Accuray Announces Results for Fourth Quarter and Fiscal Year 2009
For the fourth quarter of fiscal 2009,
Net income for the fourth quarter of fiscal 2009 was
Non-cash, stock based compensation charges were
During the fourth quarter of fiscal 2009,
In the fourth quarter of fiscal 2009, 12 new CyberKnife Systems were installed, making a full year installation total of 36 systems, an improvement over the 31 systems installed during the year prior. At the end of the 2009 fiscal year, the worldwide CyberKnife installation base was 176.
"In a year of macro economic headwinds, we are pleased with our double digit revenue growth," said
Outlook
The following statement is forward-looking and actual results may differ materially. During fiscal year 2010
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, realization of backlog, increasing number of patients, customer installation schedules, and market acceptance 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: variability of installation and sales cycle including customer financing and construction delays; market acceptance of products; competing products; 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 Years ended
------------------- -------------------
June 27, June 28, June 27, June 28,
2009 2008 2009 2008
--------- --------- --------- ---------
Net revenue:
Products $39,495 $35,553 $159,257 $152,374
Shared ownership program 454 2,191 3,651 10,262
Services 18,614 11,842 66,344 38,808
Other 240 1,353 4,346 8,937
--------- --------- --------- ---------
Total net revenue 58,803 50,939 233,598 210,381
Cost of revenue:
Cost of products 19,010 14,851 68,904 67,183
Cost of shared
ownership program 121 290 775 2,517
Cost of services 12,377 7,851 44,591 26,865
Cost of other 205 1,051 4,038 6,864
--------- --------- --------- ---------
Total cost of revenue 31,713 24,043 118,308 103,429
--------- --------- --------- ---------
Gross profit 27,090 26,896 115,290 106,952
Operating expenses:
Selling and marketing 9,870 10,611 45,493 42,726
Research and development 9,185 8,405 35,992 32,880
General and administrative 7,710 8,460 36,223 32,280
--------- --------- --------- ---------
Total operating expenses 26,765 27,476 117,708 107,886
--------- --------- --------- ---------
Income (loss) from operations 325 (580) (2,418) (934)
Interest and other income, net 646 1,030 3,082 7,184
--------- --------- --------- ---------
Income before provision
(benefit) for income taxes 971 450 664 6,250
Provision (benefit) for
income taxes (251) 259 55 867
--------- --------- --------- ---------
Net income $1,222 $191 $609 $5,383
========= ========= ========= =========
Net income per common share,
basic and diluted:
Basic $0.02 $0.00 $0.01 $0.10
Diluted $0.02 $0.00 $0.01 $0.09
Weighted average common shares
outstanding used in computing
net income per share:
Basic 56,238 54,506 55,413 54,531
Diluted 59,324 58,854 58,729 60,434
Cost of revenue, selling and
marketing, research and
development, and general and
administrative expenses include
stock-based compensation
charges as follows:
Cost of revenue $484 $494 $2,285 $1,858
Selling and marketing $923 $970 $3,441 $4,197
Research and development $860 $781 $3,190 $3,059
General and administrative $1,518 $1,836 $6,545 $7,785
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
June 27, June 28,
2009 2008
--------- ---------
Assets
Current assets:
Cash and cash equivalents $36,835 $36,936
Restricted cash 527 4,830
Short-term marketable securities 64,634 85,536
Accounts receivable, net of allowance for
doubtful accounts of $484 at June 27, 2009
and $27 at June 28, 2008 36,427 33,918
Inventories 28,909 23,047
Prepaid expenses and other current assets 6,186 6,431
Deferred cost of revenue-current 18,984 31,667
--------- ---------
Total current assets 192,502 222,365
--------- ---------
Long-term marketable securities 57,252 37,014
Property and equipment, net 15,066 17,140
Goodwill 4,495 4,495
Intangible assets, net 668 926
Deferred cost of revenue-noncurrent 2,933 11,724
Other assets 1,470 1,340
--------- ---------
Total assets $274,386 $295,004
========= =========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $14,941 $12,962
Accrued expenses 16,188 11,873
Customer advances-current 13,185 22,331
Deferred revenue-current 68,105 87,455
--------- ---------
Total current liabilities 112,419 134,621
--------- ---------
Long-term liabilities:
Long-term other liabilities 288 -
Customer advances-noncurrent - 2,900
Deferred revenue-noncurrent 7,777 26,720
--------- ---------
Total liabilities 120,484 164,241
--------- ---------
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: 58,783,159 and
56,719,864 shares at June 27, 2009 and
June 28, 2008 , respectively; outstanding:
56,643,529 and 54,579,846 shares at
June 27, 2009 and June 28, 2008, respectively. 57 55
Additional paid-in capital 273,946 252,901
Accumulated other comprehensive income (loss) 416 (1,067)
Accumulated deficit (120,517) (121,126)
--------- ---------
Total stockholders' equity 153,902 130,763
--------- ---------
Total liabilities and stockholders' equity $274,386 $295,004
========= =========
SOURCE
Tom Rathjen, Vice President, Investor Relations, +1-408-789-4458, trathjen@accuray.com, or Stephanie Tomei, Senior Manager, Public Relations, +1-408-789-4234, stomei@accuray.com, both of Accuray Incorporated