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Accuray's CEO Discusses F4Q12 Results - Earnings Call Transcript

Stocks in this article: ARAY

And the final phase will be to accelerate earnings growth, but I’ll concentrate today on the first two phases since they represent the year we just concluded and the period we’re now entering. Let me first provide a review of the fourth quarter and full fiscal year 2012. During the fourth quarter, total revenue was $101.1 million. 15 units were installed and 23 units shipped.

Total revenue for the fiscal 2012 was essentially unchanged from prior year when factoring nonrecurring platinum revenue and the difference in TomoTherapy product revenue accounting. This met a goal of maintaining revenue in the year in which we integrated two sales forces.

For the full year of fiscal 2012, we placed 99 system orders into backlog, and we shipped 92. The number of new orders increased for both product lines internationally, offset by a decline in U.S. orders for both products. There was a net worldwide increase in orders for TomoTherapy systems over the prior year, and a year on year decline in CyberKnife orders, although I’m glad to report that Q4 was a strong quarter of CyberKnife orders. We believe this is a sign that we’re reversing the decline in the CyberKnife product revenue that we observed during the first year of integration.

In the fourth quarter, we added $74.2 million in new orders to backlog. The rolling four quarter book-to-bill ratio is 1.02. For the past three quarters, the book-to-bill ratio was 1.12, and for Q4 it was 1.15. This indicates growing momentum in new order performance, a leading indicator of future revenue growth.

I’ll now briefly review the environment in the U.S. As we announced last quarter, we have realigned our U.S. sales force to address our recent U.S. weakness. Although the business environment in the U.S. remains somewhat weak, in certain territories we continue to do well.

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