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Accuray Reports Financial Results for Third Quarter of Fiscal Year 2015


News provided by

Accuray Incorporated

Apr 30, 2015, 04:01 ET

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SUNNYVALE, Calif., April 30, 2015 /PRNewswire/ -- Accuray Incorporated (Nasdaq: ARAY) announced today financial results for the third fiscal quarter and nine months ended March 31, 2015.

Third Quarter Highlights

  • Gross orders grew 15 percent year-over-year or 21 percent on a constant currency basis
  • Total revenue remained approximately flat at $97.5 million year-over-year but increased 5 percent on a constant currency basis
  • Continued expansion of service gross profit margins to 38.4 percent
  • Achieved positive operating income
  • Adjusted EBITDA reached $9.9 million

"Year-over-year gross order growth was restored in the third quarter, but our overall gross order volume during the period did not fully meet our internal objectives, particularly in the U.S.," said Joshua H. Levine, president and chief executive officer of Accuray.  "At the same time, our operating results were relatively solid with good revenue volume, expanding margins, controlled expenses and an operating profit for the first time in many years." 

Mr. Levine continued, "During the past few weeks, we have completed a thorough assessment of our execution on our five core strategies for driving consistent growth.  We have concluded that we still have more work ahead of us to build a stronger U.S. funnel, however we met or exceeded our expectations on strategies related to emerging markets, installed base satisfaction and TomoTherapy® System positioning, all of which demonstrate that we have many pieces in place to achieve our growth objectives and build shareholder returns."

Financial Highlights
Gross product orders totaled $51.9 million for the 2015 fiscal third quarter, an increase of $6.7 million or 15 percent from the third quarter of the prior fiscal year.  On a constant currency basis, gross product orders for the fiscal third quarter were $54.5 million.  Ending product backlog was $347.4 million or approximately 2 percent lower than backlog at the end of the prior fiscal year third quarter.  Units in backlog have increased 10 percent year over year and on a constant currency backlog dollars have increased $12 million.

Total revenue was $97.5 million, which was relatively flat from the prior fiscal year third quarter and an increase of 5 percent on a constant currency basis.  The Americas region total revenues were $52.6 million, an increase of 63 percent from the prior fiscal year third quarter.  Total revenues outside the Americas region were $44.9 million, a decrease of 31 percent from the prior fiscal year third quarter.  Product revenues totaled $46.4 million and represented a decrease of 1 percent from the fiscal 2014 third quarter while service revenues totaled $51.2 million, an increase of 2 percent over last year's fiscal year third quarter.

Total gross profit for the third quarter of fiscal 2015 was $38.7 million or 40 percent of sales, comprised of product gross margin of 41 percent and service gross margin of 38 percent.  This compares to total gross margin of 41 percent, product gross margin of 46 percent and service gross margin of 36 percent for the prior fiscal year third quarter.  Total gross margin for the third quarter of fiscal 2015 was 42 percent on a constant currency basis as compared to 41 percent the prior year period. 

Operating expenses were $37.5 million, reflecting a decrease of 7 percent compared with $40.2 million in last fiscal year's third quarter.   The decrease was primarily due to lower incentive compensation and consulting expenses partially offset by higher legal fees.    

Net loss was $3.0 million, or $0.04 per share for the third quarter of fiscal 2015, compared to a net loss of $4.7 million, or $0.06 per share, for the fiscal 2014 third quarter. 

Adjusted EBITDA for the third quarter of 2015 was $9.9 million, compared to $7.8 million in the prior fiscal year third quarter.

Cash, cash equivalents, and investments were $149.6 million as of March 31, 2015, a decrease of $1.2 million from December 31, 2014.

Nine Month Highlights
For the nine months ended March 31, 2015, total revenue reached $278.1 million, representing an increase of 4 percent, or 7 percent on a constant currency basis, from the comparable period of fiscal year 2014.  Product revenue for the nine month period was $127.0 million, representing an increase of 4 percent while service revenue was $151.0 million, also representing 4 percent growth over the comparable prior fiscal year period. 

Gross profit margin for the nine months ended March 31, 2015 was 38 percent, comprised of product gross margin of 41 percent and service gross margin of 35 percent.  This compares to total gross margin of 39 percent for the comparable prior fiscal year period.  Total gross margin for the nine months ended March 31, 2015 would have been 39 percent on a constant currency basis as compared to the comparable prior fiscal year period.

Operating expenses were $122.6 million for the nine months ended March 31, 2015, compared with $117.8 million in the fiscal 2014 comparable period.

