Accuray Incorporated develops, sells, and supports radiation therapy systems used in cancer treatment and neuro-radiosurgery. Company news centers on product and service revenue, installation timing, gross margin factors, and non-GAAP operating measures, as well as updates tied to its CyberKnife and Radixact treatment platforms and the Accuray Stellar configuration.
Recurring developments also include commercial leadership changes, equity inducement awards, and strategic transformation actions involving organizational realignment, cost structure, outsourcing, engineering resources, and sales enablement. Accuray's updates frame the company as a medical technology issuer with capital equipment sales, service revenue, and global commercialization priorities.
Accuray (NASDAQ: ARAY) will implement a 1-for-40 reverse stock split effective November 9, 2026, following approval by its board. The split takes effect at 12:02 a.m. Eastern Time, with split-adjusted trading expected at the Nasdaq market opening that day. Accuray intends the split to raise its per-share trading price and regain compliance with Nasdaq's minimum bid price requirement.
Every 40 outstanding shares will become one share, reducing shares outstanding from approximately 120.2 million to 3.0 million, subject to adjustment for fractional shares. Authorized common shares will also decline proportionately, from 400,000,000 to 10,000,000.
Accuray (ARAY) reported fiscal 2027 first-quarter revenue of $86.5 million, down year over year as product sales declined. For the quarter ended September 30, 2026, revenue fell 8%, with product revenue down 26% and service revenue up 4%. Gross margin rose to 30.1% from 28.8%.
Net income was $10.1 million, or $0.07 per diluted share, including a $59.6 million non-cash debt-extinguishment gain and $35.4 million goodwill impairment. Excluding both, net loss narrowed to $14.0 million from $21.7 million. Adjusted EBITDA turned positive at $2.5 million. Gross product orders fell to $19.8 million from $39.6 million; backlog declined approximately 31% to $272.0 million.
After quarter end, shareholders approved proposals to help enable TCW financing, including a $40 million debt exchange for convertible preferred equity. Accuray continues not to provide formal fiscal 2027 revenue or adjusted EBITDA guidance.
Accuray (NASDAQ: ARAY) granted equity inducement awards to its new Senior Vice President, Global Services & Solutions, Sofiane Laoussadi.
Effective October 30, 2026, the awards comprise 650,000 restricted stock units and 650,000 performance-based restricted stock units at target, both covering common shares. The Compensation Committee approved the grants as an inducement to join the company. They were made outside Accuray's current equity plan, with terms generally consistent with its 2026 Equity Incentive Plan. The performance award's measurement period ends on the last day of fiscal 2028, with vesting based on performance criteria and other applicable terms.
Accuray (NASDAQ: ARAY) will report its first-quarter fiscal 2027 financial results during a management-hosted conference call on November 4, 2026. The quarter ended September 30, 2026. The call begins at 1:30 p.m. PT/4:30 p.m. ET, with a live webcast available at investors.accuray.com. A webcast replay will remain available until the company announces its second-quarter fiscal 2027 results.
Accuray (ARAY) secured stockholder approval of financing-related proposals, enabling completion of its previously announced transactions with TCW Asset Management Company.
TCW is Accuray's primary lender and largest shareholder. The financing includes exchanging $40 million of term loan debt for convertible preferred stock, a $15 million equity investment, access to a delayed draw term loan of up to $5 million, and covenant relief through December 31, 2027. Accuray intends the package to improve its balance sheet and liquidity.
Stockholders approved common-stock issuance, an increase in authorized common shares, and a reverse split ranging from 1-for-15 to 1-for-40. The board retains discretion over the whole-number ratio and timing; neither has been selected. Richard A. (“Randy”) Meier also joined the board effective immediately and will serve on its Compensation Committee.
Accuray (ARAY) entered agreements with Samsung HME America, doing business as NeuroLogica, to pursue volumetric imaging capabilities for the CyberKnife System.
The companies plan to combine Samsung NeuroLogica's experience in mobile computed tomography (CT) and volumetric imaging with Accuray's expertise in robotic radiosurgery, treatment delivery and motion management. They aim to explore bringing more information about patient anatomy into treatment decisions, including possible future workflows that adapt treatment to a patient's anatomy. The collaboration will proceed through phased development as the companies evaluate technical, clinical and commercial opportunities.
No commercial product offering has been announced. Future developments remain subject to ongoing evaluation and applicable regulatory requirements. The companies highlighted the collaboration at the American Society of Radiation Oncology annual meeting in Boston.
Accuray (ARAY) entered a definitive agreement with RaySearch Laboratories to expand their collaboration and accelerate Accuray's adoption of online adaptive radiation therapy.
The collaboration integrates Accuray's photon-based Radixact and, later, CyberKnife platforms and imaging with RaySearch's RayStation treatment planning and RayCare workflow software. Online adaptive radiation therapy enables adjustment of treatment plans immediately before delivery, based on the patient's current anatomy, with the goal of more personalized treatment and improved clinical efficiency. Under the agreement, Accuray will purchase specified RayStation licenses with a total order value of USD $8 million to support commercialization of these online adaptive solutions, which the companies will jointly market and support. RaySearch will further enhance its software to better support the Radixact platform and enable a more integrated workflow.
Accuray (NASDAQ: ARAY) reported fiscal 2026 results for the year ended June 30, 2026, highlighting a transformation plan that delivered more than $20 million of cost and margin improvement versus an original $12 million target and a new financing transaction with TCW Asset Management intended to strengthen liquidity, reduce leverage and provide covenant relief through December 2027.
For Q4, net revenue was $100.9 million (down 21% year over year) with product revenue of $40.8 million (down 42%) and service revenue of $60.1 million (up 6%). Q4 gross margin improved to and Adjusted EBITDA rose to $12.9 million. Full-year 2026 net revenue was $401.9 million (down 12%), including a 27% decline in product revenue and 4% growth in service revenue. GAAP net loss widened to $49.2 million while Adjusted EBITDA decreased to $10.6 million. Fiscal 2026 gross product orders fell to $191.9 million, with year-end backlog of $312.5 million, about 27% lower than a year earlier. The company is not providing formal fiscal 2027 revenue or Adjusted EBITDA guidance.
Accuray (NASDAQ: ARAY) announced two executive leadership appointments aligned with its Transformation Phase II strategy to improve operational execution, cost structure and long-term profitable growth. Todd Brown is named Senior Vice President of a newly created Enterprise Performance Optimization organization, while Sofiane Laoussadi becomes Senior Vice President, Global Services & Solutions.
According to Accuray, Brown will lead global initiatives to improve working capital and cash flow, enhance supply chain efficiency, optimize costs, and digitize processes and systems. Laoussadi will oversee the global services business, which generated 57% of consolidated net revenues in fiscal 2026, focusing on customer support, lifecycle management, software upgrades, training and workflow consulting to support revenue growth, margin expansion and enhanced customer experience.
Accuray (NASDAQ: ARAY) will report its fourth quarter fiscal 2026 financial results, for the period ended June 30, 2026, on August 19, 2026. Company management will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET that day. Investors can join by dialing 1-833-316-0563 (USA) or 1-412-317-5747 (international). A dial-up replay will be available for one week at 1-855-669-9658 (USA) or 1-412-317-0088 (international), using conference ID 6917084. A live webcast and replay will be accessible via the Investor Relations section of investors.accuray.com until Accuray announces its first quarter fiscal 2027 results.