ACCURAY INC

For the period ended Dec 31, 2023. Filed Feb 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 7, 2024

ARAY$0.11-11.2%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023

Unaudited Condensed Cons olidated Balance Sheets

(in thousands, except share amounts and par value)

	December 31, 2023	June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$72,756	$89,402
Restricted cash	485	524
Accounts receivable, net of allowance for credit losses of $2,866 and $3,079 as of December 31, 2023, and June 30, 2023, respectively (a)	77,397	74,777
Inventories	155,228	145,150
Prepaid expenses and other current assets (b)	25,020	27,612
Deferred cost of revenue	284	568
Total current assets	331,170	338,033
Property and equipment, net	25,919	20,926
Investment in joint venture	14,536	15,128
Operating lease right-of-use assets, net	23,094	25,853
Goodwill	57,771	57,681
Intangible assets, net	116	210
Restricted cash	1,251	1,276
Other assets	22,493	20,107
Total assets	$476,350	$479,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$39,180	$33,739
Accrued compensation	21,345	23,793
Operating lease liabilities, current	5,707	4,151
Other accrued liabilities	36,253	38,271
Customer advances	22,677	20,777
Deferred revenue	77,406	72,185
Short-term debt	6,738	5,721
Total current liabilities	209,306	198,637
Long-term liabilities:
Operating lease liabilities, non-current	21,758	23,602
Long-term other liabilities	4,804	4,675
Deferred revenue, non-current	24,809	27,079
Long-term debt	168,020	171,562
Total liabilities	428,697	425,555
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, $0.001 par value; authorized: 200,000,000 shares as of December 31, 2023, and June 30, 2023, respectively; issued and outstanding: 99,163,920 and 96,534,609 shares at December 31, 2023, and June 30, 2023, respectively	99	97
Additional paid-in-capital	561,223	555,276
Accumulated other comprehensive income	1,057	422
Accumulated deficit	(514,726)	(502,136)
Total stockholders' equity	47,653	53,659
Total liabilities and stockholders' equity	$476,350	$479,214

(a)

Includes accounts receivable from the joint venture, an equity method invest ment, of$19,893 and$10,304 at December 31, 2023, and June 30, 2023, respectively. See Note 13.

(b)

Includes other receivables from the joint venture, an equity method investment, of$67 and$100 at December 31, 2023, and June 30, 2023, respectively.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except per share amounts)

	Three Months Ended December 31,		Six Months EndedDecember 31,
	2023	2022	2023	2022
Net revenue:
Products (a)	$51,538	$63,269	$104,888	$107,892
Services (b)	55,700	51,491	106,242	103,361
Total net revenue	107,238	114,760	211,130	211,253
Cost of revenue:
Cost of products	34,333	39,248	70,032	68,098
Cost of services	37,003	32,545	65,703	65,591
Total cost of revenue (c)	71,336	71,793	135,735	133,689
Gross profit	35,902	42,967	75,395	77,564
Operating expenses:
Research and development (d)	15,281	14,641	29,294	28,733
Selling and marketing	11,361	13,586	21,605	24,381
General and administrative	13,224	12,035	26,247	23,927
Total operating expenses	39,866	40,262	77,146	77,041
Income (loss) from operations	(3,964)	2,705	(1,751)	523
Income (loss) from equity method investment, net	(427)	(699)	4	(1,067)
Other expense, net	(4,352)	(2,831)	(8,033)	(5,389)
Loss before provision for income taxes	(8,743)	(825)	(9,780)	(5,933)
Provision for income taxes	878	1,049	2,810	1,390
Net loss	$(9,621)	$(1,874)	$(12,590)	$(7,323)
Net loss per share - basic and diluted	$(0.10)	$(0.02)	$(0.13)	$(0.08)
Weighted average common shares used in computing net loss per share:
Basic and diluted	97,776	94,567	97,165	94,048
Other comprehensive income (loss):
Net loss	$(9,621)	$(1,874)	$(12,590)	$(7,323)
Foreign currency translation adjustment	2,773	2,790	635	(865)
Comprehensive income (loss)	$(6,848)	$916	$(11,955)	$(8,188)

(a)

Includes sales of products to the joint venture, an equity method investment, of$17,890 and$39,842 during the three and six months ended December 31, 2023 and$16,715 and$25,584 during the three and six months ended December 31, 2022, respectively. See Note 13.

(b)

Includes sales of services to the joint venture, an equity method investment, of$4,134 and$6,988 during thethree and six months ended December 31, 2023 and$2,494 and$5,451 during thethree and six months ended December 31, 2022, respectively. See Note 13.

(c)

Includes cost of revenue from sales to the joint venture, an equity method investment, of$11,102 and$26,373 during the three and six months ended December 31, 2023 and$9,916 and$15,823 during the three and six months ended December 31, 2022. respectively.

(d)

Includes charge backs to the joint venture, an equity method investment, related to research and development of$67 and$199 during the three and six months ended December 31, 2023 and$487 and$1,266 during the three and six months ended December 31, 2022, respectively.

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

Common Stock · AdditionalPaid-in · AccumulatedOtherComprehensive · Accumulated · TotalStockholders'
	Shares	Amount	Capital	Income (Loss)	Deficit	Equity
Balance at June 30, 2023	96,535	$97	$555,276	$422	$(502,136)	$53,659
Issuance of common stock to employees	192	—	—	—	—	—
Share-based compensation	—	—	2,392	—	—	2,392
Net loss	—	—	—	—	(2,969)	(2,969)
Foreign currency translation adjustment	—	—	—	(2,138)	—	(2,138)
Balance at September 30, 2023	96,727	$97	$557,668	$(1,716)	$(505,105)	$50,944
Issuance of common stock to employees	2,484	2	1,358	—	—	1,360
Tax withholding upon vesting of restricted stock units	(47)	—	(117)	—	—	(117)
Share-based compensation	—	—	2,314	—	—	2,314
Net loss	—	—	—	—	(9,621)	(9,621)
Foreign currency translation adjustment	—	—	—	2,773	—	2,773
Balance at December 31, 2023	99,164	$99	$561,223	$1,057	$(514,726)	$47,653

Common Stock · AdditionalPaid-in · AccumulatedOtherComprehensive · Accumulated · TotalStockholders'
Shares · Amount · Capital · Income (loss) · Deficit · Equity
Balance at June 30, 2022	93,500	$94		$543,211	$2,406		$(492,522)		$53,189
Issuance of common stock to employees	279	—		—	—		—		—
Share-based compensation	—	—		2,906	—		—		2,906
Net loss	—	—		—	—		(5,449)		(5,449)
Foreign currency translation adjustment	—	—		—	(3,655)		—		(3,655)
Balance at September 30, 2022	93,779	$94		$546,117	$(1,249)		$(497,971)		$46,991
Issuance of common stock to employees	1,765	1		1,138	—		—		1,139
Tax withholding upon vesting of restricted stock units	(50)	—		(116)	—		—		(116)
Share-based compensation	—	—		3,136	—		—		3,136
Net loss	—	—		—	—		(1,874)		(1,874)
Foreign currency translation adjustment	—	—		—	2,790		—		2,790
Other			13			(334)		(321)
Balance at December 31, 2022	95,494	$95		$550,288	$1,541		$(500,179)		$51,745

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