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Accuray Announces Results for Second Quarter Fiscal 2013
Date:2/6/2013

he underlying positive trend in our service gross margin to continue, we are likely to experience quarterly fluctuations as in past quarters. 

Consolidated GAAP net loss attributable to stockholders for the second quarter of fiscal 2013 was $29.2 million, or $0.40 per share, compared to $10.4 million, or $0.15 per share, for the second quarter of the prior year. Non-GAAP net loss for the second quarter of fiscal 2013 was $22.0 million or $0.30 per share compared to $7.1 million or $0.10 per share for the second quarter of the prior year.

Net product orders to backlog totaled $17.9 million during the second quarter of fiscal 2013, with an ending backlog of $279.0 million. Backlog decreased five percent sequentially from $294.3 million, at the end of the previous quarter, but is higher than the $276.8 million at the end of the second quarter of fiscal 2012. 

During the second quarter of fiscal 2013, 14 units were shipped and 17 were installed, increasing Accuray's worldwide installed base to 677 systems.

Accuray's cash and cash equivalents equaled $94.8 million and restricted cash was $2.6 million, for a total of $97.4 million as of December 31, 2012.

Restructuring
As previously announced, Accuray has restructured its operations to achieve two goals: first to improve commercial execution to generate revenue growth, and second, to reduce operating expenses so that the company is in a better position to achieve sustainable profitability. As a result of the restructuring, Accuray expects to take a non-recurring charge of $3.0 million to $4.0 million in the third quarter of fiscal 2013. The company expects operating expense savings of approximately $40.0 million per year from the level originally reported for fiscal 2012. The company expects operating expenses to be approximately $38.0 million per quarter on a non-GAAP basis and $38.5 million per quarter on a GAAP basis as we exit the fourth quarter of fiscal 2013.


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SOURCE Accuray Incorporated
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