Accuray Q1 revenue falls on product sales, orders decline
Overview
Radiation therapy systems maker's fiscal Q1 revenue fell 8% yr/yr as product revenue dropped 26%
Service revenue grew 4% yr/yr, supported by pricing actions and installed base growth
Company posted GAAP net income due to a non-cash debt-extinguishment gain, while adjusted EBITDA turned positive
Outlook
Company continues not to provide formal fiscal 2027 revenue or adjusted EBITDA guidance
Company says focus for fiscal 2027 is on execution and improving product revenue and orders
Result Drivers
SERVICE REVENUE GROWTH - Co said service revenue rose 4% yr/yr, driven by service contract pricing actions and nearly 3% growth in global installed base
PRODUCT REVENUE DECLINE - Product revenue fell 26% yr/yr to $27.3 mln
COST REDUCTIONS - Co said transformation initiatives, including headcount reductions and more efficient use of partners, lowered operating expenses by 29% yr/yr (excluding goodwill impairment)
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue | $86.52 mln | ||
Q1 EPS | $0.07 | ||
Q1 Net Income | $10.13 mln | ||
Q1 Gross Profit | $26.08 mln | ||
Q1 Operating Loss | $36.50 mln | ||
Q1 Operating Expenses | $62.59 mln |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)