UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 16, 2007
ACCURAY INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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001-33301 |
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20-8370041 |
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(Commission File Number) |
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(IRS Employer Identification No.) |
1310
Chesapeake Terrace
Sunnyvale, California 94089
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (408) 716-4600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August 16, 2007, Accuray Incorporated (the “Company”) issued a press release announcing its financial results for the quarter and year ended June 30, 2007. A copy of the Company’s press release dated August 16, 2007, titled “Accuray Reports Record Revenue in Fiscal Fourth Quarter and Fiscal Year Ended 2007” is attached hereto as Exhibit 99.1.
Exhibit 99.1 contains forward-looking statements within the meaning of the federal securities laws. These statements are present expectations, and are subject to the limitations listed therein and in the Company’s other SEC reports, including that actual events or results may differ materially from those in the forward-looking statements.
The foregoing information (including the exhibit hereto) is being furnished under “Item 2.02 Results of Operations and Financial Condition” (including the exhibit hereto) and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Non-GAAP Financial Information
In the text above, the Company presents information regarding net income and operating income on a non-GAAP basis. In computing non-GAAP net income and operating income the Company has excluded non-cash stock-based compensation expense charges. The Company believes that the non-GAAP presentation of net income and operating income excluding non-cash stock-based compensation charges is relevant information that may be used by analysis, investors and other interested parties in assessing the Company’s financial performance. The Company’s management also uses this information to evaluate the operational performance of the Company. The non-GAAP financial information presented in this release may vary from non-GAAP financial measures used by other companies. In addition, non-GAAP financial information should not be viewed as a substitute for financial data prepared in accordance with GAAP.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
|
Number |
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Description |
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99.1 |
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Press Release dated August 16, 2007, titled “Accuray Reports Record Revenue in Fiscal Fourth Quarter and Fiscal Year Ended 2007” |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ACCURAY INCORPORATED |
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Dated: August 16, 2007 |
|
By: |
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/s/ Robert E. McNamara |
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Robert E.
McNamara |
EXHIBIT INDEX
|
Number |
|
Description |
|
99.1 |
|
Press Release dated August 16, 2007, titled “Accuray Reports Record Revenue in Fiscal Fourth Quarter and Fiscal Year Ended 2007” |
Exhibit 99.1
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Contacts: |
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Investor Contact: |
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Media Contact: |
Accuray Reports Record Revenue in Fiscal Fourth Quarter and Fiscal Year Ended 2007
-
Revenue Growth of 166 Percent Year Over Year -
- - Total Backlog Reaches Record Level of $619
Million -
SUNNYVALE, Calif., August 16, 2007 — Accuray Incorporated (Nasdaq: ARAY), the global leader in radiosurgery throughout the body, today announced financial results for the fiscal fourth quarter and full fiscal year ended June 30, 2007.
For the fiscal fourth quarter of 2007, Accuray reported total revenue of $44.0 million, compared to fiscal fourth quarter 2006 total revenue of $21.4 million. Revenue for the fiscal year ending June 30, 2007 was $140.5 million, a 166 percent increase over total revenue of $52.9 million for fiscal year 2006.
On a generally accepted accounting principles (GAAP) basis, net income for fiscal fourth quarter 2007 was $0.5 million or $0.01 per basic and diluted share, compared to a net loss of $7.9 million, or a loss of $0.49 per basic and diluted share during the same period in 2006. Net loss for the fiscal year ended June 30, 2007 was $5.6 million, or a loss of $0.18 per basic and diluted share, compared to a net loss of $33.7 million, or a loss of $2.11 per basic and diluted share for fiscal year 2006.
On a non-GAAP basis, which excludes non-cash stock-based compensation charges, net income for the fourth quarter of fiscal 2007 was $3.3 million, or $0.05 per diluted share. Non-GAAP net income for the fiscal year ended June 30, 2007 was $2.6 million, or $0.05 per diluted share.
On a GAAP basis, operating loss for the fourth quarter 2007 was $419,000 and for the fiscal year ended June 30, 2007 was $8.5 million. On a non-GAAP basis which excludes non-cash stock-based compensation charges, operating income was $3.4 million for the fourth quarter of fiscal 2007 and $4.1 million for the fiscal year ended June 30, 2007.
