SUNNYVALE, Calif., July 17, 2017 /PRNewswire/ -- Accuray
Incorporated (NASDAQ: ARAY) announced today preliminary revenue and
product orders for the fourth quarter and full fiscal year ended
June 30, 2017, that are in line with
guidance provided in April. The company anticipates reporting its
full financial results for the fourth quarter and fiscal year 2017
on August 22, 2017. The preliminary
results reported have not been audited and are subject to
change.
The company announced the following preliminary results for the
fourth quarter and full fiscal year:
- Revenue for the fourth quarter is expected to be approximately
$111.5-$112.0 million. For the full
fiscal year, revenue is expected to be approximately $382.8-$383.3 million
- Gross product orders for the fourth quarter are expected to be
approximately $86 million; full
fiscal year gross product orders are expected to be approximately
$298 million
- Ending backlog as of June
30th is expected to be approximately $453 million, an increase of 12 percent over
prior fiscal year
- Age-outs and cancellations during the fourth quarter are
expected to be approximately $19
million and $4 million,
respectively
- Cash, cash equivalents, investments and restricted cash are
expected to be approximately $108
million as of June 30, 2017,
an increase of $11.4 million from
March 31, 2017, primarily due to
working capital improvements offset by total debt reduction of
$10 million
"Our fourth quarter revenue growth was driven by improved
performance in both our Europe and
Asia Pacific regions and we
finished the fiscal year with renewed momentum resulting from our
increased focus on converting backlog to revenue," said
Joshua H. Levine, president and
chief executive officer of Accuray. "We also had double digit gross
order growth in the second half of the fiscal year, driven by the
full commercial launch of our Radixact system and continued strong
demand for our CyberKnife system. During the fourth quarter,
we continued to improve the company's balance sheet with a new
$52 million revolving loan agreement
that reduces our annual interest costs by $2
million versus our prior secured term loan and we reduced
our total debt by $10 million.
As we look forward to fiscal year 2018, we strongly believe we have
the people, processes and product roadmap in place for continued
growth in orders, revenues and market share."
About Accuray
Accuray Incorporated (NASDAQ: ARAY) is a radiation oncology company
that develops, manufactures, and sells precise, innovative tumor
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.
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: Accuray's preliminary
results for Q4 and fiscal year 2017, Accuray's company trajectory,
Accuray's ability to achieve its strategic objectives with respect
to its balance sheet and refinancing of its existing convertible
debt, and Accuray's leadership position in radiation oncology
innovation. 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 risks detailed
from time to time under the heading "Risk Factors" in the company's
report on Form 10-K, filed on August 24,
2016, the company's reports on Form 10-Q, filed on
November 1, 2016, February 3, 2017, and May
5, 2017, 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
Accuray 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.
Investor Contact:
Doug Sherk
Investor Relations, EVC Group
+1 (415) 652-9100
dsherk@evcgroup.com
Media Contact:
Beth Kaplan
Accuray
+1 (408) 789-4426
bkaplan@accuray.com
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SOURCE Accuray Incorporated