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Press Release - Accuray Incorporated (ARAY-NASDAQ)
	“If you are a patient, you should remember that Accuray’s CyberKnife is an alternative to surgery. It’s a non-invasive, painless out-patient procedure. The Cyberknife can treat inoperable tumors, and even if operable, you don’t want to cut open the patient, crack open their rib cage, and deflate their lungs in order to treat a lung tumor or invasively treat a tumor that is wrapped around the spine. It may be inoperable in that case. Our technology offers the means to deliver high doses of radiation...” - Robert E. McNamara (ARAY) (Interview published May 30, 2008)
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CEOCFO-Members Login Become A Member!	Accuray Announces Results for Third Quarter of Fiscal 2009 Record Total Revenue for Quarter SUNNYVALE, Calif., May 5 /PRNewswire-FirstCall/ -- Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, announced today financial results for the third quarter of fiscal 2009, ended March 28, 2009. For the third quarter of fiscal 2009, Accuray reported total revenue of $61.3 million, a four percent increase over the third quarter of fiscal 2008 total revenue of $58.8 million and a six percent sequential increase over the second quarter of fiscal 2009. Net income for the third quarter of fiscal 2009 was $1.2 million, or $0.02 per diluted share, compared to net income of $584,000, or $0.01 per diluted share, during the same period last year. During the quarter, net income was impacted by a non-recurring charge of $1.6 million or $0.03 per share associated with severance costs for January's work force reduction. Non-cash, stock based compensation charges for the third quarter of fiscal 2009 were $3.1 million. For the nine months ended March 28, 2009, total revenue was $174.8 million, a ten percent increase over total revenue of $159.4 million for the same period last year. Net loss for the first nine months of fiscal 2009 was ($613,000), or ($0.01) per diluted share, compared to net income of $5.2 million, or $0.09 per diluted share for the first nine months of fiscal 2008. During the first three quarters of fiscal 2009, net income was impacted by several non-recurring costs, including those associated with employee separation expenses, inventory write downs and a fair market charge in connection with a settlement agreement entered into with the distributor of the auction rate securities that guarantees repayment of the securities at par value beginning in June 2010. At March 28, 2009, non-contingent contracts, for which all contractual obligations have been satisfied, accounted for approximately $425 million or 72 percent of total backlog. Accuray's backlog is composed of signed contracts that the company believes have a substantially high probability of being recognized as revenue in future periods. Total backlog at the end of the third fiscal quarter of 2009 was $591 million, with approximately $301 million associated with CyberKnife(R) Robotic Radiosurgery System contracts and approximately $290 million associated with services and other recurring revenue. Contingent contracts made up $166 million of backlog. As noted, beginning with the first quarter of fiscal 2010, Accuray will report only non-contingent orders as backlog. "With record revenue and solid CyberKnife sales, we are pleased with third quarter performance and the strength of our business," said Euan S. Thomson Ph.D., Accuray's president and chief executive officer. "The unique capabilities of the CyberKnife Robotic Radiosurgery System to track and precisely target the movement of tumors throughout treatment are providing physicians and their patients with an effective, non-invasive weapon against cancer." Accuray's cash and investment balances at the end of the third quarter of 2009 totaled $157.2 million, which includes cash and cash equivalents of $33.9 million, restricted cash of $1.1 million, short-term investments of $64.3 million and long-term investments of $57.9 million. At the end of the third quarter of 2009 the Company continued to have no debt. Outlook The following statement is forward-looking and actual results may differ materially. Accuray expects total revenues for fiscal 2009 to be in the range of $225 million to $240 million. 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 Accuray will hold a conference call for financial analysts and investors on Tuesday, May 5, 2009 at 2:00 p.m. PT / 5:00 p.m. ET. The conference call dial-in numbers are 1-866-379-2019 (USA) or 1-706-634-1525 (International), Conference ID: 90985949. A live webcast of the call will also be available from the Investor Relations section on the company's Web site at www.accuray.com. In addition, a recording of the call will be available by calling 1-800-642-1687 (USA) or 1-706-645-9291 (International), Conference ID number: 90985949, beginning at 5:00 p.m. PT / 8:00 p.m. ET, May 5, 2009 and will be available through May 8, 2009. A webcast replay will also be available from the Investor Relations section of the company's Web site at www.accuray.com from approximately 5:00 p.m. PT / 8:00 p.m. ET today through Accuray's release of its results for the fourth quarter of fiscal 2009, ending June 27, 2009. 