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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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Accuray Announces Results for the Fourth Quarter and Fiscal Year End 2008
28 New Contracts Valued at $115.5 Million Signed in Fourth Quarter
SUNNYVALE, Calif., Aug. 19 /PRNewswire-FirstCall/ -- Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, announced today financial results for the fourth quarter and fiscal year ended June 28, 2008.
For the fourth quarter of fiscal 2008, Accuray reported total revenue of $50.9 million, a 16 percent increase over fourth quarter of fiscal 2007 total revenue of $44.0 million. For the fiscal year ended June 28, 2008, total revenue was $210.4 million, a 50 percent increase over the $140.5 million in total revenue for the fiscal year ended June 30, 2007.
Net income for the fourth quarter of fiscal 2008 was $191,000, or breakeven on a per diluted share basis, compared to net income of $502,000, or $0.01 per diluted share, in the fourth quarter of fiscal 2007. Net income for fiscal year 2008 was $5.4 million, or $0.09 per diluted share, compared to a net loss of $5.6 million, or $0.18 per diluted share, for the fiscal year 2007.
Non-cash, stock based compensation charges for the fourth quarter of fiscal 2008 were $4.1 million, or $0.07 per diluted share. For the full fiscal year 2008, non-cash stock-based compensation charges were $16.9 million, or $0.28 per diluted share.
During the fourth quarter of fiscal 2008, the company signed 28 new contracts with a value of $115.5 million which were entered into backlog. Of the 28 contracts, 17 came from international customers.
At June 28, 2008, backlog was approximately $647 million, with approximately $359 million associated with CyberKnife(R) Robotic Radiosurgery System contracts and approximately $288 million associated with services and other recurring revenue. 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. Of the $647 million in backlog at fiscal year end, 71 percent consisted of non-contingent contracts, representing backlog for which contractual contingencies have been satisfied.
Accuray's cash and investment balances at the end of the quarter totaled $159.5 million, consisting of cash and cash equivalents of $36.9 million, short-term investments of $85.5 million and long-term investments of $37.0 million. At the end of the fourth quarter the company continued to have zero debt.
"We ended the fiscal year with strong momentum in new contracts and the quality of our sales pipeline, confirming the growing demand for our CyberKnife Robotic Radiosurgery System," said Euan S. Thomson, Ph.D., president and CEO of Accuray. "Cancer patients, physicians and hospitals worldwide are benefiting from the non-invasive, painless, outpatient treatment offered by our System."
The following statement is forward-looking and actual results may differ materially. Accuray expects revenue for fiscal 2009 to be in the range of $230 million to $250 million.
Additional information regarding backlog segmentation which will be discussed during the conference call, is available in the Investor Relations section of the corporate Web site at http://www.accuray.com.
Earnings Call Open to Investors
Accuray will hold a conference call for financial analysts and investors today, August 19, 2008 at 2:00 p.m. PT / 5:00 p.m. ET. The conference call dial-in numbers are (866) 575-6539 (USA) or (913) 981-5530 (International), Access Code: 9058024. A live webcast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.accuray.com. In addition, a recording of the call will be available by calling (888) 203-1112 (USA) or (719) 457-0820 (International), Access Code: 9058024, beginning at 5:00 p.m. PT / 8:00 p.m. ET, August 19, 2008 and will be available through August 29, 2008. A webcast replay will also be available from the Investor Relations section of the corporate Web site at http://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 first quarter of fiscal 2009, ending September 27, 2008.
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.
