US Market News
3週前
Accuray and the University of Wisconsin-Madison Announce Master Research Agreement to Improve Personalized Care for Patients with CancerMay 15, 2026 4:05 PM
PR Newswire (US) MADISON, Wis., May 15, 2026 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) and the University of Wisconsin School of Medicine and Public Health (UW SMPH) announced a new 10-year strategic collaboration to advance personalized cancer treatments using Accuray's Stellar™ adaptive radiation therapy platform. This agreement builds on longstanding shared history of partnership between Accuray and the school to develop precision radiation therapy technologies using imaging to precisely deliver dose sculpting for cancer treatments. This newest collaboration will support clinical research, education and training, and the development of adaptive therapies that help empower medical care teams to continually raise the standard in cancer care. "Our success depends on collaboration, innovation, and the energy that comes from addressing meaningful clinical needs for patients," said Steve La Neve, President and CEO of Accuray. "This Master Research Agreement formalizes and expands our longstanding relationship with the University of Wisconsin–Madison and grounds our innovations in real-world clinical practice and impactful patient care. By leveraging our respective strengths, we aim to extend the curative power of radiotherapy so departments of all sizes around the world can benefit from advanced adaptive therapies."In the late 1980s, University of Wisconsin-Madison Professor of Medical Physics, Human Oncology, and Engineering Thomas "Rock" Mackie and his team invented technology that would later be commercialized as Accuray's first helical radiation delivery platform, the TomoTherapy® System. This ushered in a new era in radiation medicine, enabling clinicians for the first time to integrate helical 3D image-guidance with intensity-modulated radiation therapy (IG-IMRT), increasing treatment precision and accuracy to help improve patients' cancer care. Since its introduction, Accuray has continued to enhance the helical platform, introducing advances in image quality, speed, versatility, and workflow efficiency.The new agreement between the UW School of Medicine and Public Health and Accuray will build on this shared history to advance the next generation of adaptive radiotherapy approaches, according to Zachary Morris, MD, PhD, professor and chair of human oncology. "At UW we have exceptionally talented innovators in radiation medicine across the spectrum from discovery science to translational and clinical research and we have a track-record of advancing discoveries to clinical practice. This agreement with Accuray is an exciting next step that will accelerate the process of translating research innovation into technologies that better serve patients, leveraging a robust academic-industry collaboration to advance personalized radiotherapy treatments," said Morris. "This framework enables us to build on a long history of shared innovation with Accuray to deepen our collaboration, bring future innovations from bench to bedside, and create translational research and training opportunities that keep patients at the center of our work," said Nita Ahuja, MD, MBA, Dean of the UW School of Medicine and Public Health and Vice Chancellor for Medical Affairs at the University of Wisconsin–Madison.About Accuray
Accuray is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions designed to deliver radiation treatments for even the most complex cases--while making commonly treatable cases even easier--to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Madison, Wisconsin, with facilities worldwide. To learn more, visit www.accuray.com or follow us on Facebook, LinkedIn, X, and YouTube.About the University of Wisconsin School of Medicine and Public Health
The University of Wisconsin School of Medicine and Public Health is recognized as one of the nation's leading institutions in health sciences education, research, and service. Founded in 1907 as the medical school of the University of Wisconsin-Madison, in 2005 it became the nation's first school to integrate the disciplines of medicine and public health. With a deep commitment to a vision of healthy people and healthy communities, we translate discovery into application and interconnect clinical care, education and research. The school employs more than 5,600 faculty and staff and provides educational opportunities for nearly 3,000 students and postgraduate trainees. For federal fiscal year 2025, the school ranked #10 in the nation among public medical schools for NIH funding according to the Blue Ridge Institute for Medical Research. Some of the nation's leading researchers, educators, and clinicians are among the faculty, including several National Medal of Science recipients and National Academy of Science honorees.Safe Harbor Statement
Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to expectations related to the proposed collaboration between the Company and the University of Wisconsin. These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of the company's assumptions prove incorrect, actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to enter into a collaboration agreement with the University of Wisconsin, the ability to achieve the benefits of such collaboration, and such other risks identified under the heading "Risk Factors" in the company's annual report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on August 28, 2025, and as updated periodically with the company's other filings with the SEC.Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements.Media Contacts
Daniel Biank
Vice President of Regulatory & Government Affairs
Accuray
dbiank@accuray.comRobyn M. Perrin, Ph.D.
