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Accuray's CEO Discusses F4Q12 Results - Earnings Call Transcript

Stocks in this article: ARAY

And now I would like to turn the call over to our president and chief executive officer, Dr. Euan Thomson. Euan?

Euan Thomson

Thank you, Tom. And thanks to everyone for joining us today for Accuray’s fourth quarter of fiscal year 2012 conference call. To help illustrate the main points discussed this afternoon, we have posted slides to the investor relations page of the Accuray website.

This afternoon, I’ll review the progress in our strategic plan and provide an update on our outlook for fiscal 2013 and beyond. I will then turn the call over to Derek Bertocci who will provide a detailed financial review.

As we’ve done in previous quarters, we’ll provide both GAAP and non-GAAP numbers. When Derek talks later, he will refer to both measures, but for the sake of clarity, I will refer only to the non-GAAP numbers, since they give you a clear picture of Accuray’s ongoing core operations.

Today our results show that we have achieved good progress in our strategic plan, although we know there is still work to do. Fiscal 2012 was a year of transition at Accuray, as we integrated our acquisition of TomoTherapy. It represented the first year of our multiyear strategy and execution story.

The first phase of our strategy centered on integrating the two companies, with a strong focus on solving the liability issues surrounding the TomoTherapy system. I’m pleased to report that we have now engineered solutions to TomoTherapy systems reliability issues, with upgraded technology that we’re in the process of rolling out to the field.

The second phase of our strategy is to drive system orders and revenue growth through a major technology release that we will unveil at the ASTRO trade show next month. This aspect of the plan we were not able to announce until today for commercial reasons, but I’ll talk more about it in a few minutes.

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