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 50,000 patients worldwide and currently 140 systems have been installed in leading hospitals in the Americas, Europe and Asia. For more information, please visit http://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, 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 2007 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 including our Form 10-K for fiscal 2008 when filed. 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 Years ended June 28, June 30, June 28, June 30, 2008 2007 2008 2007 Net revenue: Products $35,553 $34,729 $152,374 $110,320 Shared ownership programs 2,191 2,842 10,262 10,090 Services 11,842 5,651 38,808 16,860 Other 1,353 772 8,937 3,182 Total net revenue 50,939 43,994 210,381 140,452 Cost of revenue: Costs of products 14,851 13,100 67,183 43,363 Costs of shared ownership programs 290 672 2,517 2,637 Costs of services 7,851 4,781 26,865 12,269 Costs of other 1,051 525 6,864 2,144 Total cost of revenue 24,043 19,078 103,429 60,413 Gross profit 26,896 24,916 106,952 80,039 Operating expenses: Selling and marketing 10,611 10,765 42,726 37,889 Research and development 8,405 7,510 32,880 26,775 General and administrative 8,460 7,060 32,280 23,915 Total operating expenses 27,476 25,335 107,886 88,579 Loss from operations (580) (419) (934) (8,540) Interest and other income, net 1,030 2,180 7,184 3,530 Income (loss) before provision for income taxes and cumulative effect of change in accounting principle 450 1,761 6,250 (5,010) Provision for income taxes 259 1,259 867 1,444 Income (loss) before cumulative effect of change in accounting principle 191 502 5,383 (6,454) Cumulative effect of change in accounting principle, net - - - 838 of tax of $0 Net income (loss) $191 $502 $5,383 $(5,616) Net income (loss) per common share, basic and diluted: Basic Income (loss) before cumulative effect of change in accounting principle $0.00 $0.01 $0.10 $(0.21) Cumulative effect of change in accounting principle - - - 0.03 Basic net income (loss) per share $0.00 $0.01 $0.10 $(0.18) Diluted Income (loss) before cumulative effect of change in accounting principle $0.00 $0.01 $0.09 $(0.21) Cumulative effect of change in accounting principle - - - 0.03 Diluted net income (loss) per share $0.00 $0.01 $0.09 $(0.18) Weighted average common shares outstanding used in computing net income (loss) per share: Basic 54,506 53,732 54,531 30,764 Diluted 58,854 62,553 60,434 30,764 Stock-Based Compensation Charges: Cost of revenue, selling and marketing, research and development, and general and administrative expenses include stock-based compensation charges as follows: Cost of revenue $494 $357 $1,858 $1,205 Selling and marketing $970 $1,055 $4,197 $3,958 Research and development $781 $839 $3,059 $2,448 General and administrative $1,836 $1,604 $7,785 $5,016 Accuray Incorporated Unaudited Condensed Consolidated Balance Sheets (in thousands, except share amounts) June 28, June 30, 2008 2007 Assets Current assets: Cash and cash equivalents $36,936 $204,830 Restricted cash 4,830 - Short-term investments 85,536 - Accounts receivable, net of allowance for doubtful accounts of $27 and $20 at June 30, 2008 and 2007, respectively 33,918 10,105 Inventories 23,047 16,984 Prepaid expenses and other current assets 6,431 7,937 Deferred cost of revenue - current 31,667 30,709 Total current assets 222,365 270,565 Long-term investments 37,014 - Property and equipment, net 17,140 23,937 Goodwill 4,495 4,495 Intangible assets, net 926 1,184 Deferred cost of revenue - noncurrent 11,724 30,522 Other assets 1,340 1,406 Total assets $295,004 $332,109 Liabilities and stockholders' equity Current liabilities: Accounts payable $12,962 $14,147 Accrued expenses 11,873 17,240 Customer advances - current 22,331 12,634 Deferred revenue - current 87,455 78,022 Total current liabilities 134,621 122,043 Long-term liabilities: Customer advances - noncurrent 2,900 8,388 Deferred revenue - noncurrent 26,720 76,235 Total liabilities 164,241 206,666 Stockholders' equity Preferred stock, $0.001 par value; Authorized: 5,000,000 shares at both June 30, 2008 and 2007; no shares issued or outstanding. - - Common stock, $0.001 par value at both June 30, 2008 and 2007, authorized: 100,000,000 shares at both June 30, 2008 and 2007; issued: 56,719,864 and 53,798,643 shares at June 30, 2008 and 2007, respectively; outstanding: 54,579,846 and 53,798,643 shares at June 30, 2008 and 2007, respectively. 55 53 Additional paid-in capital 252,901 251,637 Accumulated other comprehensive income (loss) (1,067) 10 Accumulated deficit (121,126) (126,257) Total stockholders' equity 130,763 125,443 Total liabilities and stockholders' equity $295,004 $332,109
SOURCE Accuray Incorporated
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