Chief Communications Officer
University of Wisconsin School of Medicine and Public Health
rmperrin@wisc.edu View original content to download multimedia:https://www.prnewswire.com/news-releases/accuray-and-the-university-of-wisconsin-madison-announce-master-research-agreement-to-improve-personalized-care-for-patients-with-cancer-302773750.htmlSOURCE Accuray Incorporated Original: Accuray and the University of Wisconsin-Madison Announce Master Research Agreement to Improve Personalized Care for Patients with Cancer
US Market News
1月前
Accuray Reports Fiscal 2026 Third Quarter Financial ResultsMay 6, 2026 4:05 PM
PR Newswire (US) MADISON, Wis., May 6, 2026 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the third quarter ended March 31, 2026. Key HighlightsTransformation plan delivering ahead of expectations, with approximately $10 million of cost and margin improvements achieved through the fiscal third quarter, positioning the company to exceed the $12 million FY26 target.Commercial leadership strengthened with the appointment of Paul Miele as Chief Commercial Officer, bringing deep global experience in scaling capital medical device businesses and accelerating profitable growth.Strategic partnerships gaining momentum, expanding Accuray's ecosystem across imaging, software, workflow, clinical research, and operational execution in collaboration with many leading organizations to further amplify the company's strengths.Company withdraws fiscal 2026 financial guidance due to geopolitical uncertainty in the Middle East, which continues to materially impact product shipments and service revenue, with installations in several of the markets within the region delayed.At the upcoming European Society for Radiotherapy and Oncology ("ESTRO") Congress in Stockholm, Sweden on May 15 – 19, 2026, the Company will showcase a series of practical, customer-driven product enhancements that reinforce their commitment to clinical excellence, workflow efficiency, and continuous innovation."During the quarter, we made meaningful progress executing against the transformation plan we launched in December," said Steve LaNeve, President and Chief Executive Officer of Accuray. "We are already seeing tangible benefits from these initiatives, including approximately $10 million in realized margin improvements through the fiscal third quarter, positioning us ahead of our original expectations. We have also strengthened our leadership team with experienced talent in key strategic areas and continue to enhance our technology platform through highly strategic partnerships focused on advancing real-time adaptation to patient and tumor motion during treatment, a core differentiator of Accuray's technology. Taken together, we believe these actions will improve execution, strengthen profitability, and create meaningful long-term value for our shareholders."Mr. LaNeve continued, "Overall, we are encouraged by the progress we are making and remain confident in our strategy and our ability to execute on the areas within our control. However, the current geopolitical environment has created significant unpredictability around the timing of installations in several key Middle Eastern markets. Given these uncertainties, we believe it is prudent to withdraw financial guidance at this time, specifically as it relates to total net revenue and Adjusted EBITDA, and revisit our outlook when we report fiscal fourth quarter results."Fiscal Third Quarter ResultsTotal net revenue was $104.8 million in the third quarter of fiscal 2026, or a decrease of 7 percent, as compared to $113.2 million in the prior fiscal year third quarter. Product revenue was $49.7 million in the third quarter of fiscal 2026, or a decrease of 13 percent, as compared to $57.3 million in the prior fiscal year third quarter. Service revenue was $55.1 million in the third quarter of fiscal 2026, or a decrease of 1 percent, as compared to $55.9 million in the prior fiscal year third quarter.Total gross profit was $25.3 million in the third quarter of fiscal 2026, or 24.1 percent of total net revenue, as compared to a total gross profit of $31.6 million, or 27.9 percent of total net revenue, in the prior fiscal year third quarter. The decrease in gross margin rate was primarily due to higher net parts consumption of $3.2 million, as well as higher than average logistics and duties costs.Operating expenses were $34.4 million in the third quarter of fiscal 2026, or an increase of 12 percent, as compared to $30.6 million in the prior fiscal year third quarter. Operating expenses in the third quarter of fiscal 2026 include $6.5 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $2.8 million, or 9 percent, as compared to the prior fiscal year third quarter. Additionally, the prior year third quarter benefited from a $3.2 million reversal of accrued compensation from the first half of fiscal year 2025. Adjusting for these two discrete items, third quarter 2026 operating expenses decreased $6.0 million, or 18%, versus prior year.Net loss was $11.8 million in the third quarter of fiscal 2026, or a diluted net loss of $0.09 per share, as compared to a net loss of $1.3 million, or a diluted net loss of $0.01 per share, in the prior fiscal year third quarter. Adjusted EBITDA was $3.8 million in the third quarter of fiscal 2026, as compared to an adjusted EBITDA of $6.0 million in the prior fiscal year third quarter.Gross product orders were $48.5 million in the third quarter of fiscal 2026 as compared to $71.2 million in the prior fiscal year third quarter. The book to bill ratio was 1.0 in the third quarter of fiscal 2026, as compared to 1.2 the prior fiscal year third quarter. Order backlog as of March 31, 2026 was $356.2 million, which is approximately 21% percent lower than at the end of the prior fiscal year third quarter.Total cash, cash equivalents and restricted cash as of quarter end amounted to $44.4 million compared to $47.9 million at the end of last fiscal quarter and compared to $62.1 million at June 30, 2025.First Nine Months ResultsTotal net revenue was $301.0 million in the first nine months of fiscal 2026, or a decrease of 9 percent, as compared to $331.0 million in the prior fiscal year period. Product revenue was $131.9 million in the first nine months of fiscal 2026, or a decrease of 21 percent, as compared to $166.9 million in the prior fiscal year period. Service revenue was $169.1 million in the first nine months of fiscal 2026, or an increase of 3 percent, as compared to $164.1 million in the prior fiscal year period.Total gross profit was $76.4 million in the first nine months of fiscal 2026, or 25.4 percent of total net revenue, as compared to a total gross profit of $108.0 million, or 32.6 percent of total net revenue, in the prior fiscal year period.Operating expenses were $108.3 million in the first nine months of fiscal 2026, or an increase of 4 percent, as compared to $104.4 million in the prior fiscal year period. Operating expenses in the first nine months of fiscal 2026 include $15.4 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $11.5 million, or 11% percent as compared to the prior fiscal year period.Net loss was $47.3 million in the first nine months of fiscal 2026, or a diluted net loss of $0.39 per share, as compared to a net loss of $2.7 million, or a diluted net loss of $0.03 per share, in the prior fiscal year period. Adjusted EBITDA was a negative $2.3 million in the first nine months of fiscal 2026, as compared to a positive adjusted EBITDA of $18.8 million in the prior fiscal year period.Gross product orders was $154.2 million in the first nine months of fiscal 2026 as compared to $203.3 million in the prior fiscal year period. The book to bill ratio was 1.2 in the first six months of fiscal 2026, as compared to 1.2 in the prior fiscal year period. Conference Call InformationAccuray will host a conference call beginning at 1:30 p.m. PT/4:30 p.m. ET today to discuss results for the third quarter of fiscal 2026 as well as recent corporate developments. Conference call dial-in information is as follows:U.S. callers: (833) 316-0563International callers: (412) 317-5747Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Investor Relations section of Accuray's website, www.accuray.com. There will be a slide presentation accompanying today's event which can also be accessed on the company's Investor Relations page at www.accuray.com.In addition, a taped replay of the conference call will be available beginning approximately one hour after the call's conclusion and will be available for seven days. The replay number is (855) 669-9658 (USA), or (412) 317-0088 (International), Conference ID: 4178502. An archived webcast will also be available on Accuray's website until Accuray announces its results for the fourth quarter of fiscal 2026.Use of Non-GAAP Financial MeasuresAccuray reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP") and the rules of the SEC. To supplement its financial statements prepared and presented in accordance with GAAP, Accuray uses certain non-GAAP financial measures, such as adjusted EBITDA.Accuray has supplemented its GAAP net income (loss) with a non-GAAP measure of adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, and (gain) loss from change in fair value of warrant liability ("adjusted EBITDA"). The calculation of adjusted EBITDA also excludes certain non-recurring, irregular and one-time items. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the company and facilitates a meaningful comparison of results for current periods with previous operating results. A reconciliation of GAAP net loss (the most directly comparable GAAP measure) to non-GAAP adjusted EBITDA is provided in the schedules below.There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.About AccurayAccuray Incorporated (Nasdaq: ARAY) is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Madison, Wisconsin, with facilities worldwide.Forward-Looking StatementsStatements made in this press release that are not statements of historical fact are forward-looking statements that are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to the company's future results of operations and financial position, including expectations regarding: the company's backlog, age-ins and age-outs, cancellations of contracts and foreign currency impacts; the anticipated drivers of the company's future capital requirements; expectations of the company's strategy in China and the company's China joint venture as well as its expected impact on the company's business; expectations regarding the market in China for radiation oncology systems; expectations regarding the effects of the global macroeconomic conditions