Accuray Announces Results for First Quarter of Fiscal 2009
Inventory Investigation Concluded
For the first quarter of fiscal 2009,
Net loss for the first quarter of fiscal 2009 was
Non-cash, stock based compensation charges for the first quarter of fiscal
2009 were
During the first quarter of fiscal 2009, the company added 12 new
contracts to backlog, representing a total value of
At
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 http://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, 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: 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
September 27, September 29,
2008 2007
Net revenue:
Products $37,455 $36,984
Shared ownership programs 1,036 2,312
Services 15,907 6,999
Other 1,459 2,351
Total net revenue 55,857 48,646
Cost of revenue:
Costs of products 14,744 16,440
Costs of shared ownership programs 262 712
Costs of services 11,185 4,458
Costs of other 1,237 1,125
Total cost of revenue 27,428 22,735
Gross profit 28,429 25,911
Operating expenses:
Selling and marketing 13,480 10,156
Research and development 8,754 7,715
General and administrative 10,433 7,901
Total operating expenses 32,667 25,772
Income (loss) from operations (4,238) 139
Interest and other income, net 1,113 2,612
Income (loss) before provision for
income taxes and non-controlling
interest (3,125) 2,751
Provision for income taxes 54 486
Net income (loss) attributable to
common shareholders (3,179) 2,265
Net income (loss) per common share,
basic and diluted:
Basic $(0.06) $0.04
Diluted $(0.06) $0.04
Weighted average common shares
outstanding used in computing net
income (loss) per share:
Basic 54,625 54,025
Diluted 54,625 61,154
Cost of revenue, selling and
marketing, research and development,
and general and administrative
expenses include stock-based
compensation charges as follows:
Cost of revenue $632 $321
Selling and marketing $1,045 $1,107
Research and development $782 $675
General and administrative $2,512 $2,201
Accuray Incorporated
Unaudited Condensed Consolidated Balance Sheets
September 27, June 28,
2008 2008
Assets
Current assets:
Cash and cash equivalents $27,196 $36,936
Restricted cash 5,411 4,830
Short-term marketable securities 91,471 85,536
Accounts receivable, net of allowance
for doubtful accounts of $27 at both
September 27, 2008 and June 30, 2008 24,969 33,918
Inventories 26,610 23,047
Prepaid expenses and other current
assets 7,702 6,431
Deferred cost of revenue-current 23,527 31,667
Total current assets 206,886 222,365
Long-term marketable securities 37,988 37,014
Deferred cost of revenue-noncurrent 12,842 11,724
Property and equipment, net 16,846 17,140
Goodwill 4,495 4,495
Intangible assets, net 861 926
Other assets 1,381 1,340
Total assets $281,299 $295,004
Liabilities, temporary equity and
stockholders' equity
Current liabilities:
Accounts payable $12,974 $12,962
Accrued expenses 14,183 11,873
Customer advances-current 17,131 22,331
Deferred revenue-current 76,057 87,455
Total current liabilities 120,345 134,621
Long-term liabilities:
Customer advances-noncurrent 2,500 2,900
Deferred revenue-noncurrent 26,749 26,720
Total liabilities 149,594 164,241
Commitments and contingencies
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: 56,990,566 and 56,719,864
at September 30, 2008 and June 30,
2008 , respectively; outstanding:
54,850,548 and 54,579,846 shares at
September 30, 2008 and June 30, 2008 ,
respectively. 55 55
Additional paid-in capital 258,776 252,901
Accumulated other comprehensive (loss) (2,821) (1,067)
Accumulated deficit (124,305) (121,126)
Total stockholders' equity 131,705 130,763
Total liabilities and stockholders'
equity $281,299 $295,004
SOURCE
CONTACT:
Public Relations
Manager, +1-408-789-4234, stomei@accuray.com, both of
Web site: http://www.accuray.com