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Accuray Inc (ARAY) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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Accuray Inc

HISTORY TOOLS
CIK: 1138723 Ticker: ARAY

Exhibit 99.1

img235950492_0.jpg 

Accuray Reports Fourth Quarter and Fiscal 2023 Financial Results

 

8% Q4 revenue growth; Record shipments for FY23; Company issues guidance for FY24

 

MADISON, Wisconsin, August 9, 2023

— Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the fourth quarter and fiscal 2023, ended June 30, 2023.

 

Fourth Quarter Fiscal 2023 Summary

•
Net revenue of $118.3 million, an increase of 7.5 percent from the same period in the prior fiscal year. Net revenue on a constant currency basis was $120.1 million, which represents a 9.1 percent increase versus the same period in the prior fiscal year.
•
GAAP net loss of $2.6 million, as compared to GAAP net loss of $3.5 million in the same period in the prior fiscal year. Adjusted EBITDA was $5.2 million in both the fourth quarter of fiscal 2023 and the same period in the prior fiscal year. GAAP net loss and adjusted EBITDA includes a $2.0 million bad debt reserve related to the unexpected U.S. bankruptcy of one customer.
•
Excluding the aforementioned bad debt reserve, GAAP net loss would have been $0.6 million and adjusted EBITDA would have been $7.2 million.
•
Gross orders were $88.4 million, which represented a book to bill ratio of 1.4.

 

Fiscal Year 2023 Summary

•
Net revenue of $447.6 million, an increase of 4.1 percent from the prior fiscal year. Net revenue on a constant currency basis was $465.5 million, which represents an 8.3 percent increase from the prior fiscal year.
•
GAAP net loss of $9.3 million, as compared to a GAAP net loss of $5.3 million in the prior fiscal year. Adjusted EBITDA was $23.9 million in fiscal 2023, as compared to adjusted EBITDA of $22.8 million in the prior fiscal year. GAAP net loss and adjusted EBITDA includes a $2.0 million bad debt reserve related to the unexpected U.S. bankruptcy of one customer.
•
Excluding the aforementioned bad debt reserve, GAAP net loss would have been $7.3 million and adjusted EBITDA would have been $26.0 million. This exclusion would have resulted in a 14 percent year-over-year increase to adjusted EBITDA.
•
Gross orders were $311.1 million, which represented a book to bill ratio of 1.3.

Other Recent Operational Highlights

•
Grew the global installed base by 5% from June 30, 2022.
•
Generated positive free cash flow for full year FY23.
•
Received 510(k) clearance for the VitalHoldTM* breast package on the Radixact® System. The treatment option will also be available in the European Union.
•
Moved corporate headquarters to Madison, Wisconsin, effective July 31, 2023.

 

“I am pleased with our strong fourth quarter performance and the continued growth of the Accuray customer base. For the year, I’m incredibly proud of how our team navigated the macroenvironment, delivering historic revenue levels driven by robust adoption of our innovative solutions by clinical teams around the world. Additionally, we made significant progress against our strategic growth plan that we believe will enable the organization to continue to build a stronger business and invest in areas that are expected to deliver value to our customers and advance patient care,” said Suzanne Winter, President and Chief Executive Officer.

 

