Accuray Announces Results for Second Quarter Fiscal 2013
Accuray Announces Results for Second Quarter Fiscal 2013
Decline in Product Revenue Partly Offset by Strong Service Revenue and
Profitability
PR Newswire
SUNNYVALE, Calif., Feb. 6, 2013
SUNNYVALE, Calif., Feb. 6, 2013 /PRNewswire/ -- Accuray Incorporated, a
radiation oncology company, (Nasdaq: ARAY) today announced financial results
for the second quarter of fiscal 2013 that ended December 31, 2012. Non-GAAP
results are provided to enhance understanding of Accuray's ongoing core
results of operations.
Recent highlights include a continued increase in service revenue and
expanding service gross margin.
"While I am encouraged by the growing stream of profitable service revenue, we
clearly need to concentrate on commercializing our two new product platforms
that were announced in October 2012 during the ASTRO tradeshow," said Joshua
Levine, president and chief executive officer of Accuray. "As part of our plan
for sustained revenue growth and profitability, we are taking specific actions
designed to reduce the company's cost structure by approximately forty million
dollars per year and are focused on capitalizing on the significantly
increased capabilities of our new products."
For the second quarter of fiscal 2013 Accuray reported total consolidated GAAP
revenue of $77.8 million and total non-GAAP revenue of $77.7 million. By
comparison, for the second quarter of fiscal 2012, total GAAP revenue was
$106.4 million and total non-GAAP revenue was $102.9 million. On a non-GAAP
basis revenue was down by 24 percent from the same quarter of the prior year.
The consolidated GAAP gross margin for the second quarter of fiscal 2013 was
44.0 percent for products and 26.9 percent for services, compared to 48.6
percent for products and 21.2 percent for services for the second quarter of
the prior year. The consolidated non-GAAP gross margin for the second quarter
of fiscal 2013 was 50.0 percent for products and 26.9 percent for service,
compared to 55.8 percent and 12.3 percent, respectively, for the second
quarter of the prior year. While we expect the underlying positive trend in
our service gross margin to continue, we are likely to experience quarterly
fluctuations as in past quarters.
Consolidated GAAP net loss attributable to stockholders for the second quarter
of fiscal 2013 was $29.2 million, or $0.40 per share, compared to $10.4
million, or $0.15 per share, for the second quarter of the prior year.
Non-GAAP net loss for the second quarter of fiscal 2013 was $22.0 million or
$0.30 per share compared to $7.1 million or $0.10 per share for the second
quarter of the prior year.
Net product orders to backlog totaled $17.9 million during the second quarter
of fiscal 2013, with an ending backlog of $279.0 million. Backlog decreased
five percent sequentially from $294.3 million, at the end of the previous
quarter, but is higher than the $276.8 million at the end of the second
quarter of fiscal 2012.
During the second quarter of fiscal 2013, 14 units were shipped and 17 were
installed, increasing Accuray's worldwide installed base to 677 systems.
Accuray's cash and cash equivalents equaled $94.8 million and restricted cash
was $2.6 million, for a total of $97.4 million as of December 31, 2012.
Restructuring
As previously announced, Accuray has restructured its operations to achieve
two goals: first to improve commercial execution to generate revenue growth,
and second, to reduce operating expenses so that the company is in a better
position to achieve sustainable profitability. As a result of the
restructuring, Accuray expects to take a non-recurring charge of $3.0 million
to $4.0 million in the third quarter of fiscal 2013. The company expects
operating expense savings of approximately $40.0 million per year from the
level originally reported for fiscal 2012. The company expects operating
expenses to be approximately $38.0 million per quarter on a non-GAAP basis and
$38.5 million per quarter on a GAAP basis as we exit the fourth quarter of
fiscal 2013.
Outlook
As stated on January 3, 2013, Accuray management projects total revenue for
fiscal 2013 of $320.0 million to $330.0 million. This guidance represents
expected results on a non-GAAP basis.
Additional Information
Additional information, including slides of second quarter highlights which
will be discussed during the conference call, is available in the Investor
Relations section of the company's website at www.accuray.com/investors.
