ACCURAY INC

For the period ended Sep 30, 2024. Filed Nov 6, 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.

Sep 30, 2024 · Filed Nov 6, 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 September 30, 2024 and June 30, 2024

Unaudited Condensed Cons olidated Balance Sheets

(in thousands, except share amounts and par value)

	September 30, 2024	June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$59,209	$68,570
Restricted cash	485	485
Accounts receivable, net of allowance for credit losses of $2,280 and $2,251 as of September 30, 2024, and June 30, 2024, respectively (a)	91,789	92,001
Inventories, net	154,883	138,324
Prepaid expenses and other current assets (b)	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
Operating lease right-of-use assets, net	33,136	33,773
Goodwill	57,810	57,672
Intangible assets, net	48	59
Restricted cash	1,438	1,337
Other assets	19,716	17,950
Total assets	$473,078	$468,627
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$49,808	$50,020
Accrued compensation	17,540	17,128
Operating 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
Long-term liabilities:
Operating 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
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, $0.001 par value; authorized: 200,000,000 shares as of September 30, 2024, and June 30, 2024, respectively; issued and outstanding: 100,435,251 and 100,194,932 shares at September 30, 2024, and June 30, 2024, respectively	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 stockholders' equity	45,223	45,084
Total liabilities and stockholders' equity	$473,078	$468,627

(a)

Includes accounts receivable from the joint venture, an equity method invest ment, of$36,679 and$25,339 at September 30, 2024, and June 30, 2024, respectively. See Note 13.

(b)

Includes other receivables from the joint venture, an equity method investment, of$355 and$743 at September 30, 2024, and June 30, 2024, respectively.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share amounts)

	Three Months Ended September 30,
	2024	2023
Net revenue:
Products (a)	$48,369	$53,350
Services (b)	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 (c)	67,076	64,399
Gross profit	34,469	39,493
Operating expenses:
Research and development (d)	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 net loss per share:
Basic and diluted	100,225	96,555
Other comprehensive loss:
Net loss	$(3,954)	$(2,969)
Foreign currency translation adjustment	1,740	(2,138)
Comprehensive loss	$(2,214)	$(5,107)

(a)

Includes sales of products to the joint venture, an equity method investment, of$28,644 and$21,952 during the three months ended September 30, 2024 and 2023, respectively. See Note 13.

(b)

Includes sales of services to the joint venture, an equity method investment, of$4,058 and$2,854 during the three months ended September 30, 2024 and 2023, respectively. See Note 13.

(c)

Includes cost of revenue from sales to the joint venture, an equity method investment, of$20,891 and$15,271 during the three months ended September 30, 2024 and 2023, respectively.

(d)

Includes charge backs to the joint venture, an equity method investment, related to research and deve lopment of$355 and$132 during the three months ended September 30, 2024 and 2023, respectively.

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

Common Stock · AdditionalPaid-in · AccumulatedOtherComprehensive · Accumulated · TotalStockholders'
	Shares	Amount	Capital	Loss	Deficit	Equity
Balance at June 30, 2024	100,195	$100	$566,887	$(4,222)	$(517,681)	$45,084
Issuance of common stock to employees	240	—	—	—	—	—
Share-based compensation	—	—	2,353	—	—	2,353
Net loss	—	—	—	—	(3,954)	(3,954)
Foreign currency translation adjustment	—	—	—	1,740	—	1,740
Balance at September 30, 2024	100,435	$100	$569,240	$(2,482)	$(521,635)	$45,223

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

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.