At the end of fiscal 2007, backlog increased to approximately $619 million, with approximately $321 million associated with CyberKnife® System contracts and approximately $298 million associated with services and other recurring revenue. Backlog is defined as signed contracts that the Company believes have a substantially high probability of being booked as revenue.
Services revenue for the fiscal fourth quarter of 2007 was $5.7 million compared with $1.8 million during the fourth quarter in 2006, a 217 percent increase. Full fiscal year 2007 services revenue was $16.9 million, a 248 percent increase over the $4.8 million reported for fiscal year 2006.
“The Accuray team and I are very pleased with our strong financial performance, including record revenue, fourth quarter profitability and record backlog. Accuray’s clinical programs and R&D efforts are rapidly expanding utilization of the CyberKnife System, fueling the impressive momentum that Accuray is experiencing today,” said Euan S. Thomson, Ph.D., president and chief executive officer of Accuray, Incorporated. “The CyberKnife System is the established brand leader in the rapidly expanding radiosurgery market. Its dramatic growth in extracranial usage, particularly for lung and prostate tumors, is driving greater acceptance among the medical community. Our strong fourth quarter provides solid momentum as we start an exciting new fiscal year.”
At the end of fiscal 2007, the Company had increased its cash position to $204.8 million.
As of June 30, 2007, there were 109 CyberKnife systems installed worldwide, with 71 in the Americas, 12 in Europe, 15 in Japan and 11 in the remainder of the Asia Pacific region.
Non-GAAP Financial Information
The Company presents information regarding net income and operating income on a non-GAAP basis. In computing non-GAAP operating income and net income, the Company has excluded non-cash stock-based compensation charges. The Company believes that the presentation of net income and operating income excluding non-cash stock-based compensation charges is relevant information that may be used by analysts, investors and other interested parties in assessing the Company’s financial performance. The Company’s management also uses this information to evaluate the operational performance of the Company. The non-GAAP financial information presented in this release may vary from non-GAAP financial measures used by other companies. In addition, non-GAAP financial information should not be viewed as a substitute for financial data prepared in accordance with GAAP.
2
Conference Call Information
Accuray will hold a conference call for financial analysts and investors today, August 16, 2007 at 2:00 p.m. PT / 5:00 p.m. ET. During the conference call, Accuray management will discuss fiscal 2007 results and comment on fiscal 2008 revenue outlook. The conference call dial-in numbers are (800) 565-5442 (USA) or +1 (913) 312-1298 (International), Access Code: 6562437. A live webcast of the call will also be available from the Investor Relations section on the corporate website at http://www.accuray.com. In addition, a recording of the call will be available by calling (888) 203-1112 (USA) or +1 (719) 457-0820 (International), Access Code: 6562437, beginning at 6:00 p.m. PT / 9:00 p.m. ET, August 16, 2007 and will be available through August 30, 2007. A webcast replay will also be available from the Investor Relations section of the corporate website at http://www.accuray.com from approximately 5:30 p.m. PT / 8:30 p.m. ET, today, through Accuray’s release of fiscal first quarter 2008 results, ending on September 29, 2007.
About the CyberKnife® Robotic Radiosurgery System
The CyberKnife Robotic Radiosurgery System is the world’s only robotic radiosurgery system cleared by the FDA to treat tumors anywhere in the body non-invasively and with sub-millimeter accuracy. 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 precise, high-dose radiation, minimizing damage to surrounding healthy tissue and eliminating the need for invasive head or body stabilization frames.
About Accuray
Accuray Incorporated (Nasdaq: ARAY) based in Sunnyvale, Calif., is the global leader in the field of radiosurgery throughout the body, dedicated to providing an improved quality of life and a non-surgical treatment option for those diagnosed with cancer. Accuray develops and markets the CyberKnife Robotic Radiosurgery System, which extends the benefits of radiosurgery to include extracranial tumors, including those in the spine, lung, prostate, liver and pancreas. The CyberKnife System has been used to treat more than 35,000 patients worldwide and as of June 30, 2007, 109 systems had been installed in leading hospitals in the Americas, Europe and Asia. For more information, please visit www.accuray.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements as to financial guidance including realization of backlog, procedure growth and market acceptance, product development, 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
3
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: fluctuations in results of operations; reimbursement for the CyberKnife procedure; market acceptance of our products; government approvals of our products; intellectual property protection for our products; competing products; funding requirements; and other risks detailed from time to time under the heading “Risk Factors” in our report on Form 10-Q for the quarterly period ended March 30, 2007 as may be updated from time to time by our other filings with the Securities and Exchange Commission. If one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, our actual performance or results may vary materially from any future performance or results expressed or implied by these forward-looking statements. We assume 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.