The following information was filed by Accuray Inc (ARAY) on Wednesday, August 9, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Accuray Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Operations And Comprehensive Loss
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Schedule Of Future Minimum Long-Term Principal And Interest On Notes And New Credit Facilities (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Carrying Values Of All Debt (Details)
Debt - Summary Of Interest Expense On New Credit Facilities And Convertible Notes (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Schedule Of Gain (Loss) Associated With The Company's Derivative Financial Instruments (Details)
Derivative Financial Instruments - Summary Of Outstanding Forward Currency Exchange Contracts (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Summary Of Carrying Value And Estimated Fair Value Of All Debt (Details)
Fair Value Measurements - Summary Of Carrying Value And Estimated Fair Value Of All Debt (Parenthetical) (Details)
Goodwill And Purchased Intangible Assets
Goodwill And Purchased Intangible Assets (Tables)
Goodwill And Purchased Intangible Assets - Additional Information (Details)
Goodwill And Purchased Intangible Assets - Schedule Of Carrying Amount Of Acquired Intangible Assets, Net (Details)
Goodwill And Purchased Intangible Assets - Schedule Of Carrying Amount Of Goodwill (Details)
Goodwill And Purchased Intangible Assets - Schedule Of Estimated Future Amortization Expense Of Purchased Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Aggregate Changes In The Balance Of Gross Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Components Of Loss Before Provision For Income Taxes On The Accompanying Statements Of Operations And Comprehensive Loss (Details)
Income Taxes - Schedule Of Provision For Income Taxes (Details)
Income Taxes - Schedule Of Reconciliation Of Income Taxes At The Statutory Federal Income Tax Rate To The Provision For Income Taxes Included In The Accompanying Consolidated Statements Of Operations And Comprehensive Loss (Details)
Income Taxes - Schedule Of Significant Components Of Net Deferred Tax Assets (Liabilities) (Details)
Insider Trading Arrangements
Joint Venture
Joint Venture (Tables)
Joint Venture - Additional Information (Details)
Joint Venture - Schedule Of Deferred Intra Entity Profit Margin From Sales (Details)
Joint Venture - Summary Of Financial Information Of Joint Ventures (Balance Sheet Data) (Details)
Joint Venture - Summary Of Financial Information Of Joint Ventures (Operations Data) (Details)
Joint Venture - Summary Of Reconciliation Between The Carrying Value Of Investment And Proportional Share Of Underlying Equity In Net Assets Of Joint Ventures (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities (Details)
Leases - Schedule Of Operating Lease Right-Of-Use Assets And Operating Lease Obligation (Details)
Pay Vs Performance Disclosure
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Details)
Retirement Plans - Amounts Recognized (Details)
Retirement Plans - Assumptions (Details)
Retirement Plans - Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Loss (Details)
Retirement Plans - Estimated Contributions And Future Benefit Payments (Details)
Retirement Plans - Obligations And Funded Status (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Additional Information (Details1)
Revenue - Schedule Of Revenue Recognition Based On Remaining Performance Obligations Related To Warranty (Details)
Revenue - Summary Of Contract With Customer, Asset And Liability (Details)
Segment Disclosure
Segment Disclosure (Tables)
Segment Disclosure - Additional Information (Details)
Segment Disclosure - Schedule Of Geographic Areas In Which The Company Has Property And Equipment, Net (Details)
Segment Disclosure - Summary Of Countries Represents More Than Ten Percent Of Company's Revenue (Details)
Segment Disclosure - Summary Of Revenue By Geographic Region (Details)
Shareholders' Equity - Additional Information (Details)
Stock Incentive Plan And Employee Stock Purchase Plan
Stock Incentive Plan And Employee Stock Purchase Plan (Tables)
Stock Incentive Plan And Employee Stock Purchase Plan - Additional Information (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Espp (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Schedule Of Assumptions Used For Determining Fair Value Of Stock Options (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Schedule Of Option Activity Under The Company's Incentive Plan (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Schedule Of Option Activity Under The Company's Incentive Plan (Parenthetical) (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Summary Of Activity Of Rsus And Psus (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Summary Of Information About Outstanding And Exercisable Options (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Summary Of Share-Based Compensation Charges Included In The Company's Consolidated Statements Of Operations And Comprehensive Income (Loss) (Details)
Stock Incentive Plan And Employee Stock Purchase Plan - Summary Of Share-Based Compensation Charges Included In The Company's Equity Awards (Details)
Subsequent Events
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Accumulated Other Comprehensive Income (Loss) (Details)
Supplemental Financial Information - Additional Information (Details)
Supplemental Financial Information - Consolidated Statements Of Operations (Details)
Supplemental Financial Information - Schedule Of Other Accrued Liabilities (Details)
Supplemental Financial Information - Schedule Of Other Assets (Details)
Supplemental Financial Information - Schedule Of Prepaid And Other Current Assets (Details)
Supplemental Financial Information - Schedule Of Property And Equipment, Net (Details)
Supplemental Financial Information - Summary Of Financing Receivables (Details)
Supplemental Financial Information - Summary Of Inventories (Details)
The Company And Its Significant Accounting Policies
The Company And Its Significant Accounting Policies (Policies)
The Company And Its Significant Accounting Policies (Tables)
The Company And Its Significant Accounting Policies - Additional Information (Details)
The Company And Its Significant Accounting Policies - Schedule Of Reconciliation Of The Numerator And Denominator Used In The Calculation Of Basic And Diluted Net Loss Per Common Share (Details)
Ticker: ARAY
CIK: 1138723
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-047052
Submitted to the SEC: Thu Sep 07 2023 4:56:09 PM EST
Accepted by the SEC: Thu Sep 07 2023
Period: Friday, June 30, 2023
Industry: Surgical And Medical Instruments And Apparatus

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