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Press Release - Accuray Incorporated (ARAY-NASDAQ) |
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“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 Second
Quarter of Fiscal 2009
For the second quarter of fiscal 2009, In the second quarter of fiscal 2009, For the six months ended "We are encouraged by the year-over-year revenue growth plus
strong installation and shipment numbers for the quarter, reflecting
an expanding demand for our CyberKnife(R) Robotic Radiosurgery
System," said Euan S. Thomson Ph.D., In an effort to contain costs, 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,
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 Accuray Incorporated Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data) Three months ended Six months ended December 27, December 29, December 27, December 29, 2008 2007 2008 2007 Net revenue: Products $41,301 $39,131 $78,756 $76,115 Shared ownership program 876 3,044 1,912 5,356 Services 13,922 8,950 29,829 15,949 Other 1,538 913 2,997 3,264 Total net revenue 57,637 52,038 113,494 100,684 Cost of revenue: Cost of products 17,520 16,481 32,264 32,921 Cost of shared ownership program 207 760 469 1,472 Cost of services 8,972 6,391 20,157 10,849 Cost of other 1,529 544 2,766 1,669 Total cost of revenue 28,228 24,176 55,656 46,911 Gross profit 29,409 27,862 57,838 53,773 Operating expenses: Selling and marketing 10,723 11,167 24,203 21,323 Research and development 8,794 8,128 17,548 15,843 General and administrative 9,259 7,976 19,692 15,877 Total operating expenses 28,776 27,271 61,443 53,043 Income (loss) from operations 633 591 (3,605) 730 Interest and other income, net 748 2,197 1,861 4,809 Income (loss) before provision for income taxes and cumulative effect of change in accounting principle 1,381 2,788 (1,744) 5,539 Provision for income taxes 31 445 85 931 Net income (loss) $1,350 $2,343 $(1,829) $4,608 Net income (loss) per common share, basic and diluted: Basic $0.02 $0.04 $(0.03) $0.08 Diluted $0.02 $0.04 $(0.03) $0.08 Weighted average common shares outstanding used in computing net income (loss) per share: Basic 55,064 54,737 54,845 54,380 Diluted 58,267 61,293 54,845 61,257 Cost of revenue, selling and marketing, research and development, and general and administrative expenses include stock-based compensation charges as follows: Cost of revenue $547 $530 $1,179 $851 Selling and marketing $935 $1,039 $1,980 $2,146 Research and development $751 $803 $1,533 $1,478 General and administrative $1,348 $1,911 $3,860 $4,112 Accuray Incorporated Unaudited Condensed Consolidated Balance Sheets (in thousands, except share amounts) December 27, June 28, 2008 2008 Assets Current assets: Cash and cash equivalents $29,373 $36,936 Restricted cash 581 4,830 Short-term marketable securities 80,242 85,536 Accounts receivable, net of allowance for doubtful accounts of SOURCE CONTACT:
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