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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 First Quarter
of Fiscal 2009
Inventory Investigation Concluded For the first quarter of fiscal 2009, Net loss for the first quarter of fiscal 2009 was Non-cash, stock based compensation charges for the first quarter
of fiscal 2009 were During the first quarter of fiscal 2009, the company added 12 new
contracts to backlog, representing a total value of 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,
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 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 September 27, September 29, 2008 2007 Net revenue: Products $37,455 $36,984 Shared ownership programs 1,036 2,312 Services 15,907 6,999 Other 1,459 2,351 Total net revenue 55,857 48,646 Cost of revenue: Costs of products 14,744 16,440 Costs of shared ownership programs 262 712 Costs of services 11,185 4,458 Costs of other 1,237 1,125 Total cost of revenue 27,428 22,735 Gross profit 28,429 25,911 Operating expenses: Selling and marketing 13,480 10,156 Research and development 8,754 7,715 General and administrative 10,433 7,901 Total operating expenses 32,667 25,772 Income (loss) from operations (4,238) 139 Interest and other income, net 1,113 2,612 Income (loss) before provision for income taxes and non-controlling interest (3,125) 2,751 Provision for income taxes 54 486 Net income (loss) attributable to common shareholders (3,179) 2,265 Net income (loss) per common share, basic and diluted: Basic $(0.06) $0.04 Diluted $(0.06) $0.04 Weighted average common shares outstanding used in computing net income (loss) per share: Basic 54,625 54,025 Diluted 54,625 61,154 Cost of revenue, selling and marketing, research and development, and general and administrative expenses include stock-based compensation charges as follows: Cost of revenue $632 $321 Selling and marketing $1,045 $1,107 Research and development $782 $675 General and administrative $2,512 $2,201 Accuray Incorporated Unaudited Condensed Consolidated Balance Sheets September 27, June 28, 2008 2008 Assets Current assets: Cash and cash equivalents $27,196 $36,936 Restricted cash 5,411 4,830 Short-term marketable securities 91,471 85,536 Accounts receivable, net of allowance for doubtful accounts of SOURCE
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