Net loss for the nine months ended March 31, 2015 was $34.6 million, or $0.44 per share, compared to a net loss of $25.6 million, or $0.34 per share, for the comparable prior fiscal year period.

Adjusted EBITDA for the nine months ended March 31, 2015 was $5.1 million, compared to $10.8 million in the comparable prior fiscal year period.

2015 Financial Guidance
Accuray is revising financial guidance for fiscal year 2015 as follows:  total revenue of $375 million to $385 million and adjusted EBITDA of $13 million to $16 million.  This compares to previously issued guidance updated most recently in January 2015 of $390 million to $410 million in revenue and $18 million to $27 million in adjusted EBITDA.  This revision is caused primarily by the effects of foreign currency on reported results.  The company reiterates that gross order growth in the second half of the fiscal year 2015 is expected to be greater than market growth. 

Conference Call Information  
Accuray will host a conference call beginning at 1:30 p.m. PT/4:30 p.m. ET today to discuss these results.  Conference call dial-in information is as follows:

  • U.S. callers: (855) 798-3048    
  • International callers: (262) 912-4764

Individuals interested in listening to the live conference call via the Internet may do so by logging on to the company's website, www.accuray.com.  In addition, a dial-up replay of the conference call will be available beginning April 30, 2015 at 5:00 p.m. PT/8:00 p.m. ET and ending May 8, 2015.  The replay telephone number is (855) 859-2056 (USA) or (404) 537-3406 (International).

Use of Non-GAAP Financial Measures
The company has supplemented its GAAP net loss with a non-GAAP measure of adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation ("adjusted EBITDA").  Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the company and facilitates a more meaningful comparison of results for current periods with previous operating results.  A reconciliation of GAAP net loss (the most directly comparable GAAP measure) to non-GAAP adjusted EBITDA is provided in the schedule below.

The company presents certain measures, such as period-over-period revenue growth, on a constant currency basis, which excludes the effects of foreign currency translation.  Due to the continuing strengthening of the U.S. dollar against foreign currencies and the overall variability of foreign exchange rates from period to period, management uses these measures on a constant currency basis to evaluate period-over-period operating performance.  Measures presented on a constant currency basis are calculated by translating current period results at prior period monthly average exchange rates.

There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies.  These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures.  Investors and potential investors should consider non-GAAP financial measures only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.

About Accuray
Accuray Incorporated (Nasdaq: ARAY) is a radiation oncology company that develops, manufactures and sells precise, innovative treatment solutions that set the standard of care with the aim of helping patients live longer, better lives.  The company's leading-edge technologies deliver the full range of radiation therapy and radiosurgery treatments. For more information, please visit www.accuray.com.

Safe Harbor Statement
Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements in this press release relate, but are not limited, to the company's future results of operations, including management's expectations regarding growth in gross orders, gross profit margins, revenues and adjusted EBITDA, ability to meet financial targets, and Accuray's leadership position in radiation oncology innovation and technologies.  Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including but not limited to: the company's ability to convert backlog to revenue; the success of the adoption of our CyberKnife and TomoTherapy Systems; the company's ability to manage its expenses; continuing uncertainty in the global economic environment; and other risks detailed from time to time under the heading "Risk Factors" in the company's report on Form 10-K, which was filed on August 29, 2014, the company's reports on Form 10-Q which were filed on November 7, 2014 and February 6, 2015, and as updated periodically with the company's other filings with the SEC.

Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events.  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, except to the extent required by applicable securities laws.  Accordingly, investors should not put undue reliance on any forward-looking statements.

Financial Tables to Follow

Accuray Incorporated

Consolidated Statements of Operations

(in thousands, except per share data)

(Unaudited)








Three Months Ended    March 31,


Nine Months Ended       March 31,



2015


2014


2015


2014










Gross Orders


$51,891


$45,168


$182,915


$188,860

Net Orders


35,937


38,622


109,693


158,051

Order Backlog


347,408


353,621


347,408


353,621










Net revenue:









Products 


$46,361


$47,045


$127,026


$121,761

Services 


51,154


50,099


151,025


145,658

Total net revenue 


97,515


97,144


278,051


267,419

Cost of revenue:









Cost of products 


27,332


25,255


75,168


68,836

Cost of services 


31,523


32,185


97,933


94,230

Total cost of revenue 


58,855


57,440


173,101


163,066

Gross profit 


38,660


39,704


104,950


104,353

Operating expenses:









Research and development 


12,836


13,763


40,902


40,148

Selling and marketing 


12,987


15,310


46,763


44,026

General and administrative 


11,665


11,106


34,976


33,656

Total operating expenses 


37,488


40,179


122,641


117,830

Income (loss) from operations


1,172


(475)


