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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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