Orders for its CyberKnife robotic radiosurgery system powered Accuray of Sunnyvale, CA, to higher revenue in the first half of its fiscal year 2009 (end-December 27, 2008).
Revenue increased by 11% to $57.6 million, compared with $52 million in the second quarter of fiscal 2008. Net income slipped to $1.4 million, compared with net income of $2.3 million in the same quarter a year ago. Accuray attributed the decrease to a charge of $860,000 related to a settlement agreement with a distributor of auction rate securities that guarantees repayment of the securities beginning in June 2010.
For the six-month period, revenue climbed 13% to $113.5 million, compared with $100.7 million in the same period of fiscal 2008. Accuray posted a net loss of $1.8 million in the six-month period, compared with net income of $4.6 million in the first half of fiscal 2008. The net loss was primarily due to nonrecurring costs associated with employee separation expenses and inventory write-downs during the fiscal first quarter of 2009.
Related Reading
Accuray notches 100th U.S. installation, December 24, 2008
NY Times: CyberKnife Medicare coverage varies in U.S., December 23, 2008
Accuray posts mixed Q1 results, December 19, 2008
Accuray reaches milestone, December 9, 2008
Accuray hires CFO, December 4, 2008
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