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Accuray Announces Results for Second Quarter of Fiscal 2011

SUNNYVALE, Calif., Jan. 27, 2011 /PRNewswire/ -- Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, announced today financial results for the second quarter of fiscal year 2011, ended December 31, 2010.

For the second quarter of fiscal 2011, Accuray reported total revenue of $54.2 million, a decrease of five percent from total revenue of $57.3 million during the second quarter of fiscal 2010. Total revenue during the second quarter of fiscal 2011 included $0.9 million of revenue previously deferred for systems sold with legacy Platinum service agreements, compared to $7.3 million in the second quarter of fiscal 2010.

Net income for the second quarter of fiscal 2011 was $4.1 million, or $0.07 per share, compared to a net loss of $1.2 million, or $0.02 per share, during the same period last year.

Net orders to backlog totaled $83.9 million during the second quarter: $53.6 million for systems and $30.2 million for service. System backlog totaled $170 million at the end of the second quarter, up 12 percent and 27 percent, respectively, from the prior quarter and prior year quarter. Service backlog totaled $240 million at the end of the second quarter, up 5 percent and 25 percent, respectively, from the prior quarter and prior year quarter. Total backlog was $410 million at the end of the second quarter, up 8 percent and 26 percent, respectively, from the prior quarter and prior year quarter.

During the second quarter 19 orders for CyberKnife® Robotic Radiosurgery Systems were added to backlog, two orders were cancelled by customers, and two orders aged beyond two and a half years and are no longer reported in backlog.

During the second quarter, 6 new CyberKnife Systems were installed, increasing the worldwide CyberKnife installed base to 222 systems.

"We are pleased with the continued momentum in generating new orders for CyberKnife Systems," said Euan Thomson, president and chief executive officer of Accuray Incorporated.  "During the past four quarters, we have added 56 contracts into backlog, confirming the ongoing demand for and acceptance of the CyberKnife as the premier system for delivering treatment in the rapidly expanding market of full body radiosurgery."

Accuray's cash and marketable securities totaled $152.0 million as of December 31, 2010.

Outlook The following statement is forward-looking and actual results may differ materially.  During fiscal year 2011 Accuray maintains its 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

Earnings Call Open to Investors   Accuray will hold a conference call for financial analysts and investors on Thursday, January 27, 2011 at 2:00 p.m. PT / 5:00 p.m. ET. The conference call dial-in numbers are 1-866-578-5747 (USA) or 1-617-213-8054 (International), Conference ID: 81349716.  A live webcast of the call will also be available from the Investor Relations section on the company's Web site at  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: 44779168, beginning at 5:00 p.m. PT / 8:00 p.m. ET, January 27, 2011 and will be available through January 30, 2011. A webcast replay will also be available from the Investor Relations section of the company's Web site at from approximately 5:00 p.m. PT / 8:00 p.m. ET today through Accuray's release of its results for the third quarter of fiscal 2011, ending March 31, 2011.  

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 222 systems have been installed in leading hospitals in the Americas, Europe and Asia. For more information, please visit

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 endedSix months endedDecember 31,2010December 31,2009December 31,2010December 31,2009Net revenue:  Products

,032Shared ownership programs



129491547585Total net revenue

54,24657,32192,314107,896Costs of revenue:  Cost of products

13,13417,55620,45932,207Cost of shared ownership programs

122329294650Cost of services

11,38013,13323,18027,053Cost of other

144339678403Total costs of revenue

24,78031,35744,61160,313Gross profit

29,46625,96447,70347,583Operating expenses:  Selling and marketing

7,98710,06315,74718,712Research and development

9,3137,76917,36015,431General and administrative

8,48110,43017,04019,360Total operating expenses

25,78128,26250,14753,503Income (loss) from operations

3,685(2,298)(2,444)(5,920)Interest and other income, net

6764262,292911Income (loss) before provision for income taxes

4,361(1,872)(152)(5,009)Provision for (benefit from) income taxes

263(696)390(557)Net income (loss)

(4,452)Net income (loss) per common share, basic and diluted:Basic


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


61,37657,40558,97557,112Costs of revenue, selling and marketing, research and development, and general and administrative expenses include stock-based compensation charges as follows:  Costs of revenue

76Selling and marketing

,463Research and development

,301General and administrative

2,914Accuray IncorporatedUnaudited Condensed Consolidated Balance Sheets(in thousands, except share amounts) December 31, June 30, 20102010Assets
 Current assets:  Cash and cash equivalents

49,513$  45,434Restricted cash

2222Short-term marketable securities

102,42799,881Accounts receivable, net of allowance for doubtful accounts of $251at  December 31, 2010 and $115 at June 30, 2010


35,64628,186Prepaid expenses and other current assets

8,60819,356Deferred cost of revenue—current

4,8927,889Total current assets

230,964238,723Property and equipment, net


4,4954,495Intangible assets, net

259388Deferred cost of revenue—noncurrent

2,3853,213Other assets

1,7271,681Total assets

256,420$263,184Liabilities and stockholders' equity
 Current liabilities:  Accounts payable

8,447$  10,317Accrued expenses

16,82521,455Customer advances—current

13,78412,884Deferred revenue—current

34,83842,019Total current liabilities

73,89486,675Long-term liabilities:  Long-term other liabilities

1,0301,059Deferred revenue—noncurrent

3,9055,374Total liabilities

78,82993,108Stockholders' equity Preferred stock, $0.001 par value; authorized: 5,000,000 shares; no shares issuedand outstanding.

--Common stock, $0.001 par value; authorized: 100,000,000 shares; issued: 61,865,443and 60,666,974 shares at December 31, 2010 and June 30,2010, respectively; outstanding: 59,725,425 and 58,526,956 shares at December 31, 2010 and June 30, 2010, respectively

6059Additional paid-in capital

295,801287,764Accumulated other comprehensive loss

(25)(71)Accumulated deficit

(118,245)(117,676)Total stockholders' equity

177,591170,076Total liabilities and stockholders' equity


SOURCE Accuray Incorporated
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