©2007 Accuray Incorporated. All rights reserved. Accuray, the Accuray logo, CyberKnife, Synchrony, Xsight and RoboCouch are among trademarks or registered trademarks of Accuray Incorporated.
# # #
4
Accuray
Incorporated
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)
|
|
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Three months ended |
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Years ended |
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||||||||
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|
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June 30, |
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June 30, |
|
||||||||
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|
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2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||
|
Net revenue: |
|
|
|
|
|
|
|
|
|
||||
|
Products |
|
$ |
34,729 |
|
$ |
15,739 |
|
$ |
110,320 |
|
$ |
36,089 |
|
|
Shared ownership programs |
|
2,842 |
|
2,285 |
|
10,090 |
|
8,145 |
|
||||
|
Services |
|
5,651 |
|
1,785 |
|
16,860 |
|
4,848 |
|
||||
|
Other |
|
772 |
|
1,591 |
|
3,182 |
|
3,815 |
|
||||
|
Total net revenue |
|
43,994 |
|
21,400 |
|
140,452 |
|
52,897 |
|
||||
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
||||
|
Costs of products |
|
13,100 |
|
8,208 |
|
43,363 |
|
18,531 |
|
||||
|
Costs of shared ownership programs |
|
672 |
|
661 |
|
2,637 |
|
2,513 |
|
||||
|
Costs of services |
|
4,781 |
|
1,074 |
|
12,269 |
|
3,948 |
|
||||
|
Costs of other |
|
525 |
|
1,034 |
|
2,144 |
|
2,500 |
|
||||
|
Total cost of revenue |
|
19,078 |
|
10,977 |
|
60,413 |
|
27,492 |
|
||||
|
Gross profit |
|
24,916 |
|
10,423 |
|
80,039 |
|
25,405 |
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Selling and marketing |
|
10,765 |
|
7,915 |
|
37,889 |
|
25,186 |
|
||||
|
Research and development |
|
7,510 |
|
4,737 |
|
26,775 |
|
17,788 |
|
||||
|
General and administrative |
|
7,060 |
|
5,684 |
|
23,915 |
|
15,923 |
|
||||
|
Total operating expenses |
|
25,335 |
|
18,336 |
|
88,579 |
|
58,897 |
|
||||
|
Loss from operations |
|
(419 |
) |
(7,913 |
) |
(8,540 |
) |
(33,492 |
) |
||||
|
Interest and other income, net |
|
2,180 |
|
117 |
|
3,530 |
|
56 |
|
||||
|
Income (loss) before provision for income taxes and cumulative effect of change in accounting principle |
|
1,761 |
|
(7,796 |
) |
(5,010 |
) |
(33,436 |
) |
||||
|
Provision for income taxes |
|
1,259 |
|
62 |
|
1,444 |
|
258 |
|
||||
|
Income (loss) before cumulative effect of change in accounting principle |
|
502 |
|
(7,858 |
) |
(6,454 |
) |
(33,694 |
) |
||||
|
Cumulative effect of change in accounting principle, net of tax of $0 |
|
— |
|
— |
|
838 |
|
— |
|
||||
|
Net income (loss) |
|
$ |
502 |
|
$ |
(7,858 |
) |
$ |
(5,616 |
) |
$ |
(33,694 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income (loss) per common share, basic and diluted: |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) before cumulative effect of change in accounting principle |
|
$ |
0.01 |
|
$ |
(0.49 |
) |
$ |
(0.21 |
) |
$ |
(2.11 |
) |
|
Cumulative effect of change in accounting principle |
|
— |
|
— |
|
0.03 |
|
— |
|
||||
|
Basic net income (loss) per share |
|
$ |
0.01 |
|
$ |
(0.49 |
) |
$ |
(0.18 |
) |
$ |
(2.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diluted |
