In order to maintain the company's strong innovation lead and accelerate both products, Accuray continues to invest heavily in R&D. Enabled by the acquisition of TomoTherapy, Accuray increased its R&D spend by 23 percent for the first three quarters of FY2012 from the spend by both companies during the same period in fiscal year 2011. Accuray expects to see operating expense benefits as a result of the company's increased scale and intends to reduce operating expenses to approximately 45 percent or less of revenues by the end of fiscal 2013.
About AccurayAccuray Incorporated (Nasdaq: ARAY), based in Sunnyvale, Calif., is the premier 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 – the CyberKnife and TomoTherapy Systems – are designed to deliver radiosurgery, stereotactic body radiation therapy, intensity modulated radiation therapy, image guided radiation therapy, and adaptive radiation therapy. As of March 31, 2012, 635 systems have been installed in leading hospitals around the world. 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 revenue growth, service gross margin & reliability improvements, market penetration, installed base expansion, acquisition revenue synergies, market share gains, investment in R&D, and reduction in operating expenses. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including risks detailed from time to time under the heading "Risk Factors" in the Company's report on Form 10-K for fiscal year 2011, and its reports on Form 10-Q for the first, second and third quarters of fiscal 2012.
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 place undue reliance on any forward-looking statements.