on the company's financial results and business as well as the business of the company's customers and suppliers; expectations regarding the impact of changes in government administration policy positions; expectations regarding delays in deliveries and installations and its impact on the company's business; expectations regarding inflation, supply chain challenges and heightened logistics costs and its impact on the company's business, including gross margins and net income (loss); expectations regarding the timing of deliveries and revenue conversion; the company's expectations regarding the adequacy of its manufacturing facilities; the anticipated risks associated with the company's foreign operations and fluctuations in the U.S. Dollar and foreign currencies as well as its ability to mitigate such risks; potential changes in tariffs, export controls, trade sanctions and other trade policies; expectations related to the company's convertible notes and credit facilities; expectations related to the company's leases; the sufficiency of the company's cash, cash equivalents and investments to meet the company's anticipated cash needs for working capital and capital expenditures and the company's business strategy, plans and objectives; the expected benefits from the transformation plan, including expected improvement in annualized operating profit and cost and margin improvements; the ability to achieve the objectives of the transformation plan; expected restructuring charges for fiscal year 2026; the company's ability to deliver sustained performance and execute on its strategies and objectives, including related to its transformation efforts and restructuring plans; the company's ability to improve sales and drive margin expansion; opportunities to accelerate top-line growth and expand profitability; expectations related to management, including the new chief commercial officer; expectations regarding the impact of tariffs as well as mitigation efforts by the company; the company's ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; expectations related to the amount and timing of realizing deferred margin from the company's China joint venture; expectations with respect to strategic partnerships and collaborations; expectations related to the markets and regions in which the company operates; expectations regarding new product introductions and innovations; expectations regarding installed base growth; and the company's ability to improve execution, drive sustainable, profitable growth, while creating long-term value for patients, providers and shareholders. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "may," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of the company's assumptions prove incorrect, actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the effect of the global macroeconomic environment on the operations of the company and those of its customers and suppliers; effects related to international tariffs; disruptions to our supply chain, including increased logistics costs; the company's ability to achieve widespread market acceptance of its products; substantial outstanding indebtedness and its ability to maintain compliance with financial covenants related to its debt; the effect of enhanced international tariffs on the company; the company's ability to realize the expected benefits of the China joint venture and other partnerships; risks inherent in international operations; geopolitical uncertainty, including armed conflict or political instability in the Middle East or other regions in which the company or its customers operate, and the effect of such conditions on the timing of system installations, customer site readiness, service revenue recognition, and the ability to complete transactions in affected markets; the company's ability to maintain or increase its gross margins on product sales and services; delays in regulatory approvals or the development or release of new offerings; the company's ability to meet the covenants under its credit facilities; the company's ability to convert backlog to revenue; and such other risks identified under the heading "Risk Factors" in the company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on February 17, 2026, and as updated periodically with the company's other filings with the SEC.Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not place undue reliance on any forward-looking statements.Aman Patel, CFASteve MonroeInvestor Relations, ICR-WestwickeVice President, Financial Planning & Analysis - Accurayinvestor.relations@accuray.cominvestor.relations@accuray.comFinancial Tables to FollowAccuray IncorporatedCondensed Consolidated Statements of Operations(in thousands, except per share data)(Unaudited)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2026
2025
2026
2025
Net revenue:
Products
$49,714
$57,320
$131,880
$166,878
Services
55,131
55,923
169,148
164,084
Total net revenue
104,845
113,243
301,028
330,962
Cost of revenue:
Cost of products
38,829
44,301
104,402
111,315
Cost of services
40,722
37,315
120,249
111,659
Total cost of revenue
79,551
81,616
224,651
222,974
Gross profit
25,294
31,627
76,377
107,988
Operating expenses:
Research and development
8,178
10,712
30,046
36,472
Selling and marketing
8,439
9,110
28,986
31,906
General and administrative
11,225
10,758
33,886
36,005
