Accuray Reports Fourth Quarter and Fiscal 2019 Financial Results

About this update from Accuray Incorporated

[{"type":"text","content":"SUNNYVALE, Calif., Aug. 15, 2019 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the fourth quarter and fiscal year ended June 30, 2019.\n\n \nQ4 Fiscal 2019 and Recent Operating Highlights\nRevenue increased 3 percent to $117.4 million, the highest ever quarterly revenue reported; Gross orders increased to $97.2 million $3.3 million of operating profit, which grew 5 percent Signed first multi-system order bundling Accuray and RaySearch Laboratories product and software offerings Signed first upgrade order for Synchrony motion tracking and correction technology for RadixactFiscal Year 2019 Highlights\nGross orders increased 12 percent year-over-year to $342.3 million Revenue increased 3 percent over the prior fiscal year to $418.8 million Recorded first full year of operating profit since 2011\"From all perspectives, fiscal 2019 was a very successful year,\" said Joshua H. Levine, president and chief executive officer. \"We generated 12 percent gross order growth for the year while our efforts to increase efficiencies led to the Company's first operating profit since 2011. Additionally, we set a new quarterly revenue record during the fourth quarter. From a strategic growth perspective, we advanced our opportunities in China which is the world's fastest growing radiotherapy market. It should be noted that our progress during fiscal 2019 came without significant revenue contribution from the China market as the process for awarding and issuing Class A and B user licenses for radiotherapy systems is still in an early phase.\"\nQ4 Fiscal 2019 Financial Highlights\nGross product orders totaled $97.2 million for the fourth quarter of fiscal 2019 compared to $96.4 million for the prior fiscal year fourth quarter. Ending order backlog was $495.6 million, approximately 4 percent higher than at the end of the prior fiscal year.\nTotal revenue was $117.4 million, an increase of 3 percent compared to $113.8 million in the prior fiscal year fourth quarter. Product revenue totaled $60.6 million compared to $54.6 million in the prior fiscal year fourth quarter, while service revenue totaled $56.8 million compared to $59.2 million in the prior fiscal year fourth quarter.\nTotal gross profit for the fourth quarter of fiscal 2019 was $45.9 million or approximately 39.1 percent of sales, comprised of produ...

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