Monday, Accuray Inc.(ARAY), a CyberKnife Robotic Radiosurgery System maker, reported an increase in fourth quarter earnings from a year ago, benefiting from top line growth. Looking ahead, the company provided its full year revenue guidance.
The Sunnyvale, California-based Accuray's fourth quarter net income rose to $1.2 million or $0.02 per share, up from $191 thousand or breakeven per share for the same period last year. On average, six analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenues grew 15% to $58.8 million from $50.9 million in the prior year period, exceeding Street estimate of $56.88 million.
Total backlog for the quarter was $556 million, with approximately $285 million associated with CyberKnife System contracts and approximately $271 million associated with services and other recurring revenue.
For fiscal year 2009, Accuray posted net income of $609 thousand or $0.01 per share, down from $5.4 million or $0.09 per share for the previous year. During fiscal 2009, net income was impacted by $5.8 million or $0.10 per share of non-recurring charges, associated with employee severance, inventory write downs and expenses related to January's work force reduction. Analysts expected earnings of $0.02 per share for the year.
Revenues for the twelve-month period advanced 11% to $233.6 million from $210.4 million recorded a year ago. The consensus revenue estimate was $231.68 million for the year.
Looking ahead, Accuray expects revenue to be in the range of $215 million to $230 million during fiscal year 2010. Based on current customer schedules, revenue in the first quarter is expected to be low, in the range of $40 to $50 million. Revenue from Platinum contracts is expected to decline by approximately $38 million in fiscal 2010 from fiscal 2009. All other revenue is expected to grow by approximately $20 to $30 million.
ARAY closed Monday's regular class at $7.52, down $0.77 or 10.24%, on a volume of about 557 thousand shares.
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