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Accuray Reports Financial Results For Fourth Quarter Of Fiscal Year 2014 And Introduces Fiscal 2015 Guidance

Stocks in this article: ARAY

Achieves Full Year Net Order Guidance

Strong Revenue, Margin Expansion and Adjusted EBITDA Growth

SUNNYVALE, Calif., Aug. 21, 2014 (GLOBE NEWSWIRE) -- Accuray Incorporated (Nasdaq:ARAY) announced today financial results for the fourth fiscal quarter and fiscal year ended June 30, 2014.

Fourth Quarter Highlights

  • Strong order growth with gross orders of $74.5 million
  • Total revenue of $102.0 million increases 20% from the fourth fiscal quarter 2013
  • Gross margin increases 555 basis points from the fourth fiscal quarter 2013
  • Achieves adjusted EBITDA of $2.5 million

"We are pleased by the results in both gross and net order volumes this quarter as we returned to year-over-year quarterly growth for these metrics," said Joshua H. Levine, president and chief executive officer of Accuray. "We are excited about the momentum in our business as we enter fiscal 2015, and our guidance reflects the continued execution on our commercial strategies. We believe our commitment to increasing revenues while providing significant adjusted EBITDA improvement should drive an increase in shareholder value."

Financial Highlights

Gross product orders totaled $74.5 million for the fourth fiscal quarter, an increase of $2.9 million or 4% from the fourth quarter of the prior fiscal year. Gross product orders, less cancellations and age-outs, totaled $63.0 million for the fourth fiscal quarter, an increase of $4.9 million or 8% from the fourth quarter of fiscal 2013. The $63.0 million also represents a 63% increase in net orders from the immediately preceding quarter.

Total revenue reached $102.0 million, representing an increase of 20% from the prior fiscal year fourth quarter. The Americas region revenues were $50.0 million, an increase of 13%. Revenues outside the Americas region were $52.0 million, an increase of 28%. Product revenues totaled $51.8 million and represented an increase of 34% from the prior fiscal year fourth quarter while service revenues totaled $50.2 million and represented an increase of 8% over the prior fiscal year fourth quarter.

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