Oct. 29, 2009 (PR Newswire) --
SUNNYVALE, Calif., Oct. 29 /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 2010, ended September 30, 2009.
For the first quarter of fiscal 2010, Accuray reported total revenue of $50.6 million, compared to the first quarter of fiscal 2009 total revenue of $55.9 million. The revenue component associated with legacy Platinum contracts was $10.2 million for the first quarter of fiscal 2010 versus $18.8 million for the first quarter of fiscal 2009. Revenue excluding revenue associated with Platinum contracts, grew year-over-year 9 percent.
Accuray reported a net loss for the first quarter of fiscal 2010 of $3.3 million, or $0.06 per share, compared to net loss of $3.2 million, or $0.06 per share, during the same period last year. The loss was driven by seasonably low first quarter revenue and lower than normal gross margin during the first quarter. Non-cash, stock based compensation charges were $3.1 million for the first quarter of fiscal 2010.
As previously announced, at the beginning of fiscal year 2010, the Company has refined its definition of backlog, which will include non-contingent orders that fulfill refined criteria. Applying these refined criteria to the backlog as of June 30, 2009 would yield a backlog of $282 million. At the end of the first quarter of fiscal 2010, total backlog was $291 million. During the first quarter of fiscal 2010, nine orders for CyberKnife® Robotic Radiosurgery Systems met the refined criteria and were added to company backlog, which combined with service renewal orders and other ancillary accessory orders yielded a total addition to backlog of $58.8 million. There were no cancellations to backlog in the first quarter, under either the current refined criteria or previous non-contingent definition.
In the first quarter of fiscal 2010, four new CyberKnife Systems were installed, compared to five installations during the same period last year. At the end of the first quarter, the worldwide CyberKnife installation base was 180 units.
"We are pleased that revenue in the first quarter exceeded our earlier guidance," said Euan S. Thomson, Ph.D., Accuray's president and chief executive officer. "While we anticipated a seasonably low first quarter, we expect the remainder of the year to reflect the increasing worldwide demand for full body radiosurgery treatments with the CyberKnife."
Accuray's cash and investment balances at the end of the first quarter of fiscal 2010 totaled $152.6 million, which includes cash and cash equivalents of $33.3 million, restricted cash of $1.5 million, short-term investments of $69.0 million and long-term investments of $48.8 million.
Outlook
The following statement is forward-looking and actual results may differ materially. During fiscal year 2010 Accuray maintains the expectation that revenue will be in the range of $215 million to $230 million. CyberKnife System revenue, which represents approximately two-thirds of total revenue, is driven by customer installation schedules.
Additional Information
Additional 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 Thursday, October 29, 2009 at 2:00 p.m. PT / 5:00 p.m. ET. The conference call dial-in numbers are 1-800-638-4930 (USA) or 1-617-614-3944 (International), Conference ID: 97746759. 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: 79365074, beginning at 5:00 p.m. PT / 8:00 p.m. ET, October 29, 2009 and will be available through November 1, 2009. 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 2010, ending December 31, 2009.
About the CyberKnife® Robotic Radiosurgery System
The CyberKnife Robotic Radiosurgery System is the world's only robotic radiosurgery system designed to treat tumors anywhere in the body non-invasively.