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) before cumulative effect of change in accounting principle |
|
$ |
0.01 |
|
$ |
(0.49 |
) |
$ |
(0.21 |
) |
$ |
(2.11 |
) |
|
Cumulative effect of change in accounting principle |
|
— |
|
— |
|
0.03 |
|
— |
|
||||
|
Diluted net income (loss) per share |
|
$ |
0.01 |
|
$ |
(0.49 |
) |
$ |
(0.18 |
) |
$ |
(2.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average common shares outstanding used in computing net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
53,732 |
|
16,141 |
|
30,764 |
|
15,997 |
|
||||
|
Diluted |
|
62,553 |
|
16,141 |
|
30,764 |
|
15,997 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cost of revenue, selling and marketing, research and development, and general and administrative expenses include stock-based compensation charges as follows: |
|
|
|
|
|
|
|
|
|
||||
|
Cost of revenue |
|
$ |
357 |
|
$ |
222 |
|
$ |
1,205 |
|
$ |
863 |
|
|
Selling and marketing |
|
$ |
1,055 |
|
$ |
651 |
|
$ |
3,958 |
|
$ |
2,569 |
|
|
Research and development |
|
$ |
839 |
|
$ |
354 |
|
$ |
2,448 |
|
$ |
1,574 |
|
|
General and administrative |
|
$ |
1,604 |
|
$ |
780 |
|
$ |
5,016 |
|
$ |
3,237 |
|
Accuray
Incorporated
Unaudited Reconciliation of GAAP to Non-GAAP Consolidated Statement of
Operations
(in thousands, except per share data)
|
|
|
Three months ended June 30, |
|
||||||||||
|
|
|
2007 |
|
2006 |
|
||||||||
|
|
|
GAAP |
|
FAS 123R |
|
Non-GAAP |
|
As reported |
|
||||
|
Net revenue: |
|
|
|
|
|
|
|
|
|
||||
|
Products |
|
$ |
34,729 |
|
$ |
— |
|
$ |
34,729 |
|
$ |
15,739 |
|
|
Shared ownership programs |
|
2,842 |
|
— |
|
2,842 |
|
2,285 |
|
||||
|
Services |
|
5,651 |
|
— |
|
5,651 |
|
1,785 |
|
||||
|
Other |
|
772 |
|
— |
|
772 |
|
1,591 |
|
||||
|
Total net revenue |
|
43,994 |
|
— |
|
43,994 |
|
21,400 |
|
||||
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
||||
|
Costs of products |
|
13,100 |
|
(357 |
) |
12,743 |
|
8,208 |
|
||||
|
Costs of shared ownership programs |
|
672 |
|
— |
|
672 |
|
661 |
|
||||
|
Costs of services |
|
4,781 |
|
— |
|
4,781 |
|
1,074 |
|
||||
|
Costs of other |
|
525 |
|
— |
|
525 |
|
1,034 |
|
||||
|
Total cost of revenue |
|
19,078 |
|
(357 |
) |
18,721 |
|
10,977 |
|
||||
|
Gross profit |
|
24,916 |
|
357 |
|
25,273 |
|
10,423 |
|
||||
|
% of total revenue |
|
56.6 |
% |
0.8 |
% |
57.4 |
% |
48.7 |
% |
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Selling and marketing |
|
10,765 |
|
(1,055 |
) |
9,710 |
|
7,915 |
|
||||
|
Research and development |
|
7,510 |
|
(839 |
) |
6,671 |
|
4,737 |
|
||||
|
General and administrative |
|
7,060 |
|
(1,604 |
) |
5,456 |
|
5,684 |
|
||||
|
Total operating expenses |
|
25,335 |
|
(3,498 |
) |
21,837 |
|
18,336 |
|
||||
|
Income (loss) from operations |
|
(419 |
) |
3,855 |
|
3,436 |
|
(7,913 |
) |
||||
|
% of total revenue |
|
-1.0 |
% |
8.8 |
% |
7.8 |
% |
-37.0 |
% |
||||
|
Interest and other income, net |
|
2,180 |
|
— |
|
2,180 |
|
117 |
|
||||
|
Income before provision for income taxes |
|
1,761 |
|
3,855 |
|
5,616 |
|
(7,796 |
) |
||||
|
Provision for income taxes |
|
1,259 |
|
1,101 |
|
2,360 |
|
62 |
|
||||
|
Net income |
|
$ |
502 |
|
$ |
2,754 |
|
$ |
3,256 |
|
$ |
(7,858 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income per common share, basic and diluted: |
|
|
|
|
|
|
|
|
|
||||
|
Basic net income per share |
