Accuray Reports Fiscal 2025 First Quarter Financial Results
Strong Start to Fiscal Year, Raises 2025 Guidance
"We continue to make solid progress in the execution of our strategic growth agenda and performed better than expected in the first quarter and are on track to deliver our fiscal 2025 plan. Our performance in the
Fiscal First Quarter Results
Total net revenue in the first quarter of fiscal 2025 was
Total gross profit in the first quarter of fiscal 2025 was
Operating expenses in the first quarter of fiscal 2025 were
Net loss in the first quarter of fiscal 2025 was
Gross product orders in the first quarter of fiscal 2025 totaled
Cash, cash equivalents, and short-term restricted cash were
Fiscal Year 2025 Financial Guidance
The Company is raising guidance for fiscal year 2025 as follows:
- Total revenue is expected in the range of
$462 million to$472 million . - Adjusted EBITDA is expected in the range of
$28 million to$30 million .
Guidance for non-GAAP financial measures excludes depreciation and amortization, stock-based compensation, 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
-
U.S. callers: (833) 316-0563 - International callers: (412) 317-5747
Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Investor Relations section of
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
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
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 future results of operations, including expectations regarding: total revenue and adjusted EBITDA; the company's ability to invest on innovations and provide customers with products that enables them to elevate cancer care; the company's ability to benefit from advances in long-term growth and profitability drivers; the company's ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; the company's ability to deliver on its strategic growth agenda and fiscal 2025 plans, ability to progress against long-term strategic goals, and ability to continue adoption and expansion of access of its technologies; the company's ability to execute on margin and profitability expansion initiatives; expectations regarding commercial strategy and execution as well as growth opportunities; 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.
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Investor Relations, ICR-Westwicke |
Public Relations Director, |
+1 (443) 450-4191 |
+1 (408) 789-4426 |
Financial Tables to Follow
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|
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Three Months Ended |
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|||||
|
|
2024 |
|
|
2023 |
|
||
Net revenue: |
|
|
|
|
|
|
||
Products |
|
$ |
48,369 |
|
|
$ |
53,350 |
|
Services |
|
|
53,176 |
|
|
|
50,542 |
|
Total net revenue |
|
|
101,545 |
|
|
|
103,892 |
|
Cost of revenue: |
|
|
|
|
|
|
||
Cost of products |
|
|
32,461 |
|
|
|
35,699 |
|
Cost of services |
|
|
34,615 |
|
|
|
28,700 |
|
Total cost of revenue |
|
|
67,076 |
|
|
|
64,399 |
|
Gross profit |
|
|
34,469 |
|
|
|
39,493 |
|
Operating expenses: |
|
|
|
|
|
|
||
Research and development |
|
|
12,116 |
|
|
|
14,013 |
|
Selling and marketing |
|
|
11,682 |
|
|
|
10,244 |
|
General and administrative |
|
|
12,820 |
|
|
|
13,023 |
|
Total operating expenses |
|
|
36,618 |
|
|
|
37,280 |
|
Income (loss) from operations |
|
|
(2,149) |
|
|
|
2,213 |
|
Income (loss) from equity method investment, net |
|
|
(72) |
|
|
|
431 |
|
Interest expense |
|
|
(2,955) |
|
|
|
(2,922) |
|
Other income (expense), net |
|
|
1,847 |
|
|
|
(759) |
|
Loss before provision for income taxes |
|
|
(3,329) |
|
|
|
(1,037) |
|
Provision for income taxes |
|
|
625 |
|
|
|
1,932 |
|
Net loss |
|
$ |
(3,954) |
|
|
$ |
(2,969) |
|
Net loss per share - basic and diluted |
|
$ |
(0.04) |
|
|
$ |
(0.03) |
|
Weighted average common shares used in computing loss per share: |
|
|
|
|
|
|
||
Basic and diluted |
|
|
100,225 |
