Accuray Reports Record Revenue in Fiscal Fourth Quarter and Fiscal Year Ended 2007
For the fiscal fourth quarter of 2007, Accuray reported total revenue of$44.0 million, compared to fiscal fourth quarter 2006 total revenue of $21.4million. Revenue for the fiscal year ending June 30, 2007 was $140.5 million,a 166 percent increase over total revenue of $52.9 million for fiscal year2006.
On a generally accepted accounting principles (GAAP) basis, net income forfiscal fourth quarter 2007 was $0.5 million or $0.01 per basic and dilutedshare, compared to a net loss of $7.9 million, or a loss of $0.49 per basicand diluted share during the same period in 2006. Net loss for the fiscalyear ended June 30, 2007 was $5.6 million, or a loss of $0.18 per basic anddiluted share, compared to a net loss of $33.7 million, or a loss of $2.11 perbasic and diluted share for fiscal year 2006.
On a non-GAAP basis, which excludes non-cash stock-based compensationcharges, net income for the fourth quarter of fiscal 2007 was $3.3 million, or$0.05 per diluted share. Non-GAAP net income for the fiscal year ended June30, 2007 was $2.6 million, or $0.05 per diluted share.
On a GAAP basis, operating loss for the fourth quarter 2007 was $419,000and for the fiscal year ended June 30, 2007 was $8.5 million. On a non-GAAPbasis which excludes non-cash stock-based compensation charges, operatingincome was $3.4 million for the fourth quarter of fiscal 2007 and $4.1 millionfor the fiscal year ended June 30, 2007.
At the end of fiscal 2007, backlog increased to approximately $619million, with approximately $321 million associated with CyberKnife(R) Systemcontracts and approximately $298 million associated with services and otherrecurring revenue. Backlog is defined as signed contracts that the Companybelieves have a substantially high probability of being booked as revenue.
Services revenue for the fiscal fourth quarter of 2007 was $5.7 millioncompared with $1.8 million during the fourth quarter in 2006, a 217 percentincrease. Full fiscal year 2007 services revenue was $16.9 million, a 248percent increase over the $4.8 million reported for fiscal year 2006.
"The Accuray team and I are very pleased with our strong financialperformance, including record revenue, fourth quarter profitability and recordbacklog. Accuray's clinical programs and R&D efforts are rapidly expandingutilization of the CyberKnife System, fueling the impressive momentum thatAccuray is experiencing today," said Euan S. Thomson, Ph.D., president andchief executive officer of Accuray, Incorporated. "The CyberKnife System isthe established brand leader in the rapidly expanding radiosurgery market.Its dramatic growth in extracranial usage, particularly for lung and prostatetumors, is driving greater acceptance among the medical community. Our strongfourth quarter provides solid momentum as we start an exciting new fiscalyear."
At the end of fiscal 2007, the Company had increased its cash position to$204.8 million.
As of June 30, 2007, there were 109 CyberKnife systems installedworldwide, with 71 in the Americas, 12 in Europe, 15 in Japan and 11 in theremainder of the Asia Pacific region.
Non-GAAP Financial Information
The Company presents information regarding net income and operating incomeon a non-GAAP basis. In computing non-GAAP operating income and net income,the Company has excluded non-cash stock-based compensation charges. TheCompany believes that the presentation of net income and operating incomeexcluding non-cash stock-based compensation charges is relevant informationthat may be used by analysts, investors and other interested parties inassessing the Company's financial performance. The
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