Accuray Reports Third Quarter Fiscal 2021 Financial Results
Third Quarter Fiscal 2021 Summary
- Net revenue of
$102.6 million including$24.9 million of system revenue inChina - Gross orders of
$87.4 million , an increase of 16 percent from the second quarter of fiscal 2021 - GAAP operating income of
$4.4 million , GAAP net loss of$0.4 million , and Adjusted EBITDA of$8.7 million - Received Shonin regulatory approval in
Japan for ClearRT™ Helical kVCT Imaging for the Radixact® System
"Our third quarter performance continues to reflect the positive momentum our business is making despite the headwinds created by the COVID-19 environment," said
Fiscal Third Quarter Results
Gross orders totaled
Total net revenue was
Total gross profit for the fiscal 2021 third quarter was
Operating expenses were
Net loss was
Adjusted EBITDA for the third fiscal quarter of 2021 was
Cash, cash equivalents and short-term restricted cash were
Fiscal Nine Months Results
For the nine months ended
Total net revenue for the nine months ended
Total gross profit for the nine months ended
Operating expenses for the nine months ended
Net income was
Adjusted EBITDA for the nine months ended
Financial Guidance
The impact of the COVID-19 pandemic on
Conference Call Information
U.S. callers: (833) 316-0563- International callers: (412) 317-5747
Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Investor Relations section of
In addition, a taped replay of the conference call will be available beginning approximately one hour after the call's conclusion and will be available for seven days. The replay number is (877) 344-7529 (
Use of Non-GAAP Financial Measures
There are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
About
Safe Harbor Statement
Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to the Company's future results of operations, including expectations regarding operating expense, gross orders, order volume and age-outs; expectations regarding the effect of the COVID-19 pandemic on the Company; expectations regarding future sales in
Forward-looking statements speak only as of the date the statements are made and are based on information available to the Company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The Company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements.
Financial Tables to Follow
Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Gross Orders |
$ |
87,365 |
$ |
105,959 |
$ |
213,258 |
$ |
283,002 |
||||||||
|
62,826 |
76,652 |
128,843 |
205,537 |
||||||||||||
Order Backlog |
610,795 |
569,901 |
610,795 |
569,901 |
||||||||||||
Net revenue: |
||||||||||||||||
Products |
$ |
47,439 |
$ |
45,527 |
$ |
120,502 |
$ |
126,892 |
||||||||
Services |
55,123 |
54,021 |
164,851 |
161,059 |
||||||||||||
Total net revenue |
102,562 |
99,548 |
285,353 |
287,951 |
||||||||||||
Cost of revenue: |
||||||||||||||||
Cost of products |
27,709 |
27,573 |
69,237 |
73,661 |
||||||||||||
Cost of services |
35,311 |
32,842 |
100,340 |
104,314 |
||||||||||||
Total cost of revenue |
63,020 |
60,415 |
169,577 |
177,975 |
||||||||||||
Gross profit |
39,542 |
39,133 |
115,776 |
109,976 |
||||||||||||
Operating expenses: |
||||||||||||||||
Research and development |
13,268 |
11,164 |
37,372 |
37,569 |
||||||||||||
Selling and marketing |
10,567 |
11,106 |
29,813 |
35,699 |
||||||||||||
General and administrative |
11,281 |
8,894 |
30,498 |
29,396 |
||||||||||||
Total operating expenses |
35,116 |
31,164 |
97,683 |
102,664 |
||||||||||||
Income from operations |
4,426 |
7,969 |
18,093 |
7,312 |
||||||||||||
Income (loss) on equity investment, net |
(68) |
222 |
1,021 |
