Accuray Inc
NASDAQ:ARAY

  • LAST PRICE
    1.6200
  • TODAY'S CHANGE (%)
    0.0800 (5.1948%)
  • Bid / Lots
    1.6400/ 7
  • Ask / Lots
    1.6500/ 11
  • Open / Previous Close
    1.6000 / 1.5400
  • Day Range
    1.5400
    1.6200
  • 52 Week Range
    1.5100
    4.2990
  • Volume
    1,537,411

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  • May 1, 2024

      Show headlines and story abstract

    • 4:07PM ET on Wednesday May 01, 2024 by MT Newswires
      Companies Mentioned: ARAY
      04:07 PM EDT, 05/01/2024 (MT Newswires) -- ...

    • 4:07PM ET on Wednesday May 01, 2024 by MT Newswires
      Companies Mentioned: ARAY
      04:07 PM EDT, 05/01/2024 (MT Newswires) -- ...

    • 4:06PM ET on Wednesday May 01, 2024 by PR Newswire
      Companies Mentioned: ARAY

      Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the third quarter and nine-months ended March 31, 2024.

      https://mma.prnewswire.com/media/320376/accuray_incorporated_logo.jpg

      Third Quarter Fiscal 2024 Summary

    • 4:06PM ET on Wednesday May 01, 2024 by Dow Jones
      Companies Mentioned: ARAY
      --------- --------- Total current assets 313,910 338,033 Property and equipment, net 25,387 20,926 Investment in joint venture 13,586 15,128 Lease right-of-use assets, net 29,127 25,853 Goodwill 57,682 57,681 Intangible assets, net 70 210 Long-term restricted cash 1,030 1,276 Other assets 21,735 20,107 --------- --------- Total assets $ 462,527 $ 479,214 ========= ========= Liabilities and equity Current liabilities: Accounts payable $ 44,430 $ 33,739 Accrued compensation 21,604 23,793 Lease liabilities, current 5,279 4,151 Other accrued liabilities 30,703 38,271 Customer advances 15,392 20,777 Deferred revenue 73,734 72,185 Short-term debt 7,248 5,721 --------- --------- Total current liabilities 198,390 198,637 Lease liabilities, non-current 28,217 23,602 Long-term other liabilities 4,969 4,675 Deferred revenue, non-current 23,624 27,079 Long-term debt 166,246 171,562 --------- --------- Total liabilities 421,446 425,555 Equity: Common stock 99 97 Additional paid-in capital 563,958 555,276 Accumulated other comprehensive income (loss) (1,908) 422 Accumulated deficit (521,068) (502,136) --------- --------- Total equity 41,081 53,659 --------- --------- Total liabilities and equity $ 462,527 $ 479,214 ========= ========= Accuray Incorporated Summary of Orders and Backlog (in thousands, except book to bill ratio) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, --------------------- --------------------- 2024 2023 2024 2023 -------- ----------- -------- ----------- Gross orders $ 89,086 $ 73,764 $246,676 $ 222,647 Net orders 60,795 54,737 147,141 115,176 Order backlog 503,220 506,587 503,220 506,587 Book to bill ratio (a) 1.8 1.2 1.6 1.3 (a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period. Accuray Incorporated Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, ------------------------ -------------------- 2024 2023 2024 2023 ------------ ---------- --------- --------- GAAP net loss $ (6,342) $ 599 $(18,932) $ (6,724) Depreciation and amortization (a) 1,601 1,103 4,398 3,430 Stock-based compensation 2,735 1,559 7,441 7,601 Interest expense, net (b) 2,649 2,707 7,990 7,605 Provision for income taxes 444 522 3,254 1,912 Restructuring charges -- 800 2,633 2,738 ERP and ERP related expenditures -- 1,057 2,815 2,178 -------- ------ -------- -------- Adjusted EBITDA $ 1,087 $ 8,347 $ 9,599 $ 18,740 ======== ====== ======== ======== (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 Forward-Looking Guidance Reconciliation of Projected GAAP Net Income (Loss) to Projected Adjusted EBITDA (in thousands) (Unaudited) Twelve Months Ending June 30, 2024 ------------------------------- From To ---------------- ------------- GAAP net loss $ (17,400) $ (14,400) Depreciation and amortization (a) 6,000 6,000 Stock-based compensation 10,300 10,300 Interest expense, net (b) 10,700 10,700 Provision for income taxes 4,000 4,000 Restructuring charges 2,600 2,600 ERP and ERP related expenditures 2,800 2,800 ------------ ------------ Adjusted EBITDA $ 19,000 $ 22,000 ============ ============ (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.

