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Accuray Reports Financial Results for First Quarter of Fiscal Year 2014
Date:11/7/2013

SUNNYVALE, Calif., Nov. 7, 2013 /PRNewswire/ -- Accuray Incorporated (Nasdaq: ARAY) announced today financial results for the first fiscal quarter ended September 30, 2013.
Results are presented on a GAAP basis, unless otherwise indicated, as the magnitude of purchase accounting amortization was minimal for fiscal year 2013 and is projected to be minimal for fiscal year 2014 and beyond, making GAAP results comparable on a year over year basis and a good measure of the company's performance.

First Quarter and Recent Highlights

  • Continued strong order momentum with gross orders of $63.4 million, an increase of 17% from the first fiscal quarter of 2013.
  • Gross profit margins improve 590 basis points, operating expenses decline 13% and adjusted EBITDA improves $8.1 million, all compared to the prior year first fiscal quarter.
  • Over 100 oral and poster presentations at the 55th annual American Society for Radiation Oncology (ASTRO) meeting reinforcing clinical and quality of life benefits for the CyberKnife® and TomoTherapy® Systems.
  • "We had a strong start to the fiscal year with most elements of our performance being above our expectations, reflecting strong commercial and operational execution.  Orders into backlog are being driven by the actions we have taken to improve our commercial focus and enable growth through improved business processes.  We expect that product revenues will begin to strengthen over the next several quarters as well," said Joshua H. Levine, president and chief executive officer of Accuray.  "Improving gross profit margins along with continued expense control in narrowing our adjusted EBITDA losses puts the business on a strong trajectory to achieve profitability, along with higher revenues."

    "We are enthusiastic about fiscal 2014 and the continued execution improvem
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    SOURCE Accuray Incorporated
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