Restructuring
6,539
—
15,425
—
Total operating expenses
34,381
30,580
108,343
104,383
Income (loss) from operations
(9,087)
1,047
(31,966)
3,605
Income from equity method investment, net
408
2,297
1,318
3,829
Interest expense
(8,446)
(2,890)
(24,207)
(8,728)
Gain from change in fair value of warrant liability
3,359
—
7,198
—
Other income (expense), net
2,429
(1,294)
1,916
357
Loss before provision for income taxes
(11,337)
(840)
(45,741)
(937)
Provision for income taxes
468
457
1,512
1,777
Net loss
$(11,805)
$(1,297)
$(47,253)
$(2,714)
Net loss per share - basic and diluted
$(0.09)
$(0.01)
$(0.39)
$(0.03)
Weighted average common shares used in computing net loss per
share:
Basic and diluted
124,304
102,825
121,396
101,462
Accuray IncorporatedCondensed Consolidated Balance Sheets(in thousands)(Unaudited)
March 31, 2026
June 30, 2025
Assets
Current assets:
Cash and cash equivalents
38,067
$57,416
Restricted cash
467
574
Accounts receivable, net
64,573
83,192
Inventories, net
156,626
141,020
Prepaid expenses and other current assets
33,463
33,501
Deferred cost of revenue
20
1,762
Total current assets
293,216
317,465
Property and equipment, net
29,002
28,658
Investment in joint venture
6,321
4,612
Operating lease right-of-use assets, net
28,898
33,115
Goodwill
57,882
57,802
Long-term restricted cash
5,909
4,144
Other assets
26,374
24,443
Total assets
$447,602
$470,239
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$52,805
$34,033
Accrued compensation
16,972
14,573
Operating lease liabilities, current
8,228
7,375
Other accrued liabilities
26,370
29,361
Customer advances
11,365
12,197
Deferred revenue
78,944
82,306
Short-term debt
11,160
12,734
Total current liabilities
205,844
192,579
Operating lease liabilities, non-current
28,989
32,482
Long-term other liabilities
6,925
5,160
Warrant liability
3,119
8,497
Deferred revenue, non-current
26,998
26,566
Long-term debt
134,020
123,786
Total liabilities
405,895
389,070
Stockholders' equity:
Common stock
119
113
Additional paid-in capital
610,784
602,165
Accumulated other comprehensive loss
(2,671)
(1,837)
Accumulated deficit
(566,525)
(519,272)
Total stockholders' equity
41,707
81,169
Total liabilities and stockholders' equity
$447,602
$470,239
Accuray IncorporatedSummary of Orders and Backlog(in thousands, except book to bill ratio)(Unaudited)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2026
2025
2026
2025
Gross orders
$48,524
$71,167
$154,158
$203,294
Net orders
$22,604
$46,656
$61,144
$131,951
Order backlog
$356,235
$452,392
$356,235
$452,392
Book to bill ratio (a)
1.0
1.2
1.2
1.2
(a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period. Accuray IncorporatedReconciliation of GAAP Net Loss to Adjusted EBITDA(in thousands)(Unaudited)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2026
2025
2026
2025
GAAP net loss
$(11,805)
$(1,297)
$(47,253)
$(2,714)
Depreciation and amortization (a)
2,078
1,575
5,917
4,552
Stock-based compensation
1,378
2,745
4,775
7,383
Interest expense, net (b)
8,265
2,568
23,508
7,825
Provision for income taxes
468
457
1,512
1,777
Gain from change in fair value of warrant liability
(3,359)
—
(7,198)
—
Restructuring charges
6,539
—
15,425
—
Post-financing costs
199
—
1,031
—
Adjusted EBITDA
$3,763
$6,048
$(2,283)
$18,823
(a) Consists of depreciation on property and equipment and amortization of capitalized software and intangibles.(b) Consists of interest expense net of interest income. View original content to download multimedia:https://www.prnewswire.com/news-releases/accuray-reports-fiscal-2026-third-quarter-financial-results-302764579.htmlSOURCE Accuray Incorporated Original: Accuray Reports Fiscal 2026 Third Quarter Financial Results
US Market News
4月前
Accuray Reports Fiscal 2026 Second Quarter Financial ResultsFebruary 4, 2026 4:05 PM
PR Newswire (US)
MADISON, Wis., Feb. 4, 2026 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the second quarter ended December 31, 2025.
Key Highlights On December 15, 2025 the Company announced the first phase of comprehensive, strategic, operational, and organizational transformational plan, which is expected to improve annualized operating profitability by approximately $25 million and set the stage for revenue growth:Plan includes organizational realignment, rightsizing of cost structure, outsourcing, and sales enablement in order to enhance competitiveness and support long-term strategy.Workforce optimization actions will affect approximately 15% of the company's employees globally.Of the expected $25 million in annualized operating profit improvement, approximately $12 million is expected to be realized in fiscal year 2026.During the second quarter of fiscal 2026, in connection with the transformational plan, the Company initiated a restructuring plan aimed at reducing costs, aligning resources with strategic priorities, and streamlining operations. The Company recorded $6.1 million in restructuring charges, which included $4.1 million in severance related costs, $0.7 million in implementation and other costs, and $1.2 million in impairments that were directly related to the restructuring plan. We expect total restructuring charges to be approximately $13 million for fiscal year 2026."Over the past 90 days, I've met extensively with Accuray teams and customers across all major regions. Their insights have directly informed the decisive actions