    • 4:06PM ET on Wednesday May 01, 2024 by Dow Jones
      Companies Mentioned: ARAY
      --------- --------- Total current assets 313,910 338,033 Property and equipment, net 25,387 20,926 Investment in joint venture 13,586 15,128 Lease right-of-use assets, net 29,127 25,853 Goodwill 57,682 57,681 Intangible assets, net 70 210 Long-term restricted cash 1,030 1,276 Other assets 21,735 20,107 --------- --------- Total assets $ 462,527 $ 479,214 ========= ========= Liabilities and equity Current liabilities: Accounts payable $ 44,430 $ 33,739 Accrued compensation 21,604 23,793 Lease liabilities, current 5,279 4,151 Other accrued liabilities 30,703 38,271 Customer advances 15,392 20,777 Deferred revenue 73,734 72,185 Short-term debt 7,248 5,721 --------- --------- Total current liabilities 198,390 198,637 Lease liabilities, non-current 28,217 23,602 Long-term other liabilities 4,969 4,675 Deferred revenue, non-current 23,624 27,079 Long-term debt 166,246 171,562 --------- --------- Total liabilities 421,446 425,555 Equity: Common stock 99 97 Additional paid-in capital 563,958 555,276 Accumulated other comprehensive income (loss) (1,908) 422 Accumulated deficit (521,068) (502,136) --------- --------- Total equity 41,081 53,659 --------- --------- Total liabilities and equity $ 462,527 $ 479,214 ========= ========= Accuray Incorporated Summary of Orders and Backlog (in thousands, except book to bill ratio) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, --------------------- --------------------- 2024 2023 2024 2023 -------- ----------- -------- ----------- Gross orders $ 89,086 $ 73,764 $246,676 $ 222,647 Net orders 60,795 54,737 147,141 115,176 Order backlog 503,220 506,587 503,220 506,587 Book to bill ratio (a) 1.8 1.2 1.6 1.3 (a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period. Accuray Incorporated Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, ------------------------ -------------------- 2024 2023 2024 2023 ------------ ---------- --------- --------- GAAP net loss $ (6,342) $ 599 $(18,932) $ (6,724) Depreciation and amortization (a) 1,601 1,103 4,398 3,430 Stock-based compensation 2,735 1,559 7,441 7,601 Interest expense, net (b) 2,649 2,707 7,990 7,605 Provision for income taxes 444 522 3,254 1,912 Restructuring charges -- 800 2,633 2,738 ERP and ERP related expenditures -- 1,057 2,815 2,178 -------- ------ -------- -------- Adjusted EBITDA $ 1,087 $ 8,347 $ 9,599 $ 18,740 ======== ====== ======== ======== (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 Forward-Looking Guidance Reconciliation of Projected GAAP Net Income (Loss) to Projected Adjusted EBITDA (in thousands) (Unaudited) Twelve Months Ending June 30, 2024 ------------------------------- From To ---------------- ------------- GAAP net loss $ (17,400) $ (14,400) Depreciation and amortization (a) 6,000 6,000 Stock-based compensation 10,300 10,300 Interest expense, net (b) 10,700 10,700 Provision for income taxes 4,000 4,000 Restructuring charges 2,600 2,600 ERP and ERP related expenditures 2,800 2,800 ------------ ------------ Adjusted EBITDA $ 19,000 $ 22,000 ============ ============ (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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