ACCURAY INC

For the period ended Mar 31, 2024. Filed May 8, 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.

Mar 31, 2024 · Filed May 8, 2024

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

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Contents

Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023

Unaudited Condensed Cons olidated Balance Sheets

(in thousands, except share amounts and par value)

	March 31, 2024	June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$60,450	$89,402
Restricted cash	674	524
Accounts receivable, net of allowance for credit losses of $2,791 and $3,079 as of March 31, 2024, and June 30, 2023, respectively (a)	73,154	74,777
Inventories	159,566	145,150
Prepaid expenses and other current assets (b)	19,043	27,612
Deferred cost of revenue	1,023	568
Total current assets	313,910	338,033
Property and equipment, net	25,387	20,926
Investment in joint venture	13,586	15,128
Operating lease right-of-use assets, net	29,127	25,853
Goodwill	57,682	57,681
Intangible assets, net	70	210
Restricted cash	1,030	1,276
Other assets	21,735	20,107
Total assets	$462,527	$479,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$44,430	$33,739
Accrued compensation	21,604	23,793
Operating 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
Long-term liabilities:
Operating 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
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, $0.001 par value; authorized: 200,000,000 shares as of March 31, 2024, and June 30, 2023, respectively; issued and outstanding: 99,244,173 and 96,534,609 shares at March 31, 2024, and June 30, 2023, respectively	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 stockholders' equity	41,081	53,659
Total liabilities and stockholders' equity	$462,527	$479,214

(a)

Includes accounts receivable from the joint venture, an equity method invest ment, of$17,563 and$10,304 at March 31, 2024, and June 30, 2023, respectively. See Note 13.

(b)

Includes other receivables from the joint venture, an equity method investment, of$100 at June 30, 2023. There wereno other receivables from the joint venture at March 31, 2024.

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

(in thousands, except per share amounts)

	Three Months Ended March 31,		Nine Months EndedMarch 31,
	2024	2023	2024	2023
Net revenue:
Products (a)	$49,603	$62,846	$154,491	$170,738
Services (b)	51,529	55,214	157,771	158,575
Total net revenue	101,132	118,060	312,262	329,313
Cost of revenue:
Cost of products	35,945	43,529	105,977	111,627
Cost of services	36,113	35,813	101,816	101,404
Total cost of revenue (c)	72,058	79,342	207,793	213,031
Gross profit	29,074	38,718	104,469	116,282
Operating expenses:
Research and development (d)	10,909	14,209	40,203	42,942
Selling and marketing	10,318	11,130	31,923	35,511
General and administrative	12,409	11,063	38,656	34,990
Total operating expenses	33,636	36,402	110,782	113,443
Income (loss) from operations	(4,562)	2,316	(6,313)	2,839
Income from equity method investment, net	1,024	2,027	1,028	960
Other expense, net	(2,360)	(3,222)	(10,393)	(8,611)
Income (loss) before provision for income taxes	(5,898)	1,121	(15,678)	(4,812)
Provision for income taxes	444	522	3,254	1,912
Net income (loss)	$(6,342)	$599	$(18,932)	$(6,724)
Net income (loss) per share - basic	$(0.06)	$0.01	$(0.19)	$(0.07)
Net income (loss) per share - diluted	$(0.06)	$0.01	$(0.19)	$(0.07)
Weighted average common shares used in computing net income (loss) per share:
Basic	99,197	95,522	97,838	94,532
Diluted	99,197	97,455	97,838	94,532
Other comprehensive income (loss):
Net income (loss)	$(6,342)	$599	$(18,932)	$(6,724)
Foreign currency translation adjustment	(2,965)	801	(2,330)	(64)
Comprehensive income (loss)	$(9,307)	$1,400	$(21,262)	$(6,788)

(a)

Includes sales of products to the joint venture, an equity method investment, of$15,662 and$55,504 during thethree and nine months ended March 31, 2024 and$18,118 and$43,702 during the three and nine months ended March 31, 2023, respectively. See Note 13.

(b)

Includes sales of services to the joint venture, an equity method investment, of$3,982 and$10,970 during thethree and nine months ended March 31, 2024 and$2,696 and$8,147 during thethree and nine months ended March 31, 2023, respectively. See Note 13.

(c)

Includes cost of revenue from sales to the joint venture, an equity method investment, of$13,887 and$40,260 during thethree and nine months ended March 31, 2024 and$13,905 and$29,728 during the three and nine months ended March 31, 2023, respectively.

(d)

Includes charge backs to the joint venture, an equity method investment, related to research and development of$199 during the nine months ended March 31, 2024, and$97 and$1,363 during the three and nine months ended March 31, 2023, respectively. There wereno charge backs to the joint venture related to research and development during the three months ended March 31, 2024.

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
Issuance of common stock to employees	80	—	—	—	—	—
Share-based compensation	—	—	2,735	—	—	2,735
Net loss	—	—	—	—	(6,342)	(6,342)
Foreign currency translation adjustment	—	—	—	(2,965)	—	(2,965)
Balance at March 31, 2024	99,244	$99	$563,958	$(1,908)	$(521,068)	$41,081

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
Issuance of common stock to employees	64	1		—	—		—		1
Share-based compensation	—	—		1,559	—		—		1,559
Net income	—	—		—	—		599		599
Foreign currency translation adjustment	—	—		—	801		—		801
Balance at March 31, 2023	95,558	$96		$551,847	$2,342		$(499,580)		$54,705

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