Accuray Announces Results for First Quarter Fiscal 2010
For the first quarter of fiscal 2010,
As previously announced, at the beginning of fiscal year 2010, the Company has refined its definition of backlog, which will include non-contingent orders that fulfill refined criteria. Applying these refined criteria to the backlog as of
In the first quarter of fiscal 2010, four new CyberKnife Systems were installed, compared to five installations during the same period last year. At the end of the first quarter, the worldwide CyberKnife installation base was 180 units.
"We are pleased that revenue in the first quarter exceeded our earlier guidance," 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® 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
This press release contains forward-looking statements, including those concerning
Accuray Incorporated
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended
------------------
September 30, September 27,
2009 2008
------------- -------------
Net revenue:
Products $30,346 $37,455
Shared ownership program 481 1,036
Services 19,654 15,907
Other 94 1,459
-- -----
Total net revenue 50,575 55,857
Cost of revenue:
Cost of products 14,651 14,744
Cost of shared ownership program 321 262
Cost of services 13,920 11,185
Cost of other 64 1,237
-- -----
Total cost of revenue 28,956 27,428
------ ------
Gross profit 21,619 28,429
Operating expenses:
Selling and marketing 8,649 13,480
Research and development 7,662 8,754
General and administrative 8,930 10,433
----- ------
Total operating expenses 25,241 32,667
------ ------
Loss from operations (3,622) (4,238)
Interest and other income, net 485 1,113
--- -----
Loss before provision for income taxes (3,137) (3,125)
Provision for income taxes 139 54
--- --
Net loss $(3,276) $(3,179)
======= =======
Net income per common share, basic
and diluted:
Basic $(0.06) $(0.06)
Diluted $(0.06) $(0.06)
Weighted average common shares
outstanding used in computing net
income per share:
Basic 56,713 54,625
Diluted 56,713 54,625
Cost of revenue, selling and
marketing, research and
development, and general and
administrative expenses include
stock-based compensation charges
as follows:
Cost of revenue $231 $632
Selling and marketing $808 $1,045
Research and development $648 $782
General and administrative $1,418 $2,512
Accuray Incorporated
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
September 30, June 27,
2009 2009
---- ----
Assets
Current assets:
Cash and cash equivalents $33,340 $36,835
Restricted cash 1,498 527
Short-term marketable securities 68,983 64,634
Accounts receivable, net of allowance for
doubtful accounts of $24 at September
30, 2009 and $484 at June 27, 2009 30,305 36,427
Inventories 25,679 28,909
Prepaid expenses and other current assets 7,896 6,186
Deferred cost of revenue-current 18,166 18,984
------ ------
Total current assets 185,867 192,502
------- -------
Long-term marketable securities 48,757 57,252
Property and equipment, net 14,061 15,066
Goodwill 4,495 4,495
Intangible assets, net 582 668
Deferred cost of revenue-noncurrent 2,369 2,933
Other assets 1,498 1,470
----- -----
Total assets $257,629 $274,386
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $8,467 $14,941
Accrued expenses 14,685 16,188
Customer advances-current 15,096 13,185
Deferred revenue-current 58,169 68,105
------ ------
Total current liabilities 96,417 112,419
------ -------
Long-term liabilities:
Long-term other liabilities 288 288
Customer advances-noncurrent - -
Deferred revenue-noncurrent 6,117 7,777
----- -----
Total liabilities 102,822 120,484
------- -------
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:
59,542,259 and 58,783,159 shares at September
30, 2009 and June 27,2009 , respectively;
outstanding: 57,405,241 and 56,643,529
shares at September 30, 2009 and June
27, 2009, respectively 57 57
Additional paid-in capital 278,136 273,946
Accumulated other comprehensive income 407 416
Accumulated deficit (123,793) (120,517)
-------- --------
Total stockholders' equity 154,807 153,902
------- -------
Total liabilities and stockholders'
equity $257,629 $274,386
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SOURCE
Tom Rathjen, Vice President, Investor Relations, +1-408-789-4458, trathjen@accuray.com, or Stephanie Tomei, Senior Manager, Marketing Communications, +1-408-789-4234, stomei@accuray.com, both of Accuray Incorporated