May 7 2010
Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, announced today financial results for the third quarter of fiscal year 2010, ended March 31, 2010.
For the third quarter of fiscal 2010, Accuray reported total revenue of $51.9 million, compared to the third quarter of fiscal 2009 total revenue of $61.3 million.
Accuray reported net income for the third quarter of fiscal 2010 of $2.3 million, or $0.04 per diluted share, compared to a net income of $1.2 million, or $0.02 per diluted share, during the same period last year.
During the third quarter of fiscal 2010, 14 orders for CyberKnife® Robotic Radiosurgery Systems with a value of $64.3 million were added to company backlog, which combined with service renewal orders and other ancillary accessory orders yielded a total addition to backlog of $76.6 million. For the first nine months of fiscal 2010, Accuray added 41 CyberKnife Systems to backlog and shipped 26 units.
In the third quarter of fiscal 2010, six CyberKnife Systems were installed, bringing the worldwide CyberKnife installation base to 196 units.
For the nine months ended March 31, 2010, total revenue was $159.8 million, an 8.6 percent decline over total revenue of $174.8 million during the same period last year. Net loss for the first nine months of fiscal 2010 was ($2.2) million or a loss of ($0.04) per share, compared to a net loss of ($613,000) or ($0.01) per share during the first nine months of fiscal 2009.
"We are pleased to report a third quarter with 14 orders being added to backlog," said Euan Thomson, president and chief executive officer of Accuray Incorporated. "Solid order performance and the achievement of profitability in a quarter where deferred platinum revenue is tailing off, highlights our ongoing core revenue growth."
Accuray's cash and investment balances at the end of the third quarter of fiscal 2010 totaled $145.8 million, which includes cash and cash equivalents of $36.0 million, restricted cash of $21,000, short-term investments of $81.5 million, trading securities of $21.9 million and long-term investments of $6.4 million.
Outlook
The following statement is forward-looking and actual results may differ materially. During fiscal year 2010 Accuray expects that revenue will likely be toward the lower end of the guidance range of $220 million to $230 million. CyberKnife System revenue, which represents approximately two-thirds of total revenue, is driven by customer installation schedules.
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 Thursday, May 6, 2010 at 2:00 p.m. PT / 5:00 p.m. ET. The conference call dial-in numbers are 1-866-362-4832 (USA) or 1-617-597-5364 (International), Conference ID: 71384530. 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 1-888-286-8010 (USA) or 1-617-801-6888 (International), Conference ID number: 89588146, beginning at 5:00 p.m. PT / 8:00 p.m. ET, May 6, 2010 and will be available through May 9, 2010. 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 2010, ending June 30, 2010.
SOURCE Accuray Incorporated