Earnings Call Open to Investors
Accuray will hold a conference call for financial analysts and investors on
Wednesday, February 6, 2013 at 2:00 p.m. PST/5:00 p.m. EST. The conference
call dial-in numbers are 1-866-761-0749 (USA) or 1-617-614-2707
(International), Conference ID: 63591669. A live webcast of the call will
also be available from the Investor Relations section of the corporate website
at www.accuray.com/investors. In addition, a recording of the call will be
available by calling 1-888-286-8010 (USA) or 1-617-801-6888 (International),
Conference ID: 63531003, beginning at 5:00 p.m. PST/8:00 p.m. EST on February
6, 2013 and will be available through February 13, 2013. A webcast replay will
also be available from the Investor Relations section of the Company's website
at www.accuray.com/investors from approximately 5:00 p.m. PST/8:00 p.m. EST
today through Accuray's release of its results for the third quarter of fiscal
2013, ending March 31, 2013.
About Accuray
Accuray Incorporated (Nasdaq: ARAY), is a radiation oncology company that
develops, manufactures and sells personalized, innovative 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. For more information, please
visit www.accuray.com.
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, expected total revenue, product revenue, service revenue, gross service
margin, orders and operating expenses, quarterly fluctuations in service
margins; the effects of the introduction of new CyberKnife and TomoTherapy
Systems; commercial execution; the company's future cost structure; the impact
of the restructuring of our operations, including the goals of the
restructuring and the expected restructuring charge; the company's future
growth including: order growth, revenue growth and future profitability; and
fiscal 2013 revenue guidance. 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 company's ability to convert
backlog to revenue; the success of its worldwide sales and marketing efforts;
the success of the introduction of our CyberKnife and TomoTherapy Systems; the
extent of market acceptance for the company's products and services; the
impact and success of the restructuring of our operations; the company's
ability to manage its expenses; continuing uncertainty in the global economic
environment; and other risks detailed from time to time under the heading
"Risk Factors" in the company's report on Form 10-K filed on September 10, ^
2012 and the company's report on Form 10‑Q filed on November 7, 2012 for the
first quarter of fiscal 2013 and the Form 10-Q to be filed for the second
quarter of fiscal 2013 and our 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 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.
Accuray Incorporated
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended December Six Months Ended
31, December 31,
2012 2011 2012 2011
(unaudited) (unaudited)
Net revenue:
Products $ 33,170 $ 63,802 $ 73,798 $119,976
Services 44,609 42,097 86,729 85,498
Other - 524 - 1,400
Total net revenue 77,779 106,423 160,527 206,874
Cost of revenue:
Cost of products 18,564 32,800 42,573 71,173
Cost of services 32,589 33,177 67,652 70,526
Cost of other - 203 - 504
Total cost of revenue 51,153 66,180 110,225 142,203
Gross profit 26,626 40,243 50,302 64,671
Operating expenses:
Selling and marketing 15,761 14,017 28,650 27,598
Research and 17,239 18,283 35,813 37,401
development
General and 15,892 13,395 28,734 28,083
administrative
Total operating 48,892 45,695 93,197 93,082
expenses
Loss from operations (22,266) (5,452) (42,895) (28,411)
Other expense, net (2,580) (4,464) (3,284) (7,236)
Loss before provision (24,846) (9,916) (46,179) (35,647)
for income taxes
Provision for income 667 367 1,264 905
taxes
Loss from continuing (25,513) (10,283) (47,443) (36,552)
operations
Loss from discontinued
operations:
Loss from operations of
a discontinued variable (1,400) (1,908) (3,505) (3,722)
interest entity
Impairment of
indefinite lived
intangible asset of - - (12,200) -
discontinued variable
interest entity
Loss from
deconsolidation of a (3,442) - (3,442) -
variable interest
entity
Loss from discontinued (4,842) (1,908) (19,147) (3,722)
operations, net of tax
Loss from discontinued
operations attributable (1,184) (1,804) (13,289) (3,377)
to noncontrolling
interest
Loss from discontinued
operations attributable (3,658) (104) (5,858) (345)
to stockholders
Net loss attributable $(29,171) $(10,387) $(53,301) $ (36,897)
to stockholders
Loss per share
attributable to
stockholders
Basic and diluted - $ (0.35) $ (0.15) $ (0.65) $
