Key Developments For Accuray Incorporated
Accuray Incorporated (ARAY.O) (Consolidated Issue listed on NASDAQ Global Market)
Accuray Incorporated Introduces the CyberKnife VSI System
Accuray Incorporated announced the introduction of the CyberKnife VSI System, the latest addition to the CyberKnife product family. The new CyberKnife VSI, which stands for versatile, simple and intelligent, is designed to broaden physicians' range of options from radiosurgery to also include conventionally fractionated Robotic IMRT.
Accuray Incorporated Reiterates FY 2010 Revenue Outlook
Accuray Incorporated reiterated its fiscal 2010 outlook and expects revenue in the range of $215-$230 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $218 million for the same period.
Accuray Incorporated Announces Installation Of First CyberKnife System In Canada
Accuray Incorporated announced that Centre Hospitalier de l'Universite de Montreal (CHUM) has installed a CyberKnife Robotic Radiosurgery System at Hopital Notre-Dame du CHUM, in Montreal, Canada.
Accuray Incorporated Issues Q1, FY 2010 Revenue Guidance Below Analysts' Estimates
Accuray Incorporated announced that for fiscal 2009, it expects revenue to be in the range of $215 to $230 million. For first quarter of 2010, it expects revenue to be in the range of $40 to $50 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $59 million for first quarter of 2010; revenue of $232 million for fiscal 2010.
Shalov Stone Bonner & Rocco LLP Files Class Action Against Accuray Incorporated
Shalov Stone Bonner & Rocco LLP announced that it has filed a class action lawsuit on behalf of purchasers of the common stock of Accuray Incorporated between February 7, 2007, and August 19, 2008, inclusive (the Class Period). Also included are purchasers of Accuray common stock pursuant or traceable to the Company's Initial Public Offering on or about February 7, 2007. The lawsuit is pending in the United States District Court for the Northern District of California. The complaint alleges that, throughout the Class Period, the defendants made false and misleading statements concerning Accuray's financial performance, but failed to disclose that: Accuray amended its definition of backlog to include both contingent and non-contingent contracts; that a considerable percentage of contingent and non-contingent orders for the CyberKnife system that did not have a high probability of being booked as revenue were reported as backlog; Accuray's backlog was overstated by at least $127 million; Accuray sales personnel entered into contingent contracts for CyberKnife systems that did not have a high probability of being booked as revenue; the Company lacked adequate internal controls and procedures to ensure that potential orders reported as backlog had a substantially high probability of being booked as revenue; and that based on the foregoing, defendants did not have a reasonable basis for their positive statements about Accuray, its backlog, earnings, operations and prospects.
