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Accuray Announces Results for Third Quarter Fiscal 2012
Date:5/8/2012

SUNNYVALE, Calif., May 8, 2012 /PRNewswire/ -- Accuray Incorporated (Nasdaq: ARAY), the premier radiation oncology company, announced today financial results for the third quarter of fiscal 2012 that ended March 31, 2012. The fiscal 2012 financial data presented below reflects Accuray's consolidated results including the results for TomoTherapy which was acquired by Accuray in June 2011. Non-GAAP results are provided to enhance understanding of Accuray's ongoing core results of operations. 

Highlights from the third quarter of fiscal 2012 include continued improvement in service margins, and effective management of operating expenses. Accuray continued to make progress in its integration of TomoTherapy and met or exceeded the goals originally set out when the acquisition was first announced. The company remains on track to return to profitability on a non-GAAP basis by the latter part of fiscal year 2013, ending June 30, 2013, as forecasted.

"We continue to see healthy growth in our installed base, which has grown 14 percent year on year.  This growth in turn drives our service revenues, which have increased 19 percent over the same period last year," said Euan S. Thomson, Ph.D., president and chief executive officer of Accuray. "In addition, our service gross margin continues to improve, reaching 16 percent in the third quarter which puts us well ahead of our 10 percent target for fiscal year 2012." 

For the third quarter of fiscal 2012, Accuray reported total consolidated GAAP revenue of $101.8 million and non-GAAP total revenue of $101.6 million. By comparison, for the quarter ended March 31, 2011, the sum of the revenue reported by Accuray and TomoTherapy as separate companies totaled $101.9 million on a pro forma basis. Legacy TomoTherapy's fiscal year ended December 31. Non-GAAP revenue for the nine-month period ended March 31, 2012 w
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SOURCE Accuray Incorporated
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