continuing operations (0.52)
Basic and diluted - $ (0.05) $ $ (0.09) $
discontinued operations - -
Basic and diluted - net $ (0.40) $ (0.15) $ (0.74) $
loss (0.52)
Weighted average common
shares used in
computing loss per
share
Basic and Diluted 72,870 70,698 72,433 70,481
Cost of revenue, selling and marketing, research and development, and general
and administrative expenses include stock-based compensation charges as
follows:
Cost of revenue $ 319 $ 437 $ 566 $
995
Selling and marketing $ 327 $ 151 $ 547 $
380
Research and $ 477 $ 567 $ 993 $ 1,169
development
General and $ 1,173 $ 792 $ 1,945 $ 2,012
administrative
Accuray Incorporated
Consolidated Balance Sheets
(in thousands, except share amounts)
December 31, June 30,
2012 2012
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 94,773 $ 143,504
Restricted cash 2,657 1,560
Accounts receivable, net of allowance for 63,468 67,890
doubtful accounts
Inventories 88,830 81,693
Prepaid expenses and other current assets 14,766 16,715
Deferred cost of revenue—current 7,509 4,896
Total current assets 272,003 316,258
Property and equipment, net $ 37,209 37,458
Goodwill 59,389 59,215
Intangible assets, net 36,317 49,819
Deferred cost of revenue—noncurrent 2,760 2,433
Other assets 7,957 7,987
Total assets $ 415,635 $ 473,170
Liabilities and equity
Current liabilities:
Accounts payable $ $
20,668 18,209
Accrued compensation 12,809 23,071
Other accrued liabilities 28,657 31,646
Customer advances 18,576 18,177
Deferred revenue—current 87,272 83,071
Total current liabilities 167,982 174,174
Long-term liabilities:
Long-term other liabilities 5,293 5,988
Deferred revenue—noncurrent 9,968 9,675
Long-term debt 81,565 79,466
Total liabilities 264,808 269,303
Equity:
Preferred stock, $0.001 par value;
authorized: 5,000,000 shares; no shares - -
issued and outstanding
Common stock, $0.001 par value; authorized:
200,000,000 and 100,000,000 shares; issued
and outstanding: 73,920,824 and 71,864,268 74 72
shares at December 31 and June 30, 2012,
respectively
Additional paid-in capital 418,008 409,143
Accumulated other comprehensive income 2,473 2,837
Accumulated deficit (269,728) (216,427)
Total stockholders' equity 150,827 195,625
Noncontrolling interest 8,242
Total equity 150,827 203,867
Total liabilities and equity $ 415,635 $ 473,170
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, as defined in
Regulation G promulgated by the Securities and Exchange Commission, with
respect to the three and six months ended December 31, 2012 and 2011. "GAAP"
refers to generally accepted accounting principles in the United States.
Accuray closed the acquisition of TomoTherapy on June 10, 2011 and
TomoTherapy's operations since that date are included in Accuray's
consolidated results of operations. Accounting for the impact of this
acquisition has resulted in changes to the value of assets and liabilities
from the amounts reflected by TomoTherapy prior to the acquisition and the
creation of incremental assets and liabilities including intangible assets for
developed technology and backlog, and unfavorable lease obligations. These
changes have impacted revenues and expenses recorded in Accuray's consolidated
statements of operations since the close of the acquisition. In addition,
Accuray has incurred significant expenses as a result of the acquisition, some
of which are one-time charges while others were incurred over fiscal 2012 and
2013 for the integration of TomoTherapy.
To reflect the ongoing core results of operations of the Company, including
adjusting for the impact of the acquisition of TomoTherapy, the Company has
presented its operating results on an adjusted non-GAAP basis as well as in
accordance with GAAP for the three and six months ended December 31, 2012 and
2011. We use the following measures shown in the following tables, which are
not calculated in accordance with GAAP. All significant adjustments to
reconcile to GAAP primarily relate to the acquisition of TomoTherapy except
the adjustment to Other income (expense). The Company believes that the
presentation of non-GAAP financial measures provides useful supplementary
information to and facilitates additional analysis by investors. The Company
uses these non-GAAP financial measures in connection with its own budgeting
and financial planning, as well as evaluating management performance for
compensation purposes. These non-GAAP financial measures are in addition to,
not a substitute for, nor superior to, measures of financial performance
prepared in conformity with GAAP.
