On August 14, 2024, Accuray Inc (ARAY, Financial) released its 8-K filing for the fourth quarter and fiscal year 2024, showcasing notable financial results and strategic advancements. Accuray Inc is a radiation oncology company that develops, manufactures, sells, and supports precise, innovative treatment solutions, including the CyberKnife Systems, which are used to treat various types of cancer and tumors throughout the body.
Q4 Fiscal 2024 Financial Highlights
Accuray Inc reported net revenue of $134.3 million for the fourth quarter of fiscal 2024, marking a 13.5% increase from the same period in the prior fiscal year. On a constant currency basis, net revenue was $136.7 million, representing a 15.6% increase. The company achieved a GAAP net income of $3.4 million, or $0.03 per share, compared to a GAAP net loss of $2.6 million in the same period last year. Adjusted EBITDA for Q4 was $10.1 million, up from $5.2 million in the prior year.
Fiscal Year 2024 Overview
For the full fiscal year 2024, Accuray Inc reported net revenue of $446.6 million, a slight decrease of 0.2% from the previous fiscal year. On a constant currency basis, net revenue was $447.9 million, a 0.1% increase. The company faced a GAAP net loss of $15.5 million, or $0.16 per share, compared to a GAAP net loss of $9.3 million in the prior fiscal year. Adjusted EBITDA for the year was $19.7 million, down from $23.9 million in fiscal 2023.
Operational Achievements and Strategic Developments
Accuray Inc achieved several significant milestones during fiscal 2024, including:
- Record quarterly system shipments with a 24% increase in systems shipped compared to the same period in the prior fiscal year.
- Approval for the Accuray Precision® Treatment Planning System (TPS) in China for use with the Tomo® C radiation therapy system.
- First installations of the VitalHold™ surface-guided radiation therapy (SGRT) on the Radixact® System in Japan.
- CE Mark approval for the Accuray Helix™, designed for high potential markets like India.
- Agreement with TrueNorth Medical Physics LLC to provide third-party physics, dosimetry, and commissioning services.
Income Statement and Balance Sheet Insights
Key financial metrics from the income statement and balance sheet include:
| Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Net Revenue | $134.3M | $118.3M | $446.6M | $447.9M |
| GAAP Net Income (Loss) | $3.4M | $(2.6M) | $(15.5M) | $(9.3M) |
| Adjusted EBITDA | $10.1M | $5.2M | $19.7M | $23.9M |
| Gross Orders | $95.5M | $88.4M | $342.1M | $311.1M |
Analysis and Future Outlook
Accuray Inc's strong Q4 performance, marked by significant revenue growth and a return to profitability, underscores the company's resilience and strategic execution. The increase in gross orders and the successful launch of new products and systems in key markets highlight the company's commitment to innovation and market expansion.
“Our team finished the year with a solid Q4 performance closing several opportunities that were open from the prior period. We secured new product approvals and significant customer wins, and initiated sales in new markets. These achievements and more have enabled us to establish a strong foundation from which to grow our global business in the years ahead,” said Suzanne Winter, President and Chief Executive Officer.
Looking ahead to fiscal 2025, Accuray Inc has provided guidance with expected total revenue in the range of $460 million to $470 million and adjusted EBITDA between $27.5 million and $29.5 million. The company's focus on innovation and customer-driven solutions positions it well for continued growth and market leadership in the radiation oncology sector.
For more detailed financial information and to access the full earnings report, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Accuray Inc for further details.
