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For the third quarter of fiscal 2008, Accuray reported total revenue of$58.8 million, a 57 percent increase over third quarter of fiscal 2007 totalrevenue of $37.3 million.
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Net income for the period ended March 29, 2008 was $584,000, or $0.01 perdiluted share, compared to a loss of $785,000, or a loss of $0.02 per share,during the same period last year. Shares used in computing fully dilutedearnings per share were 60.1 million for the third quarter of fiscal 2008.
Non-cash, stock-based compensation charges for the third quarter of fiscal2008 were $4.2 million or $0.07 per diluted share.
At March 29, 2008, backlog was approximately $602 million, withapproximately $332 million associated with CyberKnife(R) Robotic RadiosurgerySystem contracts and approximately $270 million associated with services andother recurring revenue. Accuray's backlog is composed of signed contractsthat the company believes have a substantially high probability of beingrecognized as revenue in future periods.
Of the $602 million in backlog, 64% is non-contingent, representingbacklog for which contractual contingencies have been satisfied.
Accuray's cash and investment balances at the end of the quarter totaled$165.5 million, broken down between cash and cash equivalents of$63.0 million, short-term investments of $81.1 million and long-terminvestments of $21.4 million. During the third quarter, the company utilized$18.3 million of cash to repurchase approximately 1.7 million shares of thecompany's stock under the company's stock repurchase program. Exiting thethird quarter the company continues to have no debt.
For the nine months ended March 29, 2008, total revenue was$159.4 million, a 65 percent increase over the $96.5 million in total revenueduring the same period last year. Net income for the first nine months offiscal 2008 was $5.2 million, or $0.09 per diluted share, compared to a lossof $6.1 million, or a loss of $0.26 per share, for the first nine months offiscal 2007.
"Accuray's fifth quarter of record-setting revenue is evidence ofcontinued momentum and worldwide demand for our CyberKnife(R) RoboticRadiosurgery System," said Euan S. Thomson, Ph.D., president and CEO ofAccuray. "The flexibility of our CyberKnife System is changing the paradigmfor cancer treatment, giving physicians the tools to aggressively treat tumorsanywhere in the body with pinpoint precision."
Outlook
The following statements are forward-looking and actual results may differmaterially. Accuray is reaffirming previously announced revenue guidance forfiscal 2008 in the range of $210 million to $230 million, which wouldrepresent revenue growth of 50 percent to 64 percent over fiscal 2007.
Additional Information
Additional information regarding backlog segmentation which will bediscussed during the conference call is available on the Investor Relationssection of the corporate website at http://www.accuray.com.
Earnings Call Open to Investors
Accuray will hold a conference call for financial analysts and investorstoday, April 29, 2008 at 2:00 p.m. PT / 5:00 p.m. ET. The conference calldial-in numbers are (888) 724-9516 (USA) or (913) 312-0960 (International),Access Code: 3304194. A live webcast of the call will also be available fromthe Investor Relations section on the corporate Web site athttp://www.accuray.com. In addition, a recording of the call will beavailable by calling (888) 203-1112 (USA) or (719) 457-0820 (International),Access Code: 3304194, beginning at 5:00 p.m. PT / 8:00 p.m. ET, April 29, 2008and will be available through May 9, 2008. A webcast replay will also beavailabl
