Accuray Reports Fourth Quarter and Fiscal 2025 Financial Results
Accuray (NASDAQ: ARAY) reported its Q4 and fiscal 2025 results with mixed performance. Q4 revenue decreased 5% to $127.5 million, while full-year revenue grew 3% to $458.5 million. The company posted Q4 net income of $1.1 million compared to $3.4 million in the prior year, while recording a full-year net loss of $1.6 million, improved from a $15.5 million loss in FY24.
Service revenue showed strength with a 4% increase in both Q4 and full-year results. The company successfully completed a debt refinancing and maintained a book-to-bill ratio of 1.2. For FY26, Accuray projects revenue between $471-485 million and adjusted EBITDA of $31-35 million.
Accuray (NASDAQ: ARAY) ha comunicato i risultati del quarto trimestre e dell'esercizio fiscale 2025, mostrando una performance mista. I ricavi del Q4 sono diminuiti del 5% a $127.5 million, mentre i ricavi dell'intero esercizio sono cresciuti del 3% a $458.5 million. La società ha registrato un utile netto nel Q4 di $1.1 million rispetto ai $3.4 million dell'anno precedente, e un risultato netto annuale negativo di $1.6 million, migliorato rispetto alla perdita di $15.5 million nel FY24.
I ricavi dei servizi hanno mostrato solidità con un aumento del 4% sia nel Q4 sia nell'intero esercizio. L'azienda ha completato con successo una rifinanziamento del debito e ha mantenuto un rapporto book-to-bill di 1.2. Per l'FY26, Accuray prevede ricavi compresi tra $471-485 million e un EBITDA rettificato di $31-35 million.
Accuray (NASDAQ: ARAY) informó sus resultados del cuarto trimestre y del año fiscal 2025 con un desempeño mixto. Los ingresos del Q4 cayeron un 5% hasta $127.5 million, mientras que los ingresos anuales crecieron un 3% hasta $458.5 million. La compañía obtuvo un beneficio neto en el Q4 de $1.1 million frente a $3.4 million del año anterior, y registró una pérdida neta anual de $1.6 million, mejorando desde una pérdida de $15.5 million en FY24.
Los ingresos por servicios mostraron fortaleza con un aumento del 4% tanto en el Q4 como en el total del año. La empresa completó con éxito una refinanciación de su deuda y mantuvo una ratio book-to-bill de 1.2. Para el FY26, Accuray proyecta ingresos entre $471-485 million y un EBITDA ajustado de $31-35 million.
Accuray (NASDAQ: ARAY)는 2025 회계연도 4분기 및 연간 실적을 혼조세로 발표했습니다. 4분기 매출은 $127.5 million로 전년 대비 5% 감소했으나, 연간 매출은 $458.5 million로 3% 증가했습니다. 회사는 4분기 순이익 $1.1 million을 기록했으며 전년의 $3.4 million과 비교되며, 연간 순손실은 $1.6 million으로 FY24의 $15.5 million 손실에서 개선되었습니다.
서비스 매출은 4분기 및 연간 모두 4% 증가하는 등 견조한 흐름을 보였습니다. 회사는 채무 재융자를 성공적으로 마무리했고 book-to-bill 비율을 1.2로 유지했습니다. FY26에 대해 Accuray는 매출을 $471-485 million, 조정 EBITDA를 $31-35 million으로 전망했습니다.
Accuray (NASDAQ: ARAY) a publié ses résultats du 4e trimestre et de l'exercice fiscal 2025, avec des performances mitigées. Le chiffre d'affaires du T4 a diminué de 5% à $127.5 million, tandis que le chiffre d'affaires annuel a augmenté de 3% à $458.5 million. La société a enregistré un bénéfice net au T4 de $1.1 million contre $3.4 million l'an précédent, et une perte nette annuelle de $1.6 million, en amélioration par rapport à la perte de $15.5 million en FY24.
Les revenus de services ont montré de la vigueur avec une hausse de 4% tant au T4 que sur l'année. L'entreprise a mené à bien un refinancement de sa dette et a maintenu un ratio book-to-bill de 1.2. Pour FY26, Accuray prévoit un chiffre d'affaires compris entre $471-485 million et un EBITDA ajusté de $31-35 million.
