SUNNYVALE, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Accuray Incorporated , a global leader in the field of radiosurgery, announced today financial results for the first quarter of fiscal year 2010, ended September 30, 2009.
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.
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.
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.
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.
About the CyberKnife(R) 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. 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.
Safe Harbor Statement
This press release contains forward-looking statements, including those concerning Accuray’s expectations about revenue for fiscal year 2010, the portion of revenue attributable to CyberKnife system revenue, realization of backlog, customer installation schedules, 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 2009 fiscal year as well as our quarterly report on Form 10-Q, for the first quarter of fiscal year 2010, both of which have been filed with the Securities and Exchange Commission. 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.
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Accuray Incorporated