|
$ |
0.01 |
|
$ |
0.05 |
|
$ |
0.06 |
|
$ |
(0.49 |
) |
|
Diluted net income per share |
|
$ |
0.01 |
|
$ |
0.04 |
|
$ |
0.05 |
|
$ |
(0.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average common shares outstanding used in computing net income per share: |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
53,732 |
|
|
|
53,732 |
|
16,141 |
|
||||
|
Diluted |
|
62,553 |
|
|
|
62,553 |
|
16,141 |
|
||||
Accuray Incorporated
Unaudited
Reconciliation of GAAP to Non-GAAP Consolidated Statement of Operations
(in thousands, except per share data)
|
|
|
Years ended June 30, |
|
||||||||||
|
|
|
2007 |
|
2006 |
|
||||||||
|
|
|
GAAP |
|
FAS 123R |
|
Non-GAAP |
|
As reported |
|
||||
|
Net revenue: |
|
|
|
|
|
|
|
|
|
||||
|
Products |
|
$ |
110,320 |
|
$ |
— |
|
$ |
110,320 |
|
$ |
36,089 |
|
|
Shared ownership programs |
|
10,090 |
|
— |
|
10,090 |
|
8,145 |
|
||||
|
Services |
|
16,860 |
|
— |
|
16,860 |
|
4,848 |
|
||||
|
Other |
|
3,182 |
|
— |
|
3,182 |
|
3,815 |
|
||||
|
Total net revenue |
|
140,452 |
|
— |
|
140,452 |
|
52,897 |
|
||||
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
||||
|
Costs of products |
|
43,363 |
|
(1,205 |
) |
42,158 |
|
18,531 |
|
||||
|
Costs of shared ownership programs |
|
2,637 |
|
— |
|
2,637 |
|
2,513 |
|
||||
|
Costs of services |
|
12,269 |
|
— |
|
12,269 |
|
3,948 |
|
||||
|
Costs of other |
|
2,144 |
|
— |
|
2,144 |
|
2,500 |
|
||||
|
Total cost of revenue |
|
60,413 |
|
(1,205 |
) |
59,208 |
|
27,492 |
|
||||
|
Gross profit |
|
80,039 |
|
1,205 |
|
81,244 |
|
25,405 |
|
||||
|
% of total revenue |
|
57.0 |
% |
0.9 |
% |
57.8 |
% |
48.0 |
% |
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Selling and marketing |
|
37,889 |
|
(3,958 |
) |
33,931 |
|
25,186 |
|
||||
|
Research and development |
|
26,775 |
|
(2,448 |
) |
24,327 |
|
17,788 |
|
||||
|
General and administrative |
|
23,915 |
|
(5,016 |
) |
18,899 |
|
15,923 |
|
||||
|
Total operating expenses |
|
88,579 |
|
(11,422 |
) |
77,157 |
|
58,897 |
|
||||
|
Income (loss) from operations |
|
(8,540 |
) |
12,627 |
|
4,087 |
|
(33,492 |
) |
||||
|
% of total revenue |
|
-6.1 |
% |
9.0 |
% |
2.9 |
% |
-63.3 |
% |
||||
|
Interest and other income, net |
|
3,530 |
|
— |
|
3,530 |
|
56 |
|
||||
|
Income (loss) before provision for income taxes and cumulative effect of change in accounting principle |
|
(5,010 |
) |
12,627 |
|
7,617 |
|
(33,436 |
) |
||||
|
Provision for income taxes |
|
1,444 |
|
3,606 |
|
5,050 |
|
258 |
|
||||
|
Income (loss) before cumulative effect of change in accounting principle |
|
(6,454 |
) |
9,021 |
|
2,567 |
|
(33,694 |
) |
||||
|
Cumulative effect of change in accounting principle, net of tax of $0 |
|
838 |
|
(838 |
) |
— |
|
— |
|
||||
|
Net income (loss) |
|
$ |
(5,616 |
) |
$ |
8,183 |
|
$ |
2,567 |
|
$ |
(33,694 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income (loss) per common share, basic and diluted: |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) before cumulative effect of change in accounting principle |
|
$ |
(0.21 |
) |
$ |
0.29 |
|
$ |
0.08 |
|
$ |
(2.11 |
) |
|
Cumulative effect of change in accounting principle |
|
0.03 |
|
(0.03 |
) |
— |
|
— |
|
||||
|
Basic net income (loss) per share |
|
$ |
(0.18 |
) |
$ |
0.26 |
|
$ |
0.08 |
|
$ |
(2.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diluted |