Accuray (NASDAQ: ARAY) meldete die Ergebnisse für Q4 und das Geschäftsjahr 2025 mit gemischter Performance. Der Umsatz im Q4 sank um 5% auf $127.5 million, während der Jahresumsatz um 3% auf $458.5 million wuchs. Das Unternehmen verzeichnete im Q4 einen Nettogewinn von $1.1 million gegenüber $3.4 million im Vorjahr und wies für das Gesamtjahr einen Nettoverlust von $1.6 million aus, eine Verbesserung gegenüber dem Verlust von $15.5 million in FY24.
Die Serviceerlöse zeigten Stärke mit einem Anstieg von 4% sowohl im Q4 als auch im Jahresverlauf. Das Unternehmen hat eine Refinanzierung der Verschuldung erfolgreich abgeschlossen und ein Book-to-Bill-Verhältnis von 1.2 beibehalten. Für FY26 prognostiziert Accuray einen Umsatz von $471-485 million und ein bereinigtes EBITDA von $31-35 million.
- Service revenue grew 4% both quarterly and annually
- Full-year revenue increased 3% to $458.5 million
- Adjusted EBITDA improved to $28.3 million from $19.7 million year-over-year
- Successfully completed debt refinancing with strategic partner
- Book-to-bill ratio maintained at 1.2, indicating healthy demand
- Operating expenses decreased 2% for full fiscal year
- Gross margin improved to 30.6% in Q4 from 28.6% year-over-year
- Q4 revenue declined 5% year-over-year to $127.5 million
- Q4 product revenue decreased 11% compared to prior year
- Operating expenses increased 10% in Q4 year-over-year
- Order backlog declined 12.4% from prior year to $427.0 million
- Cash position decreased by $20.8 million from previous quarter
- Posted full-year net loss of $1.6 million
Insights
Accuray showed mixed FY25 results with overall growth but Q4 weakness; FY26 guidance projects continued improvement despite challenges.
Accuray's Q4 FY25 results reveal some concerning short-term trends despite overall fiscal year progress. Q4 revenue declined
For the full fiscal year 2025, however, the company achieved modest growth, with revenue increasing
The divergence between product and service revenue is particularly noteworthy. While product revenue grew only
The order book-to-bill ratio of 1.2 for both Q4 and the full year indicates healthy demand pipeline, though the
Looking ahead, management's FY26 guidance projects revenue of
The completed debt refinancing with what management describes as a "strong partner" invested in their long-term success adds financial stability, though the
Strong Service Growth; Debt Refinancing Complete; Company Issues FY26 Guidance
MADISON, Wis., Aug. 13, 2025 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the fourth quarter and fiscal 2025, ended June 30, 2025.
Key Fiscal Fourth Quarter Highlights
- Net revenue was
$127.5 million - Net income was
$1.1 million $3.4 million - Adjusted EBITDA was
$9.4 million $10.1 million - Order book-to-bill at 1.2
Key Fiscal Year 2025 Highlights
- Net revenue was
$458.5 million - Net loss was
$1.6 million $15.5 million - Adjusted EBITDA was
$28.3 million $19.7 million - Order book-to-bill at 1.2
"We continued to advance our strategy of innovation, access and service growth within the quarter and I am proud of how we navigated a challenging environment both within the quarter and for the fiscal year," said Suzanne Winter, President and Chief Executive Officer. "In addition to annual revenue growth, strong service performance and adjusted EBITDA margin expansion, we successfully completed a refinancing of our debt with a strong partner that is invested in our long-term success."
Fiscal Fourth Quarter Results
Total net revenue was
Total gross profit in the fourth quarter of fiscal 2025 was
Operating expenses were
Net income was
Ending order backlog as of June 30, 2025 was
Cash, cash equivalents, and short-term restricted cash were
Fiscal Year 2025 Highlights
Total net revenue was
Total gross profit was
Operating expenses were
GAAP net loss was
"Our fourth quarter and full year financial results demonstrate the resilience of our team despite macroeconomic challenges and continuing tariff uncertainty. We made steady operational progress while continuing to drive customer adoption through the expansion of our product portfolio. We also announced refinancing plans with a partner committed to advancing our global business. I look forward to working with them, together with the global Accuray team, to execute on our core strategies for driving consistent growth," said Ali Pervaiz, Chief Financial Officer at Accuray.
Fiscal Year 2026 Financial Guidance
Accuray's financial guidance is based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market and economic conditions, supply chain disruption, and the factors set forth under "Safe Harbor Statement" below.
