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: ID:nPn767g3ja

Key Details

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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.)