(17,691)


(13,477)

Other expense, net


(3,618)


(3,312)


(14,607)


(9,547)

Loss before provision for income taxes


(2,446)


(3,787)


(32,298)


(23,024)

Provision for income taxes


521


878


2,311


2,615

Net loss


$ (2,967)


$ (4,665)


$ (34,609)


$ (25,639)










Net loss per share - basic and diluted


$   (0.04)


$   (0.06)


$     (0.44)


$     (0.34)

Weighted average common shares used in computing loss per share:









Basic and diluted


78,746


76,382


77,981


75,447

Accuray Incorporated

Consolidated Balance Sheets

(in thousands)

(Unaudited)






 March 31, 


 June 30, 


2015


2014

 Assets 




 Current assets: 




 Cash and cash equivalents 

$  95,449


$  92,346

 Investments 

54,185


79,553

 Restricted cash 

2,858


1,492

 Accounts receivable, net 

61,376


72,152

 Inventories 

109,705


87,752

 Prepaid expenses and other current assets 

15,650


17,873

 Deferred cost of revenue 

8,743


13,302

 Total current assets 

347,966


364,470

 Property and equipment, net 

29,856


34,391

 Goodwill 

58,020


58,091

 Intangible assets, net 

17,552


23,517

 Deferred cost of revenue 

1,752


2,899

 Other assets 

8,513


11,820

 Total assets 

$   463,659


$   495,188

 Liabilities and equity 




 Current liabilities: 




 Accounts payable 

$  13,656


$  15,639

 Accrued compensation 

19,530


32,569

 Other accrued liabilities 

20,151


24,464

 Customer advances 

18,951


19,804

 Deferred revenue 

93,500


92,093

 Total current liabilities 

165,788


184,569

 Long-term liabilities: 




 Long-term other liabilities 

10,454


6,593

 Deferred revenue 

9,946


9,866

 Long-term debt 

200,989


195,612

 Total liabilities 

387,177


396,640

 Commitment and contingencies 




 Equity: 




 Common stock 

79


77

 Additional paid-in capital 

465,952


451,750

 Accumulated other comprehensive income 

154


1,815

 Accumulated deficit 

(389,703)


(355,094)

 Total equity 

76,482


98,548

 Total liabilities and equity 

$   463,659


$   495,188

Accuray Incorporated

Reconciliation of GAAP Net Loss to Adjusted Earnings Before Interest, Taxes Depreciation

Amortization and Stock-Based Compensation (Adjusted EBITDA)

(in thousands)

(Unaudited)










Three Months Ended March 31,


Nine Months Ended March 31,


2015


2014


2015


2014

 GAAP net loss 

$ (2,967)


$ (4,665)


$ (34,609)


$ (25,639)

   Amortization of intangibles (a) 

1,989


1,998


5,965


6,391

   Depreciation (b) 

2,915


2,982


8,899


9,155

   Stock-based compensation (c) 

3,377


3,260


10,504


8,243

   Interest expense, net (d) 

4,051


3,366


12,062


10,013

   Provision for income taxes 

521


878


2,311


2,615

 Adjusted EBITDA 

$  9,886


$  7,819


$    5,132


$  10,778









(a) consists of amortization of intangibles - developed technology and distributor licenses 

(b) consists of depreciation, primarily on property and equipment 

(c) consists of stock-based compensation in accordance with ASC 718 

(d) consists primarily of interest income from available-for-sale securities and interest expense associated with our convertible notes 

Accuray Incorporated

Reconciliation of Projected Net Loss to Forward-Looking Guidance for Non-GAAP Financial Measures

(in thousands)

(Unaudited)






Twelve Months Ending June 30, 2015


From


To

 GAAP net loss 

$(39,975)


$(36,975)

   Amortization of intangibles (a) 

8,000


8,000

   Depreciation (b) 

11,775


11,775

   Stock-based compensation (c) 

14,000


14,000

   Interest expense, net (d) 

16,200


16,200

   Provision for income taxes 

3,000


3,000

 Adjusted EBITDA 

$ 13,000


$ 16,000





(a) consists of amortization of intangibles - developed technology and distributor licenses 

(b) consists of depreciation, primarily on property and equipment 

(c) consists of stock-based compensation in accordance with ASC 718 

(d) consists primarily of interest income from available-for-sale securities and interest expense associated with our convertible notes 

 

SOURCE Accuray Incorporated

Related Links

http://www.accuray.com

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