The Company is introducing guidance for fiscal year 2026 as follows:
- Total net revenue is expected in the range of
$471 million $485 million - Adjusted EBITDA is expected in the range of
$31 million $35 million
Guidance for Adjusted EBITDA, a non-GAAP financial measure excludes depreciation and amortization, stock-based compensation expense, interest expense and provision for income taxes. 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 Information
Accuray will host a conference call beginning at 1:30 p.m. PT/4:30 p.m. ET today to discuss results for the fourth quarter of fiscal 2025 as well as recent corporate developments. Conference call dial-in information is as follows:
U.S. callers: (888) 999-5318- International callers: (848) 280-6460
Individuals 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 (877) 344-7529 (
Use of Non-GAAP Financial Measures
Accuray reports its financial results in accordance with generally accepted accounting principles in
Accuray has supplemented its GAAP net income (loss) with a non-GAAP measure of adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, changes to the fair value of warrant liability, ERP and ERP related expenditures and restructuring charges ("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 income (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 Accuray
Accuray 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
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 the company's guidance and future results of operations, including expectations regarding: total net revenue and adjusted EBITDA; the company's ability to deliver sustained performance and execute on its strategies; expectations regarding the impact of tariffs as well as mitigation efforts by the company; expectations regarding the company's refinancing and refinancing partner; the company's ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; the company's ability to achieve its longer-term goals; expectations regarding the company's
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, CFA | Beth Kaplan |
Investor Relations, ICR-Westwicke | Public Relations Director, Accuray |
+1 (443) 450-4191 | +1 (408) 789-4426 |
aman.patel@westwicke.com | bkaplan@accuray.com |
Financial Tables to Follow
Accuray Incorporated | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net revenue: | ||||||||||||||||
Products | $ | 70,702 | $ | 79,673 | $ | 237,580 | $ | 234,164 | ||||||||
Services | 56,841 | 54,616 | 220,925 | 212,387 | ||||||||||||
Total net revenue | 127,543 | 134,289 | 458,505 | 446,551 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of products | 51,254 | 55,084 | 162,569 | 161,061 | ||||||||||||
Cost of services | 37,310 | 40,753 | 148,969 | 142,569 | ||||||||||||
Total cost of revenue | 88,564 | 95,837 | 311,538 | 303,630 | ||||||||||||
Gross profit | 38,979 | 38,452 | 146,967 | 142,921 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 11,470 | 9,529 | 47,942 | 49,732 | ||||||||||||
Selling and marketing | 11,409 | 10,696 | 43,315 | 42,619 | ||||||||||||
General and administrative | 11,866 | 11,410 | 47,871 | 50,066 | ||||||||||||
Total operating expenses | 34,745 | 31,635 | 139,128 | 142,417 | ||||||||||||
Income from operations | 4,234 | 6,817 | 7,839 | 504 | ||||||||||||
Income from equity method investment | 885 | 810 | 4,714 | 1,838 | ||||||||||||
Interest expense | (4,226) | (2,895) | (12,954) | (11,624) | ||||||||||||
Gain on extinguishment of debt | 1,475 | — | 1,475 | — | ||||||||||||
Loss from change in fair value of warrant liability | (499) | — | (499) | — | ||||||||||||
Other income (expense), net | 202 | (874) | 559 | (2,538) | ||||||||||||
Income (loss) before provision for income taxes | 2,071 | 3,858 | 1,134 | (11,820) | ||||||||||||
Provision for income taxes | 948 | 471 | 2,725 | 3,725 | ||||||||||||
Net income (loss) | $ | 1,123 | $ | 3,387 | $ | (1,591) | $ | (15,545) | ||||||||
Net income (loss) per share - basic | $ | 0.01 | $ | 0.03 | $ | (0.02) | $ | (0.16) | ||||||||
Net income (loss) per share - diluted | $ | 0.01 | $ | 0.03 | $ | (0.02) | $ | (0.16) | ||||||||
Weighted average common shares used in computing income | ||||||||||||||||
Basic | 106,702 | 99,585 | 102,768 | 98,272 | ||||||||||||
