Aug 25 2009
Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, announced today financial results for the fourth quarter and fiscal year 2009, ended June 27, 2009.
For the fourth quarter of fiscal 2009, Accuray reported total revenue of $58.8 million, a 15 percent increase over the fourth quarter of fiscal 2008 total revenue of $50.9 million. For the fiscal year ended June 27, 2009, total revenue was $233.6 million, an 11 percent increase over the $210.4 million in total revenue recorded for fiscal year 2008.
Net income for the fourth quarter of fiscal 2009 was $1.2 million, or $0.02 per diluted share, compared to net income of $191,000, or breakeven, during the same period last year. Net income for fiscal year 2009 was $609,000 or $0.01 per diluted share, compared to net income of $5.4 million or $0.09 per diluted share for fiscal year 2008. During fiscal 2009, net income was impacted by $5.8 million or $0.10 per diluted share of non-recurring charges, associated with employee severance, inventory write downs and expenses related to January's work force reduction.
Non-cash, stock based compensation charges were $3.8 million for the fourth quarter of fiscal 2009 and $15.5 million for the full year.
During the fourth quarter of fiscal 2009, $75.0 million was added to backlog representing 15 CyberKnife((R)) Robotic Radiosurgery System agreements. In addition, new service agreements with a value of $13.6 million were signed.
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 for the fourth quarter of fiscal 2009 was $556 million, with approximately $285 million associated with CyberKnife System contracts and approximately $271 million associated with services and other recurring revenue. Of the contracts signed by June 27, 2009, non-contingent contracts, for which all contractual obligations have been satisfied, accounted for approximately $407 million or 73 percent of total backlog reported for the fourth quarter of fiscal 2009. Contingent contracts made up $149 million of the Company's backlog. As noted, beginning with the first quarter of fiscal 2010, Accuray will report only non-contingent orders as backlog.
In the fourth quarter of fiscal 2009, 12 new CyberKnife Systems were installed, making a full year installation total of 36 systems, an improvement over the 31 systems installed during the year prior. At the end of the 2009 fiscal year, the worldwide CyberKnife installation base was 176.
"In a year of macro economic headwinds, we are pleased with our double digit revenue growth," said Euan S. Thomson, Ph.D., Accuray's president and chief executive officer. "As the momentum in CyberKnife System installations continues, an increasing number of cancer patients around the world are benefiting from full body radiosurgery treatment."
Accuray's cash and investment balances at the end of the fourth quarter of 2009 totaled $159.2 million, which includes cash and cash equivalents of $36.8 million, restricted cash of $0.5 million, short-term investments of $64.6 million and long-term investments of $57.3 million. At the end of the fourth quarter of 2009 the Company continued to have no debt.