Revenue decline hurts Accuray Q2 results

A decrease in product revenue adversely affected financial results for radiation oncology firm Accuray in the second quarter of the company's 2013 fiscal year (end-December 31, 2012).

Total consolidated revenue under generally accepted accounting principles (GAAP) decreased to $77.8 million in the second fiscal quarter, compared with total GAAP revenue of $106.4 million in the same quarter of fiscal 2012. Total non-GAAP revenue slipped to $77.7 million in the second quarter of fiscal 2013, compared with total non-GAAP revenue of $102.9 million in the same quarter a year ago.

The company's consolidated GAAP net loss in the second quarter of fiscal 2013 was $29.2 million, compared with $10.4 million in the second quarter of the prior year. The non-GAAP net loss for the 2013 second quarter was $22 million, compared with $7.1 million in the same quarter of fiscal 2012.

As previously announced, Accuray has restructured its operations to achieve two goals: to generate more revenue, and to reduce operating expenses to better position the company to achieve sustainable profitability.

As a result of the restructuring, Accuray expects to take a nonrecurring charge of $3 million to $4 million in the third quarter of fiscal 2013.

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