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) before cumulative effect of change in accounting principle |
|
$ |
(0.21 |
) |
$ |
0.26 |
|
$ |
0.05 |
|
$ |
(2.11 |
) |
|
Cumulative effect of change in accounting principle |
|
0.03 |
|
(0.03 |
) |
— |
|
— |
|
||||
|
Diluted net income (loss) per share |
|
$ |
(0.18 |
) |
$ |
0.23 |
|
$ |
0.05 |
|
$ |
(2.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average common shares outstanding used in computing net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
30,764 |
|
|
|
30,764 |
|
15,997 |
|
||||
|
Diluted |
|
30,764 |
|
|
|
55,611 |
|
15,997 |
|
||||
Accuray Incorporated
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
|
|
|
June 30, |
|
June 30, |
|
||
|
|
|
2007 |
|
2006 |
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
204,830 |
|
$ |
27,856 |
|
|
Restricted cash |
|
— |
|
1 |
|
||
|
Accounts receivable, net of allowance for doubtful accounts of $20 at both June 30, 2007 and 2006 |
|
10,105 |
|
11,698 |
|
||
|
Inventories |
|
16,984 |
|
10,100 |
|
||
|
Prepaid expenses and other current assets |
|
7,937 |
|
3,512 |
|
||
|
Deferred cost of revenue—current |
|
30,709 |
|
4,810 |
|
||
|
Total current assets |
|
270,565 |
|
57,977 |
|
||
|
Property and equipment, net |
|
23,937 |
|
21,945 |
|
||
|
Goodwill |
|
4,495 |
|
4,495 |
|
||
|
Intangible assets, net |
|
1,184 |
|
1,446 |
|
||
|
Deferred cost of revenue and other noncurrent assets |
|
31,928 |
|
52,760 |
|
||
|
Total assets |
|
$ |
332,109 |
|
$ |
138,623 |
|
|
Liabilities, temporary equity and stockholders’ equity (deficiency) |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
14,147 |
|
$ |
4,726 |
|
|
Accrued expenses |
|
17,240 |
|
15,055 |
|
||
|
Customer advances and deferred revenue |
|
90,656 |
|
41,979 |
|
||
|
Total current liabilities |
|
122,043 |
|
61,760 |
|
||
|
Long-term liabilities: |
|
|
|
|
|
||
|
Customer advances and deferred revenue |
|
84,623 |
|
130,214 |
|
||
|
Total liabilities |
|
206,666 |
|
191,974 |
|
||
|
|
|
|
|
|
|
||
|
Temporary equity |
|
|
|
|
|
||
|
Redeemable convertible preferred stock, no par value; Authorized: 30,000,000 shares; issued and outstanding: none and 17,419,331 at June 30, 2007 and 2006, respectively; liquidation amount: none and $40,354 at June 30, 2007 and 2006, respectively. |
|
— |
|
27,504 |
|
||
|
Stockholders’ equity (deficiency) |
|
|
|
|
|
||
|
Preferred stock, $0.001 par value; Authorized: 5,000,000 shares and none at June 30, 2007 and 2006, respectively; no shares issued and outstanding. |
|
— |
|
— |
|
||
|
Common stock, $0.001 par value and no par value at June 30, 2007 and 2006, respectively; Authorized: 100,000,000 and 70,000,000 shares at June 30, 2007 and 2006, respectively; issued and outstanding: 53,798,643 and 16,243,150 shares at June 30, 2007 and 2006, respectively. |
|
53 |
|
13,276 |
|
||
|
Additional paid-in capital |
|
251,637 |
|
43,988 |
|
||
|
Notes receivable from stockholders |
|
— |
|
(206 |
) |
||
|
Deferred stock-based compensation |
|
— |
|
(17,272 |
) |
||
|
Accumulated other comprehensive loss |
|
10 |
|
— |
|
||
|
Accumulated deficit |
|
(126,257 |
) |
(120,641 |
) |
||
|
Total stockholders’ equity (deficiency) |
|
125,443 |
|
(80,855 |
) |
||
|
Total liabilities, temporary equity and stockholders’ equity (deficiency) |
|
$ |
332,109 |
|
$ |
138,623 |
|