Accuray posts losses for Q1

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Accuray, a provider of radiosurgery systems, has reported its financial results for the first quarter of fiscal 2009, which ended Sept. 27.

The Sunnyvale, Calif.-based company said its net loss for the first quarter of fiscal 2009 was $3.2 million, compared to net income of $2.3 million, during the same period last year. Accuray said its loss for the quarter was driven primarily by non-recurring employee separation expenses of $2.1 million and inventory write downs of $1.3 million.

For the first quarter, Accuray said its total revenue of $55.9 million, a 15 percent increase over first quarter of fiscal 2008 total revenue of $48.6 million, and a 10 percent increase over the fourth quarter of fiscal 2008 total revenue of $50.9 million.

Accuray said its cash and investment balances at the end of the quarter totaled $162.1 million, which includes cash and cash equivalents of $27.2 million, short-term investments of $91.5 million, long-term investments of $38 million and $5.4 million in restricted cash. At the end of the first quarter, the company said it had zero debt.