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

ents which were started in the last fiscal year. Our reaffirmed guidance reflects an anticipation that we will return to year over year growth in revenues while the introduction of an adjusted EBITDA measure places our focus on driving the company to positive cash flow," said Levine.

Financial HighlightsGross product orders totaled $63.4 million for the first quarter, an increase of $9.3 million or 17% over the first quarter of the prior year and a decrease of $8.2 million or 11% from the immediately preceding quarter.  Net product orders totaled $60.1 million for the first quarter, an increase of $8.5 million or 16% from the first quarter of fiscal 2013, and an increase of $2.0 million or 3% from the immediately preceding quarter.  Ending product backlog of $347.8 million was approximately 18% higher than backlog at the end of the prior year first quarter and 10% higher than the previous quarter.

During the quarter, 13 units were shipped and 14 were installed, increasing Accuray's worldwide installed base to 706 systems.

Total revenue reached $76.6 million, representing a decrease of 7% from the prior year first quarter and a decrease of 10% from the immediately preceding quarter. Gross profit margin was 34.5%, comprised of service gross margin of 33.0% and product gross margin of 37.1%. This compares to total gross margin of 28.6% for the first quarter of the prior fiscal year and 32.1% in the fourth quarter of fiscal 2013.

Operating expenses were $38.8 million, compared with $44.3 million in the first quarter of the prior year and $40.0 million in the immediately preceding quarter. Net loss was ($15.5) million, or ($0.21) per diluted share for the first quarter of 2014, compared to a net loss of ($24.1) million, or ($0.34) per diluted share for the first quarter of the prior year and a net loss of ($18.7) million or ($0.25) per diluted share for the fourth quarter of fiscal year 2013.

Adjusted earnings before intere
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SOURCE Accuray Incorporated
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