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Accuray Announces Results for First Quarter of Fiscal 2011
Date:11/8/2010

SUNNYVALE, Calif., Nov. 8, 2010 /PRNewswire-FirstCall/ -- Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, announced today financial results for the first quarter of fiscal year 2011, ended September 30, 2010.

For the first quarter of fiscal 2011, Accuray reported total revenue of $38.1 million, a decrease over the first quarter of fiscal 2010 total revenue of $50.6 million.

Net loss for the first quarter of fiscal 2011 was $4.6 million, or $0.08 per share, compared to net loss of $3.3 million, or $0.06 per share, during the same period last year.

During the first quarter of fiscal 2011, seven orders for CyberKnife® Robotic Radiosurgery Systems were added to company backlog, with a total value of $33.8 million.  In addition, new service and other ancillary orders with a value of $16.8 million were signed.  During the first quarter, one order was canceled by a customer and removed from backlog.

Total backlog for the end of the first quarter of fiscal 2011 was $381 million, with approximately $136 million associated with CyberKnife System contracts and approximately $245 million associated with services and other recurring revenue.  

In the first quarter of fiscal 2011, nine new CyberKnife Systems were installed, increasing the worldwide CyberKnife installation base to 216.

”Our first quarter results were consistent with the guidance provided and reflective of the seasonality of our business in orders, shipments and revenue,” said Euan Thomson, president and chief executive officer of Accuray Incorporated.  “We are confident that the continued strong book-to-bill ratio of the past four quarters is a positive indicator of future revenue growth and should be reflected in significantly stronger revenue during the second half of the current year.”

Accuray's cash and investment balances at the end of the first quarter of fiscal 2011 totaled $140.9 million, which includes cash and cash equivalents of $42.5 million, restricted cash of $22,000 and short-term investments of $98.3 million.

Outlook The following statement is forward-looking and actual results may differ materially.  During fiscal year 2011 Accuray maintains the expectation that revenue will be in the range of $210 million to $225 million.

Additional InformationAdditional 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 Monday, November 8, 2010 at 2:00 p.m. PT / 5:00 p.m. ET.  The conference call dial-in numbers are 1-800-901-5259 (USA) or 1-617-786-4514 (International), Conference ID:  52510687.  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: 26757984, beginning at 5:00 p.m. PT / 8:00 p.m. ET, November 8, 2010 and will be available through November 11, 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 second quarter of fiscal 2011, ending December 31, 2010.  

About the CyberKnife® Robotic Radiosurgery SystemThe 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 AccurayAccuray 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 100,000 patients worldwide and currently more than 215 systems have been installed in leading hospitals in the Americas, Europe and Asia. For more information, please visit www.accuray.com.

Safe Harbor StatementThis press release contains forward-looking statements, including those concerning Accuray's expectations about revenue for fiscal year 2011, the portion of revenue attributable to CyberKnife System revenue, gross margin, profitability, customer installation schedules, realization of backlog and service activity. Forward looking statements involve risks and uncertainties that may lead to actual results varying materially from the forward looking statements. Accordingly, investors are cautioned not to place undue reliance on such statements. Many factors could cause actual performance or results to differ materially from these forward looking statements, including, but not limited to the uncertainties associated with the medical device industry; variability of installation and sales cycle including customer financing and construction delays; changes in the regulatory environment, including reimbursement for CyberKnife procedures; market acceptance of products; and the impact of competition. These and other risks are discussed under the heading "Risk Factors" in our report on Form 10-K for the 2010 fiscal year which has been filed with the Securities and Exchange Commission, as updated in our Form 10-Q filed on even date herewith. The Company assumes 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. Accuray IncorporatedUnaudited Condensed Consolidated Statements of Operations(in thousands, except per share data)Three months endedSeptember 30,
2010September 30,
2009Net revenue:  Products

$
9,275$
30,346Shared ownership program

641481Services

17,73419,654Other

41894Total net revenue

38,06850,575Cost of revenue:  Cost of products

7,32514,651Cost of shared ownership program

172321Cost of services

11,80013,920Cost of other

53464Total cost of revenue

19,83128,956Gross profit

18,23721,619Operating expenses:  Selling and marketing

7,7608,649Research and development

8,0477,662General and administrative

8,5598,930Total operating expenses

24,36625,241Loss from operations

(6,129)(3,622)Interest and other income, net

1,616485Loss before provision for income taxes

(4,513)(3,137)Provision for income taxes

127139Net loss

$
(4,640)$
(3,276)Net loss per common share, basic and diluted:Basic

$
(0.08)$
(0.06)Diluted  

$
(0.08)$
(0.06)Weighted average common shares outstanding used in computing net loss per share:  Basic

58,66756,713Diluted

58,66756,713Cost of revenue, selling and marketing, research and development, and general and administrative expenses include stock-based compensation charges as follows:  Cost of revenue

$
463$
231Selling and marketing

$
244$
808Research and development

$
74$
48General and administrative

$
,115$
,418Accuray IncorporatedUnaudited Condensed Consolidated Balance Sheets(in thousands, except share amounts) September 30, June 30, 20102010Assets
 Current assets:  Cash and cash equivalents

$
42,542$  45,434Restricted cash

2222Short-term marketable securities

98,33099,881Accounts receivable, net of allowance for doubtful accounts of $266 at September 30, 2010 and $115 at June 30, 2010

36,77937,955Inventories

30,01428,186Prepaid expenses and other current assets

10,63719,356Deferred cost of revenue—current

8,4947,889Total current assets

226,818238,723Property and equipment, net

17,06514,684Goodwill

4,4954,495Intangible assets, net

323388Deferred cost of revenue—noncurrent

3,0663,213Other assets

1,8151,681Total assets

$
253,582$263,184Liabilities and stockholders' equity
 Current liabilities:  Accounts payable

$
,677$  10,317Accrued expenses

14,13021,455Customer advances—current

15,73012,884Deferred revenue—current

37,55242,019Total current liabilities

78,08986,675Long-term liabilities:  Long-term other liabilities

1,0191,059Deferred revenue—noncurrent

5,7745,374Total liabilities

84,88293,108Stockholders' equity Preferred stock, $0.001 par value; authorized: 5,000,000 shares; no shares issued and outstanding.

--Common stock, $0.001 par value; authorized: 100,000,000 shares; issued: 60,999,300 and 60,666,974 shares at September 30, 2010 and June 30,2010, respectively; outstanding: 58,859,282 and 58,526,956 shares at September 30, 2010 and June 30, 2010, respectively

6059Additional paid-in capital

290,937287,764Accumulated other comprehensive income

46(71)Accumulated deficit

(122,343)(117,676)Total stockholders' equity

168,700170,076Total liabilities and stockholders' equity

$
253,582$263,184Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Euan Thomson, Ph.D.

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=81869


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SOURCE Accuray Incorporated
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