Revenue Three months ended December 31, Three Months Ended December 31, Six Months Ended December 31, Six Months Ended December 31,
2012 2012 2012 2011 2011 2011 2012 2012 2012 2011 2011 2011
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Products $ - (A) $ 63,802 135 (A) 63,937 $ 265 (A) $ $ 483 (A) $
33,170 33,170 73,798 74,063 119,976 120,459
Services 44,609 (33) (B) 44,576 42,097 (3,693) (B) 38,404 86,729 (92) (B) 86,637 85,498 (8,761) (B) 76,737
Other - - - 524 - 524 - - - 1,400 - 1,400
Total $ $ $ 106,423 (3,558) 102,865 $ $ 173 $ $ $ $
77,779 (33) 77,746 160,527 160,700 206,874 (8,278) 198,596
As of the close of the acquisition, TomoTherapy's deferred product revenue related to products shipped but not yet installed was written down to the fair value of goods
and services remaining to be delivered. As a result, during the three months ended December 31, 2012 and 2011, product revenue recorded by Accuray for the sale of
(A) TomoTherapy products was $-0- and $0.1 million lower than product revenue that would have been recorded by TomoTherapy if the acquisition had not occurred. For the six
months ended December 31, 2012 and 2011, product revenue recorded by Accuray for the sale of TomoTherapy products was $0.3 and $0.5 million lower than product revenue that
would have been recorded by TomoTherapy if the acquisition had not occurred.
As of the close of the acquisition, TomoTherapy's deferred service revenue was written up to fair value. As a result, deferred service revenue recognized by Accuray during
(B) the three months ended December 31, 2012 and 2011 was less than $0.1 million and $3.7 million higher than the amount that would have been recognized by TomoTherapy if the
acquisition had not occurred. For the six months ended December 31, 2012 and 2011, deferred service revenue recognized was $0.1 million and $8.8 million higher than the
amount that would have been recognized by TomoTherapy if the acquisition had not occurred.
Cost of Revenue
Three months ended December 31, Three Months Ended December 31, Six Months Ended December 31, Six Months Ended December 31,
2012 2012 2012 2011 2011 2011 2012 2012 2012 2011 2011 2011
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Products $ $ (1,990) (C) $ $ $ (4,549) (C) $ $ $ (5,608) (C) $ $ $ (C) $
18,564 16,574 32,800 28,251 42,573 36,965 71,173 (16,040) 55,133
Services 32,589 16 (D) 32,605 33,177 493 (D) 33,670 67,652 4 (D) 67,656 70,526 (3,151) (D) 67,375
Other - - - 203 - 203 - - - 504 - 504
Total $ $ (1,974) $ $ $ (4,056) $ $ $ (5,604) $ $ $ $
51,153 49,179 66,180 62,124 110,225 104,621 142,203 (19,191) 123,012
Products cost of revenue included the following charges arising from the acquisition of TomoTherapy and Morphormics: $2.0 million and $5.6 million, respectively, during
the three and six months ended December 31, 2012 for amortization of intangible assets created by the acquisitions. For the three and six months ended December 31, 2011,
(C) respectively: $0.7 million and $8.3 million due to the write up of finished goods and work-in-process inventory on hand at the time of the acquisition from cost basis to
fair value, $3.8 million and $7.7 million for amortization of intangible assets created by the acquisition, and less than $0.1 million and $0.1 million due to employee
severance and retention expenses.
Services cost of revenue included the following adjustments to expenses arising from the acquisition of TomoTherapy during the three and six months ended December 31,
2012: less than $(0.1) and $(0.3) million charges for property, plant and equipment revaluation; $0.1 and $0.4 million reductions in expenses due to the roll out of fair
value increases in warranty and loss contracts reserves, both of which were related to service provided during the periods. For the three and six months ended December
(D) 31, 2011: $-0- and $(3.6) million charge due to the write up of service related inventory on hand at the time of the acquisition from cost basis to fair value, $1.2
million and $2.4 million reductions in expenses due to the roll out of fair value increases in warranty and loss contracts reserves for the periods of service consumed,
$(0.1) million and $(0.2) million charges for property, plant and equipment revaluation, and $(0.6) million and $(1.8) million charges due to employee severance,
integration and retention expenses.