|
|
|
96,555 |
|
|
||||||||
|
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|
|
|
|
|
|
|
||
|
|
2024 |
|
|
2024 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
59,209 |
|
|
$ |
68,570 |
|
Restricted cash |
|
|
485 |
|
|
|
485 |
|
Accounts receivable, net |
|
|
91,789 |
|
|
|
92,001 |
|
Inventories |
|
|
154,883 |
|
|
|
138,324 |
|
Prepaid expenses and other current assets |
|
|
21,456 |
|
|
|
23,006 |
|
Deferred cost of revenue |
|
|
1,721 |
|
|
|
850 |
|
Total current assets |
|
|
329,543 |
|
|
|
323,236 |
|
Property and equipment, net |
|
|
25,342 |
|
|
|
24,774 |
|
Investment in joint venture |
|
|
6,045 |
|
|
|
9,826 |
|
Lease right-of-use assets, net |
|
|
33,136 |
|
|
|
33,773 |
|
|
|
|
57,810 |
|
|
|
57,672 |
|
Intangible assets, net |
|
|
48 |
|
|
|
59 |
|
Long-term restricted cash |
|
|
1,438 |
|
|
|
1,337 |
|
Other assets |
|
|
19,716 |
|
|
|
17,950 |
|
Total assets |
|
$ |
473,078 |
|
|
$ |
468,627 |
|
Liabilities and equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
49,808 |
|
|
$ |
50,020 |
|
Accrued compensation |
|
|
17,540 |
|
|
|
17,128 |
|
Lease liabilities, current |
|
|
6,779 |
|
|
|
6,218 |
|
Other accrued liabilities |
|
|
25,457 |
|
|
|
28,508 |
|
Customer advances |
|
|
13,132 |
|
|
|
13,988 |
|
Deferred revenue |
|
|
81,321 |
|
|
|
71,649 |
|
Short-term debt |
|
|
7,769 |
|
|
|
7,756 |
|
Total current liabilities |
|
|
201,806 |
|
|
|
195,267 |
|
Lease liabilities, non-current |
|
|
31,773 |
|
|
|
32,373 |
|
Long-term other liabilities |
|
|
7,335 |
|
|
|
7,389 |
|
Deferred revenue, non-current |
|
|
24,470 |
|
|
|
24,114 |
|
Long-term debt |
|
|
162,471 |
|
|
|
164,400 |
|
Total liabilities |
|
|
427,855 |
|
|
|
423,543 |
|
Equity: |
|
|
|
|
|
|
||
Common stock |
|
|
100 |
|
|
|
100 |
|
Additional paid-in capital |
|
|
569,240 |
|
|
|
566,887 |
|
Accumulated other comprehensive loss |
|
|
(2,482) |
|
|
|
(4,222) |
|
Accumulated deficit |
|
|
(521,635) |
|
|
|
(517,681) |
|
Total equity |
|
|
45,223 |
|
|
|
45,084 |
|
Total liabilities and equity |
|
$ |
473,078 |
|
|
$ |
468,627 |
|
|
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|
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|
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Three Months Ended |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Gross orders |
|
$ |
55,365 |
|
|
$ |
63,734 |
|
Net orders |
|
|
29,656 |
|
|
|
31,740 |
|
Order backlog |
|
|
468,607 |
|
|
|
489,031 |
|
Book to bill ratio (a) |
|
|
1.1 |
|
|
|
1.2 |
|
|
(a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period. |
|
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|
||||||||
|
|
Three Months Ended |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
GAAP net loss |
|
$ |
(3,954) |
|
|
$ |
(2,969) |
|
Depreciation and amortization (a) |
|
|
1,464 |
|
|
|
1,251 |
|
Stock-based compensation |
|
|
2,354 |
|
|
|
2,392 |
|
Interest expense, net (b) |
|
|
2,652 |
|
|
|
2,628 |
|
Provision for income taxes |
|
|
625 |
|
|
|
1,932 |
|
ERP and ERP related expenditures |
|
|
— |
|
|
|
1,270 |
|
Adjusted EBITDA |
|
$ |
3,141 |
|
|
$ |
6,504 |
|
|
(a) Consists of depreciation on property and equipment and amortization of intangibles. |
(b) Consists of interest expense net of interest income. |
|
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Twelve Months Ending |
|
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From |
|
|
To |
|
||
GAAP net loss |
|
$ |
(4,500) |
|
|
$ |
(2,500) |
|
Depreciation and amortization (a) |
|
|
6,500 |
|
|
|
6,500 |
|
Stock-based compensation |
|
|
10,000 |
|
|
|
10,000 |
|
Interest expense, net (b) |
|
|
13,000 |
|
|
|
13,000 |
|
Provision for income taxes |
|
|
3,000 |
|
|
|
3,000 |
|
Adjusted EBITDA |
|
$ |
28,000 |
|
|
$ |
30,000 |
|
|
(a) Consists of depreciation on property and equipment and amortization of intangibles. |
(b) Consists of interest expense net of interest income. |
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