Diluted | 108,891 | 101,028 | 102,768 | 98,272 | ||||||||||||
Accuray Incorporated | ||||||||
June 30, | June 30, | |||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 57,416 | $ | 68,570 | ||||
Restricted cash | 574 | 485 | ||||||
Accounts receivable, net | 83,192 | 92,001 | ||||||
Inventories | 141,020 | 138,324 | ||||||
Prepaid expenses and other current assets | 33,501 | 23,006 | ||||||
Deferred cost of revenue | 1,762 | 850 | ||||||
Total current assets | 317,465 | 323,236 | ||||||
Noncurrent assets: | ||||||||
Property and equipment, net | 28,658 | 24,774 | ||||||
Investment in joint venture | 4,612 | 9,826 | ||||||
Operating lease right-of-use assets | 33,115 | 33,773 | ||||||
Goodwill | 57,802 | 57,672 | ||||||
Restricted cash | 4,144 | 1,337 | ||||||
Other assets | 24,443 | 18,009 | ||||||
Total assets | $ | 470,239 | $ | 468,627 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 34,033 | $ | 50,020 | ||||
Accrued compensation | 14,573 | 17,128 | ||||||
Operating lease liabilities, current | 7,375 | 6,218 | ||||||
Other accrued liabilities | 29,361 | 28,508 | ||||||
Customer advances | 12,197 | 13,988 | ||||||
Deferred revenue | 82,306 | 71,649 | ||||||
Short-term debt, net of unamortized financing costs | 15,583 | 7,756 | ||||||
Total current liabilities | 195,428 | 195,267 | ||||||
Noncurrent liabilities | ||||||||
Operating lease liabilities, non-current | 32,482 | 32,373 | ||||||
Long-term other liabilities | 5,160 | 7,389 | ||||||
Warrant liability | 8,497 | - | ||||||
Deferred revenue | 26,566 | 24,114 | ||||||
Long-term debt, net of unamortized financing costs | 120,937 | 164,400 | ||||||
Total liabilities | 389,070 | 423,543 | ||||||
Stockholders' Equity: | ||||||||
Common stock | 113 | 100 | ||||||
Additional paid-in capital | 602,165 | 566,887 | ||||||
Accumulated other comprehensive loss | (1,837) | (4,222) | ||||||
Accumulated deficit | (519,272) | (517,681) | ||||||
Total stockholders' equity | 81,169 | 45,084 | ||||||
Total liabilities and stockholders' equity | $ | 470,239 | $ | 468,627 | ||||
Accuray Incorporated | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Gross orders | $ | 84,741 | $ | 95,472 | $ | 288,035 | $ | 342,148 | ||||||||
Net orders | 45,282 | 63,773 | 177,233 | 210,914 | ||||||||||||
Order backlog | 426,972 | 487,319 | 426,972 | 487,319 | ||||||||||||
Book to bill ratio (a) | 1.2 | 1.2 | 1.2 | 1.5 | ||||||||||||
(a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period |
Accuray Incorporated | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
GAAP net income (loss) | $ | 1,123 | $ | 3,387 | $ | (1,591) | $ | (15,545) | ||||||||
Depreciation and amortization (a) | 1,598 | 1,507 | 6,150 | 5,905 | ||||||||||||
Stock-based compensation | 2,818 | 2,042 | 10,201 | 9,483 | ||||||||||||
Interest expense, net (b) | 3,937 | 2,686 | 11,762 | 10,676 | ||||||||||||
Gain on extinguishment of debt | (1,475) | — | (1,475) | — | ||||||||||||
Provision for income taxes | 948 | 471 | 2,725 | 3,725 | ||||||||||||
Loss from change in fair value of warrant liability | 499 | — | 499 | — | ||||||||||||
Restructuring charges | — | — | — | 2,633 | ||||||||||||
ERP and ERP related expenditures | — | — | — | 2,815 | ||||||||||||
Adjusted EBITDA | $ | 9,448 | $ | 10,093 | $ | 28,271 | $ | 19,692 | ||||||||
(a) Consists of depreciation, primarily on property and equipment, as well as amortization of intangibles. |
(b) Consists primarily of interest expense associated with outstanding debt. |
Accuray Incorporated | ||||||||
Twelve Months Ending | ||||||||
From | To | |||||||
GAAP net loss | $ | (12,000) | $ | (8,000) | ||||
Depreciation and amortization (a) | 6,000 | 6,000 | ||||||
Stock-based compensation | 10,500 | 10,500 | ||||||
Interest expense, net (b) | 23,500 | 23,500 | ||||||
Provision for income taxes | 3,000 | 3,000 | ||||||
Adjusted EBITDA | $ | 31,000 | $ | 35,000 | ||||
(a) Consists of depreciation, primarily on property and equipment as well, as amortization of intangibles. |
(b) Consists primarily of interest expense associated with outstanding debt. |
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SOURCE Accuray Incorporated
FAQ
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