we've already taken — from reorganizing our commercial structure to refining our near-term product and service investment priorities. We moved quickly and with discipline across the four pillars we outlined publicly: commercial simplification, global functional alignment, elevation of service and product development, and cost-structure and footprint optimization," said CEO Steve La Neve."While this transformation is in its early stages, the pace of execution, the alignment across the organization, and the level of accountability give me confidence that we are on the right trajectory. Our objectives remain clear: accelerate top-line growth, enhance our competitive position, expand profitability, and deliver sustainable long-term value for all of our stakeholders, building a stronger Accuray, and the momentum we are seeing reinforces the impact of the steps taken to date," added La Neve.Fiscal Second Quarter ResultsTotal net revenue was $102.2 million in the second quarter of fiscal 2026, or a decrease of 12 percent, as compared to $116.2 million in the prior fiscal year second quarter. Product revenue was $45.0 million in the second quarter of fiscal 2026, or a decrease of 26 percent, as compared to $61.2 million in the prior fiscal year second quarter. Service revenue was $57.2 million in the second quarter of fiscal 2026, or an increase of 4 percent, as compared to $55.0 million in the prior fiscal year second quarter.Total gross profit was $24.1 million in the second quarter of fiscal 2026, or 23.5 percent of total net revenue, as compared to a total gross profit of $41.9 million, or 36.1 percent of total net revenue, in the prior fiscal year second quarter. The decrease in the gross profit and gross margin rate was primarily due to geographical sales mix and the China joint venture delivering less systems to its end customers in the second quarter of fiscal year 2026 as compared to the prior fiscal year second quarter.Operating expenses was $35.6 million in the second quarter of fiscal 2026, or a decrease of 4 percent, as compared to $37.2 million in the prior fiscal year second quarter. Operating expenses in the second quarter of fiscal 2026 include $6.1 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $7.6 million, or 20 percent, as compared to the prior fiscal year second quarter.Net loss was $13.8 million in the second quarter of fiscal 2026, or a diluted net loss of $0.11 per share, as compared to a net income of $2.5 million, or a diluted net income of $0.02 per share, in the prior fiscal year second quarter. Adjusted EBITDA was a negative $1.9 million in the second quarter of fiscal 2026, as compared to a positive adjusted EBITDA of $9.6 million in the prior fiscal year second quarter.Gross product orders were $66.1 million in the second quarter of fiscal 2026 as compared to $76.8 million in the prior fiscal year second quarter. The book to bill ratio was 1.5 in the second quarter of fiscal 2026, as compared to 1.3 the prior fiscal year second quarter. Order backlog as of December 31, 2025 was $383.3 million, which is approximately 17% percent lower than at the end of the prior fiscal year second quarter.Cash, cash equivalents, and short-term restricted cash were $41.9 million as of December 31, 2025, a decrease of $16.1 million from June 30, 2025.Fiscal Six Months ResultsTotal net revenue was $196.2 million in the first six months of fiscal 2026, or a decrease of 10 percent, as compared to $217.7 million in the prior fiscal year period. Product revenue was $82.2 million in the first six months of fiscal 2026, or a decrease of 25 percent, as compared to $109.6 million in the prior fiscal year period. Service revenue was $114.0 million in the first six months of fiscal 2026, or an increase of 5 percent, as compared to $108.2 million in the prior fiscal year period.Total gross profit was $51.1 million in the first six months of fiscal 2026, or 26.0 percent of total net revenue, as compared to a total gross profit of $76.4 million, or 35.1 percent of total net revenue, in the prior fiscal year period.Operating expenses was $74.0 million in the first six months of fiscal 2026, as compared to $73.8 million in the prior fiscal year period. Operating expenses in the first six months of fiscal 2026 include $8.9 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $8.7 million, or 12% percent as compared to the prior fiscal year period.Net loss was $35.4 million in the first six months of fiscal 2026, or a diluted net loss of $0.30 per share, as compared to a net loss of $1.4 million, or a diluted net loss of $0.01 per share, in the prior fiscal year period. Adjusted EBITDA was negative at $6.0 million in the first six months of fiscal 2026, as compared to a positive adjusted EBITDA of $12.8 million in the prior fiscal year period.Gross product orders was $105.6 million in the first six months of fiscal 2026 as compared to $132.1 million in the prior fiscal year period. The book to bill ratio was 1.3 in the first six months of fiscal 2026, as compared to 1.2 in the prior fiscal year period. Fiscal Year 2026 Financial GuidanceThe Company is updating its guidance for fiscal year 2026 as follows:Total net revenue is expected in the range of $440 million to $450 million.Adjusted EBITDA is expected in the range of $22 million to $25 million.Guidance for non-GAAP financial measures excludes depreciation and amortization, stock-based compensation, interest expense, provision for income taxes, (gain) loss from change in fair value of warrant liability, and certain non-recurring, irregular and one-time items. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Use of Non-GAAP Financial Measures" below.Conference Call InformationAccuray will host a conference call beginning at 1:30 p.m. PT/4:30 p.m. ET today to discuss results for the second quarter of fiscal 2026 as well as recent corporate developments. Conference call dial-in information is as follows:U.S. callers: (833) 316-0563International callers: (412) 317-5747Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Investor Relations section of Accuray's website, www.accuray.com. There will be a slide presentation accompanying today's event which can also be accessed on the company's Investor Relations page at www.accuray.com.In addition, a taped replay of the conference call will be available beginning approximately one hour after the call's conclusion and will be available for seven days. The replay number is (855) 669-9658 (USA), or (412) 317-0088 (International), Conference ID: 8587254. An archived webcast will also be available on Accuray's website until Accuray announces its results for the third quarter of fiscal 2026.Use of Non-GAAP Financial MeasuresAccuray reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP") and the rules of the SEC. To supplement its financial statements prepared and presented in accordance with GAAP, Accuray uses certain non-GAAP financial measures, such as adjusted EBITDA.Accuray has supplemented its GAAP net income (loss) with a non-GAAP measure of adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, and (gain) loss from change in fair value of warrant liability ("adjusted EBITDA"). The calculation of adjusted EBITDA also excludes certain non-recurring, irregular and one-time items. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the company and facilitates a meaningful comparison of results for current periods with previous operating results. A reconciliation of GAAP net loss (the most directly comparable GAAP measure) to non-GAAP adjusted EBITDA is provided in the schedules below.There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.About AccurayAccuray Incorporated (Nasdaq: ARAY) is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Madison, Wisconsin, with facilities worldwide.Safe Harbor StatementStatements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to the company's guidance and future results of operations, including expectations regarding: total net revenue and adjusted EBITDA; the expected benefits from the transformation plan, including expected improvement in annualized operating profit; the ability to achieve the objectives of the transformation plan; expected restructuring charges for fiscal year 2026; the company's ability to deliver sustained performance and execute on its strategies and objectives, including related to its transformation efforts and restructuring plans; the company's ability to expand adjusted EBITDA margins as a percentage of revenue; expectations regarding the company's adjusted EBITDA margin run-rate; opportunities to accelerate top-line growth and expand profitability; the appointment of a new global chief commercial officer; expectations regarding the impact of tariffs as well as mitigation efforts by the company; the company's ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; expectations regarding the company's China joint venture; expectations related to the amount and timing of realizing deferred margin from the company's China joint venture; expectations with respect to strategic partnerships and collaborations; expectations related to the markets and regions in which the company operates; expectations regarding new product introductions and innovations; expectations regarding installed base growth; and the company's ability to drive sustainable, profitable growth, while creating long-term value for patients, providers and shareholders. These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of the company's assumptions prove incorrect, actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the effect of the global macroeconomic environment on the operations of the company and those of its customers and suppliers; disruptions to our supply chain, including increased logistics costs; the company's ability to achieve widespread market acceptance of its products; substantial outstanding indebtedness and its ability to maintain compliance with financial covenants related to its debt; the effect of enhanced international tariffs on the company; the company's ability to realize the expected benefits of the China joint venture and other partnerships; risks inherent in international operations; the company's ability to maintain or increase its gross margins on product sales and services; delays in regulatory approvals or the development or release of new offerings; the company's ability to meet the covenants under its credit facilities; the company's ability to convert backlog to revenue; and such other risks identified under the heading "Risk Factors" in the company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on November 5, 2025, and as updated periodically with the company's other filings with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements.Aman Patel, CFASteve MonroeInvestor Relations, ICR-WestwickeVice President, Financial Planning & Analysis - Accurayaman.patel@westwicke.comsmonroe@accuray.com Financial Tables to Follow Accuray IncorporatedCondensed Consolidated Statements of Operations(in thousands, except per share data)(Unaudited)
