Forward-looking statements speak only as of the date the statements are made and are based on information available to the company 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.
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Accuray Incorporated
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
Six Months Ended December 31,
2017
2016
2017
2016
Gross Orders
$ 77,908
$ 78,454
$ 133,555
$ 128,789
Net Orders
52,649
54,069
103,687
91,256
Order Backlog
470,511
426,158
470,511
426,158
Net revenue:
Products
$ 47,106
$ 35,398
$ 86,022
$ 70,997
Services
53,223
52,104
105,257
103,011
Total net revenue
100,329
87,502
191,279
174,008
Cost of revenue:
Cost of products
26,857
22,969
48,959
46,321
Cost of services
34,117
33,146
64,859
64,956
Total cost of revenue
60,974
56,115
113,818
111,277
Gross profit
39,355
31,387
77,461
62,731
Operating expenses:
Research and development
14,664
11,944
28,757
24,173
Selling and marketing
13,872
13,904
28,629
28,222
General and administrative
11,836
10,362
23,144
21,706
Total operating expenses
40,372
36,210
80,530
74,101
Loss from operations
(1,017)
(4,823)
(3,069)
(11,370)
Other expense, net
(3,738)
(4,120)
(10,309)
(8,125)
Loss before provision for income taxes
(4,755)
(8,943)
(13,378)
(19,495)
Provision for (benefit from) income taxes
(36)
426
723
(200)
Net loss
$ (4,719)
$ (9,369)
$ (14,101)
$ (19,295)
Net loss per share - basic and diluted
$ (0.06)
$ (0.11)
$ (0.17)
$ (0.24)
Weighted average common shares used in computing loss per share:
Basic and diluted
84,586
82,328
84,167
81,952
Accuray Incorporated
Consolidated Balance Sheets
(in thousands)
(Unaudited)
December 31,
June 30,
2017
2017
Assets
Current assets:
Cash and cash equivalents
$ 79,509
$ 72,084
Investments
24,516
23,909
Restricted cash
2,039
12,829
Accounts receivable, net
80,907
72,789
Inventories
113,809
105,054
Prepaid expenses and other current assets
15,577
18,988
Deferred cost of revenue
2,316
3,350
Total current assets
318,673
309,003
Property and equipment, net
22,601
23,062
Goodwill
57,910
57,812
Intangible assets, net
893
964
Deferred cost of revenue
41
206
Other assets
13,819
15,417
Total assets
$ 413,937
$ 406,464
Liabilities and equity
Current liabilities:
Accounts payable
$ 25,922
$ 17,486
Accrued compensation
22,231
25,402
Other accrued liabilities
19,514
23,870
Short-term debt
39,451
113,023
Customer advances