222 |
||||||||||||
Other income (expense), net |
(4,027) |
(5,281) |
(12,981) |
(1,954) |
||||||||||||
Income before provision for income taxes |
331 |
2,910 |
6,133 |
5,580 |
||||||||||||
Provision for income taxes |
721 |
285 |
1,352 |
1,601 |
||||||||||||
Net income (loss) |
$ |
(390) |
$ |
2,625 |
$ |
4,781 |
$ |
3,979 |
||||||||
Net income (loss) per share - basic |
$ |
(0.00) |
$ |
0.03 |
$ |
0.05 |
$ |
0.04 |
||||||||
Net income (loss) per share - diluted |
$ |
(0.00) |
$ |
0.03 |
$ |
0.05 |
$ |
0.04 |
||||||||
Weighted average common shares used in computing income (loss) per share: |
||||||||||||||||
Basic |
93,123 |
90,476 |
92,106 |
89,585 |
||||||||||||
Diluted |
93,123 |
90,855 |
93,422 |
90,429 |
Condensed Consolidated Balance Sheets (in thousands) (Unaudited) |
||||||||
|
|
|||||||
2021 |
2020 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
126,335 |
$ |
107,577 |
||||
Restricted cash |
3,811 |
997 |
||||||
Accounts receivable, net |
69,914 |
90,599 |
||||||
Inventories |
136,854 |
134,374 |
||||||
Prepaid expenses and other current assets |
21,030 |
21,227 |
||||||
Deferred cost of revenue |
1,440 |
2,712 |
||||||
Total current assets |
359,384 |
357,486 |
||||||
Property and equipment, net |
12,327 |
15,349 |
||||||
Investment in joint venture |
16,579 |
13,929 |
||||||
|
57,909 |
57,717 |
||||||
Intangible assets, net |
492 |
663 |
||||||
Operating lease right-of-use assets |
24,066 |
28,647 |
||||||
Other assets |
16,069 |
17,136 |
||||||
Total assets |
$ |
486,826 |
$ |
490,927 |
||||
Liabilities and equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
17,869 |
$ |
23,126 |
||||
Accrued compensation |
21,217 |
17,963 |
||||||
Operating lease liabilities, current |
8,455 |
8,224 |
||||||
Other accrued liabilities |
22,745 |
27,180 |
||||||
Customer advances |
23,231 |
22,571 |
||||||
Deferred revenue |
80,677 |
83,207 |
||||||
Short-term debt |
18,942 |
— |
||||||
Total current liabilities |
193,136 |
182,271 |
||||||
Long-term other liabilities |
8,950 |
7,416 |
||||||
Deferred revenue |
23,212 |
24,125 |
||||||
Operating lease liabilities, non-current |
18,888 |
24,173 |
||||||
Long-term debt |
164,090 |
189,307 |
||||||
Total liabilities |
408,276 |
427,292 |
||||||
Equity: |
||||||||
Common stock |
93 |
91 |
||||||
Additional paid-in capital |
554,673 |
545,741 |
||||||
Accumulated other comprehensive income (loss) |
716 |
(484) |
||||||
Accumulated deficit |
(476,932) |
(481,713) |
||||||
Total equity |
78,550 |
63,635 |
||||||
Total liabilities and equity |
$ |
486,826 |
$ |
490,927 |
Reconciliation of GAAP Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) (in thousands) (Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
GAAP net income (loss) |
$ |
(390) |
$ |
2,625 |
$ |
4,781 |
$ |
3,979 |
||||||||
Depreciation and amortization |
1,577 |
1,869 |
4,890 |
5,566 |
||||||||||||
Stock-based compensation |
2,489 |
2,016 |
7,097 |
5,865 |
||||||||||||
Interest expense, net |
4,320 |
4,513 |
13,143 |
13,396 |
||||||||||||
Gain on contribution to equity method investment in joint venture (a) |
— |
— |
— |
(12,965) |
||||||||||||
Provision for income taxes |
721 |
285 |
1,352 |
1,601 |
||||||||||||
Adjusted EBITDA |
$ |
8,717 |
$ |
11,308 |
$ |
31,263 |
$ |
17,442 |
||||||||
(a) Consists of non-cash gain related to the value of the Company's capital contribution to the |
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Investor Relations, |
Public Relations Director, |
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+1 (602) 717-7804 |
+1 (408) 789-4426 |
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