Three Months Ended
Six Months Ended
December 31,
December 31,
2025
2024
2025
2024
Net revenue:
Products
$45,005
$61,189
$82,166
$109,558
Services
57,236
54,985
114,017
108,161
Total net revenue
102,241
116,174
196,183
217,719
Cost of revenue:
Cost of products
36,151
34,553
65,573
67,014
Cost of services
42,018
39,729
79,527
74,344
Total cost of revenue
78,169
74,282
145,100
141,358
Gross profit
24,072
41,892
51,083
76,361
Operating expenses:
Research and development
10,650
13,644
21,868
25,760
Selling and marketing
8,848
11,114
20,547
22,796
General and administrative
10,065
12,427
22,661
25,247
Restructuring
6,075
—
8,886
—
Total operating expenses
35,638
37,185
73,962
73,803
Income (loss) from operations
(11,566)
4,707
(22,879)
2,558
Income from equity method investment, net
471
1,604
910
1,532
Interest expense
(7,709)
(2,883)
(15,761)
(5,838)
Gain from change in fair value of warrant liability
5,713
—
3,839
Other (expense) income, net
(106)
(196)
(513)
1,651
Income (loss) before provision for income taxes
(13,197)
3,232
(34,404)
(97)
Provision for income taxes
573
695
1,044
1,320
Net income (loss)
$(13,770)
$2,537
$(35,448)
$(1,417)
Net income (loss) per share - basic
$(0.11)
$0.03
$(0.30)
$(0.01)
Net income (loss) per share - diluted
$(0.11)
$0.02
$(0.30)
$(0.01)
Weighted average common shares used in computing net loss per
share:
Basic
120,973
101,405
119,968
100,796
Diluted
120,973
103,746
119,968
100,796
Accuray IncorporatedCondensed Consolidated Balance Sheets(in thousands)(Unaudited)
December 31,
2025
June 30, 2025
Assets
Current assets:
Cash and cash equivalents
41,295
$57,416
Restricted cash
575
574
Accounts receivable, net
60,962
83,192
Inventories, net
150,962
141,020
Prepaid expenses and other current assets
36,968
33,501
Deferred cost of revenue
1,626
1,762
Total current assets
292,388
317,465
Property and equipment, net
29,256
28,658
Investment in joint venture
5,804
4,612
Operating lease right-of-use assets, net
30,807
33,115
Goodwill
57,849
57,802
Long-term restricted cash
5,999
4,144
Other assets
25,906
24,443
Total assets
$448,009
$470,239
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$43,519
$34,033
Accrued compensation
14,925
14,573
Operating lease liabilities, current
8,155
7,375
Other accrued liabilities
30,902
29,361
Customer advances
11,850
12,197
Deferred revenue
78,978
82,306
Short-term debt
11,110
12,734
Total current liabilities
199,439
192,579
Operating lease liabilities, non-current
30,184
32,482
Long-term other liabilities
6,101
5,160
Warrant liability
6,478
8,497
Deferred revenue, non-current
27,610
26,566
Long-term debt
124,777
123,786
Total liabilities
394,589
389,070
Stockholders' equity:
Common stock
119
113
Additional paid-in capital
609,409
602,165
Accumulated other comprehensive loss
(1,388)
(1,837)
Accumulated deficit
(554,720)
(519,272)
Total stockholders' equity
53,420
81,169
Total liabilities and stockholders' equity
$448,009
$470,239
Accuray IncorporatedSummary of Orders and Backlog(in thousands, except book to bill ratio)(Unaudited)
Three Months Ended
Six Months Ended
December 31,
December 31,
2025
2024
2025
2024
Gross orders
$66,064
$76,762
$105,634
$132,127
Net orders
32,611
55,639
38,526
85,295
Order backlog
383,332
463,056
383,332
463,056
Book to bill ratio (a)
1.5
1.3
1.3
1.2
(a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period. Accuray IncorporatedReconciliation of GAAP Net Income (Loss) to Adjusted EBITDA(in thousands)(Unaudited)
Three Months Ended
Six Months Ended
December 31,
December 31,
2025
2024
2025
2024
GAAP net income (loss)
$(13,770)
$2,537
$(35,448)
$(1,417)
Depreciation and amortization (a)
2,163
1,513
3,839
2,977
Stock-based compensation
882
2,284
3,397
4,638
Interest expense, net (b)
7,463
2,605
15,243
5,257
Provision for income taxes
573
695
1,044
1,320
(Gain) from change in fair value of warrant liability
(5,713)
—
(3,839)
—
Restructuring charges
6,075
—
8,886
—
Post-financing costs
391
—
832
—
Adjusted EBITDA
$(1,936)
$9,634
$(6,046)
$12,775
(a) Consists of depreciation on property and equipment and amortization of capitalized software and intangibles.(b) Consists of interest expense net of interest income. Accuray IncorporatedForward-Looking GuidanceReconciliation of Projected GAAP Net Loss to Projected Adjusted EBITDA(in thousands)(Unaudited)
Twelve Months Ending
June 30, 2026
From
To
GAAP net loss
$(39,000)
$(36,000)
Depreciation and amortization (a)
8,500
8,500
Stock-based compensation
9,250
9,250
Interest expense, net (b)
30,000
30,000
Provision for income taxes
2,500
2,500
(Gain) from change in fair value of warrant liability
(4,000)
(4,000)
Restructuring charges
13,000
13,000
Post-financing costs
1,750
1,750
Adjusted EBITDA
$22,000
$25,000
(a) Consists of depreciation on property and equipment and amortization of capitalized software and intangibles.(b) Consists of interest expense net of interest income.
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Original: Accuray Reports Fiscal 2026 Second Quarter Financial Results