Gross Profit
Three months ended December 31, Three Months Ended December 31, Six Months Ended December 31, Six Months Ended December 31,
2012 2012 2012 2011 2011 2011 2012 2012 2012 2011 2011 2011
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Products $ 1,990 $ $ $ 4,684 $ $ $ 5,873 $ $ $ $
14,606 16,596 31,002 35,686 31,225 37,098 48,803 16,523 65,326
Services 12,020 (49) 11,971 8,920 (4,186) 4,734 19,077 (96) 18,981 14,972 (5,610) 9,362
Other - - - 321 - 321 - - - 896 - 896
Total $ $ 1,941 $ $ $ 498 $ $ $ 5,777 $ $ $ $
26,626 28,567 40,243 40,741 50,302 56,079 64,671 10,913 75,584
Gross Profit Margin
Three months ended December 31, Three Months Ended December 31, Six Months Ended December 31, Six Months Ended December 31,
2012 2012 2012 2011 2011 2011 2012 2012 2012 2011 2011 2011
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Products 44.0% 6.0% 50.0% 48.6% 7.2% 55.8% 42.3% 7.8% 50.1% 40.7% 13.5% 54.2%
Services 26.9% (0.0)% 26.9% 21.2% (8.9)% 12.3% 22.0% (0.1)% 21.9% 17.5% (5.3%) 12.2%
Other - - - 61.3% - 61.3% - - - 64.0% - 64.0%
Total 34.2% 2.5% 36.7% 37.8% 1.8% 39.6% 31.3% 3.6% 34.9% 31.3% 6.8% 38.1%
Operating Expenses
Three months ended December 31, Three Months Ended December 31, Six Months Ended December 31, Six Months Ended December 31,
2012 2012 2012 2011 2011 2011 2012 2012 2012 2011 2011 2011
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Selling and $ (11) (E) $ $ $ (E) $ $ $ (E) $ $ $ (E) $
Marketing 15,761 15,750 14,017 (46) 13,971 28,650 (10) 28,640 27,598 (1,770) 25,828
Research and 17,239 (188) (F) 17,051 18,283 (583) (F) 17,700 35,813 (351) (F) 35,462 37,401 (884) (F) 36,517
Development
General and 15,892 (570) (G) 15,322 13,395 (1,226) (G) 12,169 28,734 (1,546) (G) 27,188 28,083 (3,607) (G) 24,476
Administrative
Total $ $ $ $ $ (1,855) $ $ $ (1,907) $ $ $ $
48,892 (769) 48,123 45,695 43,840 93,197 91,290 93,082 (6,261) 86,821
For the three and six months ended December 31, 2012, less than $0.1 million charge for property, plant and equipment revaluation. For the three months ended December 31,
(E) 2011, $0.1 million charge primarily due to employee severance, integration and retention expenses. For the six months ended December 31, 2011, $1.2 million charge due to
employee severance and retention expenses, and $0.6 million due to preparation for integration of work forces and operations.
For the three and six months ended December 31, 2012: $0.1 million and $0.2M due to retention expenses from the acquisition of Morphormics, and $0.1 million and $0.1
(F) million due to property, plant and equipment revaluation from acquisition of TomoTherapy. For the three and six months ended December 31, 2011, $0.6 million and $0.9
million charges primarily due to employee severance, integration and retention expenses.
For the three and six months ended December 31, 2012: $-0- and $0.3 million charge primarily due to employee severance from the acquisition of Morphormics, $0.2 million
and $0.4 million related to employee severance and retention due to consolidation of European offices, $-0- and $0.1 million charge related to preparation for acquisition
of Morphormics and $0.3 million and $0.7 million due to property, plant and equipment revaluation due to the acquisition of TomoTherapy. For the three months ended
(G) December 31, 2011, $0.5 million charge due to employee severance and retention expenses, $0.2 million charge related to preparation for integration of work forces and
operations, and $0.5 million charge for property, plant and equipment revaluation. For the six months ended December 31, 2011, $1.5 million charge due to employee
severance and retention expenses, $1.2 million charge related to preparation for integration of work forces and operations, and $0.9 million charge for property, plant
and equipment revaluation.
