Accuray Inc. (NSDQ:ARAY) posted second-quarter sales of $35.7 million for the three months ended Dec. 31, 2009, down 13.6 percent compared with $41.3 million during the same period last year. Accuray posted a net loss of $1.2 million for the quarter, compared with net income of $1.4 million during Q2 2009:
Press Release
Accuray Announces Results for Second Quarter Fiscal 2010
18 New Orders to Backlog and 11 CyberKnife Installations Drive Quarter
SUNNYVALE, Calif., February 4, 2010 – Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, announced today financial results for the second quarter of fiscal year 2010, ended December 31, 2009.
For the second quarter of fiscal 2010, Accuray reported total revenue of $57.3 million, compared to the second quarter of fiscal 2009 total revenue of $57.6 million.
Accuray reported a net loss for the second quarter of fiscal 2010 of ($1.2) million, or ($0.02) per share, compared to net income of $1.4 million, or $0.02 per diluted share, during the same period last year.
During the second quarter of fiscal 2010, 18 orders for CyberKnife® Robotic Radiosurgery Systems with a value of $84.9 million were added to company backlog, which combined with service renewal orders and other ancillary accessory orders yielded a total addition to backlog of $92.1 million. For the first six months of fiscal 2010, Accuray added 27 CyberKnife Systems to backlog and shipped 18 units.
In the second quarter of fiscal 2010, 11 new CyberKnife Systems were installed, including the replacement of an early model, bringing the worldwide CyberKnife installation base to 190 units.
Non-cash, stock-based compensation charges were $3.2 million for the second quarter of fiscal 2010, compared to $3.6 million for the same period in fiscal 2009.
For the six months ended December 31, 2009, total revenue was $107.9 million, a five percent decrease over total revenue of $113.5 million during the same period last year. Net loss for the first half of fiscal 2010 was ($4.5) million or a loss of ($0.08) per share, compared to a net loss of ($1.8) million or ($0.03) per share during the first half of fiscal 2009. The net loss in the first six months of fiscal 2010 was primarily driven by product mix and higher levels of lower margin service revenue.
”We are very pleased with the number of new orders added to backlog during the second quarter, as well as the steadily expanding installed base of CyberKnife units globally,” said Euan S. Thomson, Ph.D., Accuray’s president and chief executive officer. “Adding 27 new orders to backlog in the first six months of fiscal 2010, plus shipping 18 units validates the growing worldwide demand for the CyberKnife and bodes well for the future.”
Accuray’s cash and investment balances at the end of the second quarter of fiscal 2010 totaled $151.1 million, which includes cash and cash equivalents of $39.5 million, restricted cash of $873,000, short-term investments of $96.5 million and long-term investments of $14.3 million.
Outlook
The following statement is forward-looking and actual results may differ materially. During fiscal year 2010 Accuray expects that revenue will be in the range of $220 million to $230 million, up from its prior guidance of $215 million to $230 million. CyberKnife System revenue, which represents approximately two-thirds of total revenue, is driven by customer installation schedules.
