The company's preliminary financial report estimated that consolidated revenues under generally accepted accounting principles (GAAP) will be in the range of $72 million to $75 million, compared with total GAAP revenue of $106.4 million in the second quarter of fiscal 2012.
Service revenue, however, posted an increase of approximately 14% in the second fiscal quarter, compared with the same quarter of fiscal 2012.
Accuray anticipated a net loss on a non-GAAP basis of $25 million to $30 million in the second fiscal quarter of 2013.
Because of the results, the company plans to restructure operations to enhance revenue and profitability by developing a cost structure to reallocate resources to commercial sales and marketing and enhance business processes to support revenue growth.
The restructuring is expected to reduce staff by approximately 13%, with most layoffs occurring in the U.S.
Accuray expects to take a nonrecurring charge of $3 million to $4 million in the third quarter of fiscal 2013 for the restructuring. The move could save the company approximately $40 million per year in annual operating expenses compared to fiscal 2012, with initial benefits on the book for the fourth quarter of fiscal 2013.
Accuray projects fiscal 2013 revenues on a non-GAAP basis of $320 million to $330 million, with a net loss in the range of $63 million to $69 million for fiscal 2013.
Copyright © 2013 AuntMinnie.com