling and
marketing, research and
development, and general
and administrative expenses
include stock-based
compensation charges as
follows:
Cost of revenue $622 $514 $1,801 $1,364
Selling and marketing $538 $1,081 $2,518 $3,227
Research and development $797 $800 $2,330 $2,278
General and administrative $1,167 $1,837 $5,027 $5,949
Accuray Incorporated
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
March 28, June 28,
2009 2008
---- ----
Assets
Current assets:
Cash and cash equivalents $33,907 $36,936
Restricted cash 1,093 4,830
Short-term marketable securities 64,333 85,536
Accounts receivable, net of allowance for
doubtful accounts of $477 at March 28, 2009
and $27 at June 28, 2008 33,097 33,918
Inventories 28,562 23,047
Prepaid expenses and other current assets 4,978 6,431
Deferred cost of revenue - current 21,621 31,667
------ ------
Total current assets 187,591 222,365
------- -------
Long-term marketable securities 57,887 37,014
Property and equipment, net 14,830 17,140
Goodwill 4,495 4,495
Intangible assets, net 732 926
Deferred cost of revenue - noncurrent 5,300 11,724
Other assets 1,340 1,340
----- -----
Total assets $272,175 $295,004
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $11,372 $12,962
Accrued expenses 15,892 11,873
Customer advances - current 13,207 22,331
Deferred revenue - current 74,104 87,455
------ ------
Total current liabilities 114,575 134,621
------- -------
Long-term liabilities:
Customer advances - noncurrent --- 2,900
Deferred revenue - noncurrent 10,358 26,720
------ ------
Total liabilities 124,933 164,241
------- -------
Stockholders' equity:
Preferred stock, $0.001 par value; authorized:
5,000,000 shares; no shares issued
and outstanding. --- ---
Common stock, $0.001 par value; authorized:
100,000,000 shares; issued: 58,052,062
and 56,719,864 shares at March 28, 2009
and June 28, 2008 , respectively;
outstanding: 55,912,044 and 54,579,846
shares at March 28, 2009 and June 28,
2008, respectively. 56 55
Additional paid-in capital 268,811 252,901
Accumulated other comprehensive
income (loss) 114 (1,067)
Accumulated deficit (121,739) (121,126)
-------- --------
Total stockholders' equity 147,242 130,763
------- -------
Total liabilities and
stockholders' equity $272,175 $295,004
======== ========
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SOURCE
CONTACT:
+1-408-789-4458, trathjen@accuray.com, or
Web Site: http://www.accuray.com