Net loss attributable to Stockholders
Three months ended December 31, Three Months Ended December 31, Six Months Ended December 31, Six Months Ended December 31,
2012 2012 2012 2011 2011 2011 2012 2012 2012 2011 2011 2011
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Loss From $ $ 2,710 (H) $ $ $ 2,353 (H) $ $ $ 7,683 (H) $ $ $ (H) $
Operations (22,266) (19,556) (5,452) (3,099) (42,895) (35,212) (28,411) 17,174 (11,237)
Other Expense (2,580) 1,058 (I) (1,522) (4,464) 959 (I) (3,505) (3,284) 1,437 (K) (1,847) (7,236) 1,598 (I) (5,638)
Provision For 667 - 667 367 - 367 1,264 - 1,264 905 - 905
Income Taxes
Loss from $ $ $ $ $ $ $ $ $
Continuing (25,513) $ 3,768 (21,745) (10,283) $ 3,312 (6,971) (47,443) $ 9,120 (38,323) (36,552) 18,772 (17,780)
Operations
Loss from
operations of a
discontinued (1,400) - (1,400) (1,908) - (1,908) (3,505) - (3,505) (3,722) - (3,722)
variable
interest
entity
Impairment of
indefinite
lived
intangible
asset of - - - - - - (12,200) 12,200 (L) - - - -
discontinued
variable
interest
entity
Loss from
deconsolidation
of a variable (3,442) 3,442 (J) - - - - (3,442) 3,442 (J) - - - -
interest
entity
Loss from
discontinued $ $ 3,442 $ $ $ - $ $ $ 15,642 $ $ $ $
operations, (4,842) (1,400) (1,908) (1,908) (19,147) (3,505) (3,722) - (3,722)
net of tax
Loss from
discontinued
operations (1,184) - (1,184) (1,804) - (1,804) (13,289) 10,323 (M) (2,966) (3,377) - (3,377)
attributable to
noncontrolling
interest
Loss from
discontinued $ $ $ $ $ $ $ $ $
operations (3,658) $ 3,442 (216) (104) $ - (104) (5,858) $ 5,319 (539) (345) - (345)
attributable to
stockholders
Net Loss $ $ $ $ $ $ $ $ $
Attributable to (29,171) $ 7,210 (21,961) (10,387) $ 3,312 (7,075) (53,301) $ 14,439 (38,862) (36,897) 18,772 (18,125)
Stockholders
(H) Represents impact of all adjustments (A) through (G) on loss from operations.
(I) Represents non-cash interest expense arising from the accretion of interest expense on the long-term debt.
(J) Represents loss from deconsolidation of CPAC.
(K) Includes $2.0 million non-cash interest expense arising from the accretion of interest expense on the long-term debt, offset by $0.6 million gain on previously held equity
interest due to the acquisition of Morphormics.
(L) Represents the impairment charges related to the write-down of the in-process research and development (IPR&D) asset based on results of research and development work
carried out by CPAC, a variable interest entity deconsolidated by the Company in Q2'13.
(M) Represents the noncontrolling portion of the $12.2 million impairment charge related to the write-down of the IPR&D asset based on results of research and development work
carried out by CPAC, a variable interest entity deconsolidated by the Company in Q2'13.
Loss per share attributable to stockholders
Three months ended December 31, Three Months Ended December 31, Six Months Ended December 31, Six Months Ended December 31,
2012 2012 2012 2011 2011 2011 2012 2012 2012 2011 2011 2011
GAAP Adjustments Non-GAAP 0 Adjustments 0 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Basic and
diluted - $ $ $ $ $ 0.05 $ $ $ 0.12 $ $ $ $
continuing (0.35) 0.05 (0.30) (0.15) (0.10) (0.65) (0.53) (0.52) 0.27 (0.25)
operations
Basic and
diluted - $ $ $ $ $ - $ $ $ 0.08 $ $ $ $
discontinued (0.05) 0.05 - - - (0.09) (0.01) - (0.01) (0.01)
operations
Basic and $ $ $ $ $ $ $ $ $ $
diluted - net (0.40) 0.10 (0.30) (0.15) $ 0.05 (0.10) (0.74) $ 0.20 (0.54) (0.52) 0.26 (0.26)
loss
Weighted
average common
shares used in 72,870 72,870 70,698 70,698 72,433 72,433 70,481 70,481
computing loss
per share
SOURCE Accuray Incorporated
Website: http://www.accuray.com
Contact: Tom Rathjen, Vice President, Investor Relations, +1-408-789-4458,
trathjen@accuray.com or Rebecca Phillips, Public Relations Manager,
+1-408-716-4773, rphillips@accuray.com
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