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 Accuray Accuray Incorporated (Nasdaq: ARAY), based in Sunnyvale, Calif., is a global leader in the field of radiosurgery 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. To date, the CyberKnife System has been used to treat more than 60,000 patients worldwide and currently 164 systems have been installed in leading hospitals in the Americas, Europe and Asia. For more information, please visit www.accuray.com. 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, anticipated cost savings and benefits from job eliminations, 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: failure to achieve anticipated savings from cost-cutting efforts; 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 Securities and Exchange Commission. The Company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors. 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. Accuray Incorporated Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data) Three months ended Nine months ended ------------------ ----------------- March 28, March 29, March 28, March 29, 2009 2008 2009 2008 --------- --------- --------- --------- Net revenue: Products $41,006 $40,706 $119,762 $116,821 Shared ownership program 1,285 2,715 3,197 8,071 Services 17,901 11,017 47,730 26,966 Other 1,109 4,320 4,106 7,584 ----- ----- ----- ----- Total net revenue 61,301 58,758 174,795 159,442 Cost of revenue: Cost of products 17,630 19,411 49,894 52,332 Cost of shared ownership program 185 755 654 2,227 Cost of services 12,057 8,165 32,214 19,014 Cost of other 1,067 4,144 3,833 5,813 ----- ----- ----- ----- Total cost of revenue 30,939 32,475 86,595 79,386 ------ ------ ------ ------ Gross profit 30,362 26,283 88,200 80,056 Operating expenses: Selling and marketing 11,420 10,792 35,623 32,115 Research and development 9,259 8,632 26,807 24,475 General and administrative 8,821 7,943 28,513 23,820 ----- ----- ------ ------ Total operating expenses 29,500 27,367 90,943 80,410 ------ ------ ------ ------ Income (loss) from operations 862 (1,084) (2,743) (354) Interest and other income, net 575 1,345 2,436 6,154 --- ----- ----- ----- Income (loss) before provision for income taxes 1,437 261 (307) 5,800 Provision (benefit) for income taxes 221 (323) 306 608 --- ---- --- --- Net income (loss) $1,216 $584 $(613) $5,192 ====== ==== ===== ====== Net income (loss) per common share, basic and diluted: Basic $0.02 $0.01 $(0.01) $0.10 Diluted $0.02 $0.01 $(0.01) $0.09 Weighted average common shares outstanding used in computing net income (loss) per share: Basic 55,724 54,856 55,138 54,539 Diluted 58,772 60,125 55,138 60,862 Cost of revenue, selling and marketing, research and development, and general and administrative expenses include stock-based compensation charges as follows: Cost of revenue $622 $514 $1,801 $1,364 Selling and marketing $538 $1,081 $2,518 $3,227 Research and development $797 $800 $2,330 $2,278 General and administrative $1,167 $1,837 $5,027 $5,949 Accuray Incorporated Unaudited Condensed Consolidated Balance Sheets (in thousands, except share amounts) March 28, June 28, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $33,907 $36,936 Restricted cash 1,093 4,830 Short-term marketable securities 64,333 85,536 Accounts receivable, net of allowance for doubtful accounts of $477 at March 28, 2009 and $27 at June 28, 2008 33,097 33,918 Inventories 28,562 23,047 Prepaid expenses and other current assets 4,978 6,431 Deferred cost of revenue - current 21,621 31,667 ------ ------ Total current assets 187,591 222,365 ------- ------- Long-term marketable securities 57,887 37,014 Property and equipment, net 14,830 17,140 Goodwill 4,495 4,495 Intangible assets, net 732 926 Deferred cost of revenue - noncurrent 5,300 11,724 Other assets 1,340 1,340 ----- ----- Total assets $272,175 $295,004 ======== ======== Liabilities and stockholders' equity Current liabilities: Accounts payable $11,372 $12,962 Accrued expenses 15,892 11,873 Customer advances - current 13,207 22,331 Deferred revenue - current 74,104 87,455 ------ ------ Total current liabilities 114,575 134,621 ------- ------- Long-term liabilities: Customer advances - noncurrent --- 2,900 Deferred revenue - noncurrent 10,358 26,720 ------ ------ Total liabilities 124,933 164,241 ------- ------- 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: 58,052,062 and 56,719,864 shares at March 28, 2009 and June 28, 2008, respectively; outstanding: 55,912,044 and 54,579,846 shares at March 28, 2009 and June 28, 2008, respectively. 56 55 Additional paid-in capital 268,811 252,901 Accumulated other comprehensive income (loss) 114 (1,067) Accumulated deficit (121,739) (121,126) -------- -------- Total stockholders' equity 147,242 130,763 ------- ------- Total liabilities and stockholders' equity $272,175 $295,004 ======== ======== Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Euan Thomson, Ph.D. https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=81869 SOURCE Accuray Incorporated 05/05/2009 CONTACT: 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 Web Site: http://www.accuray.com

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