Accuray Incorporated to Report Financial Results for Fourth Quarter and Fiscal Year 2011

Sep 13, 2011, 13:20 ET from Accuray Incorporated

SUNNYVALE, Calif., Sept. 13, 2011 /PRNewswire/ -- Accuray Incorporated (Nasdaq: ARAY), today announced that it will report results for its fourth quarter and fiscal year 2011, ended June 30, 2011 on Monday, September 19, 2011 after the market closes.

The Company filed with the United States Securities and Exchange Commission, Form 12b-25 Notification of Late Filing to extend the time allowed for filing its Form 10-K for the period ended June 30, 2011. The late filing is the result of the additional time the Company requires to fully incorporate financial data from TomoTherapy, which Accuray acquired during the quarter. The Company expects to file the Form 10-K by no later than September 28, 2011, the expiration date of the extension period provided for by Rule 12b-25 of the Securities Exchange Act of 1934, as amended.

The Company will host a conference call to review its fourth quarter and fiscal year 2011 results on Monday, September 19, 2011 at 2:00 p.m. PT/5:00 p.m. ET. The call will be hosted by Euan S. Thomson, Ph.D., president and chief executive officer and Derek Bertocci, senior vice president and chief financial officer. Conference call details can be found below.

Total revenue for the quarter ended June 30, 2011 is expected to be between $73 to $75 million, compared to total revenue of $61.4 million during the fourth quarter of the fiscal year ended June 30, 2010. Total revenue for the quarter ended June 30, 2011 is expected to include between $63 to $64 million of revenue from Accuray's business excluding the results of TomoTherapy's sale of products and services and $10 to $11 million of revenue from TomoTherapy's sale of products and services from the close of the acquisition on June 10, 2011 through June 30, 2011.

Total revenue for the fiscal year ended June 30, 2011 is expected to be $220 to $222 million compared to total revenue of $221.6 million for the fiscal year ended June 30, 2010. Total revenue for the fiscal year ended June 30, 2011 is expected to include $210 to $211 million of revenue from Accuray's business excluding the results of TomoTherapy's sale of products and services.

Consolidated net loss attributable to stockholders for the quarter ended June 30, 2011 is expected to be $25 to $27 million, or $0.39 to $0.43 per share, compared to net income of $5 million, or $0.08 per share during the fourth quarter of the fiscal year ended June 30, 2010. Consolidated net loss attributable to stockholders for the fiscal year ended June 30, 2011 is expected to be $26 to $28 million or $0.44 to $0.47 per share, compared to net income of $2.8 million, or $0.05 per diluted share for the fiscal year ended June 30, 2010.  The loss during the quarter ended June 30, 2011 was driven by a number of operating expenses related to the close of the TomoTherapy acquisition including costs of severance, share-based compensation arising from acceleration of options and restricted stock for TomoTherapy employees, fees to investment bankers, integration planning, legal and accounting services. In addition, revenues and cost of sales for the quarter ended June 30, 2011 were impacted by adjustments to reflect the fair value of assets and liabilities acquired with TomoTherapy. These included the write up of inventory based on selling price rather than cost of manufacturing, the write down of deferred product revenue, the write up of deferred service revenue, and the recording of intangible assets related to developed technology and to backlog existing at the time of the acquisition.

Conference Call Information

The conference call dial-in numbers are 1-800-291-9234 (US) or +1 617-614-3923 (International), Conference ID: 46593035. In addition, a dial-up replay of the conference call will be available beginning Monday, September 19, 2011 at 4:00 p.m. PT/7:00 p.m. ET and ending on Tuesday, September 27, 2011. The replay telephone number is 1-888-286-8010 (US) or +1 617-801-6888 (International), Conference ID: 36254727.

A live webcast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.accuray.com. The webcast replay can be accessed on the corporate Web site beginning Monday, September 19, 2011 at approximately 5:00 p.m. PT/8:00 p.m. ET. The replay will remain available until Accuray announces its results for the first quarter of fiscal 2012, ending September 30, 2011.

About Accuray

Accuray Incorporated (Nasdaq: ARAY), based in Sunnyvale, Calif., is the premier radiation oncology company. Accuray develops, manufactures and sells personalized, innovative treatment solutions that revolve around the patient. Accuray's game-changing technologies – the CyberKnife System and TomoTherapy System – set the standard of care with the aim of helping patients live longer, better lives. To date, more than 200,000 patients worldwide have been treated using the company's technologies and more than 550 systems have been installed in leading hospitals around the world. For more information, please visit www.accuray.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Certain of these statements, including, but not limited to, statements regarding the Company's expected financial results, the nature of the estimated adjustments, the expected timing of filing the financial results and the Form 10-K and other statements using words such as "anticipates," "could," "estimates," "expects," "may" and "will," and words of similar import and the negatives thereof, constitute forward-looking statements.  Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements.  We refer you to the risks described more fully in our Annual Report on Form 10-K for the fiscal year ended June 30, 2010 and in our Quarterly Report on Form 10-Q for the period ended March 31, 2011 and the risks discussed in our other SEC filings, which identify important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.  In addition, we may not be able to file our Form 10-K within the timeframe indicated on the Form 12b-25.

SOURCE Accuray Incorporated



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