Accuray Reports Fiscal 2025 Third Quarter Financial Results

Core Insights - Accuray Incorporated reported a strong performance in the third quarter of fiscal 2025, with a focus on mitigating the impact of tariffs and maintaining a clear strategy to meet growing demand for its technologies [1][2] Fiscal Third Quarter Results - Total net revenue for the third quarter of fiscal 2025 was $113.2 million, representing a 12% increase from $101.1 million in the same quarter of the previous fiscal year [2] - Product revenue increased to $57.3 million, up 16% from $49.6 million year-over-year, while service revenue rose to $55.9 million, a 9% increase from $51.5 million [2] Profitability Metrics - Gross profit for the third quarter was $31.6 million, accounting for 27.9% of total net revenue, compared to $29.1 million or 28.7% in the prior year [3] - Operating expenses decreased to $30.6 million, down 9% from $33.6 million in the previous fiscal year [3] Net Loss and Adjusted EBITDA - The net loss for the third quarter was $1.3 million, or $0.01 per share, an improvement from a net loss of $6.3 million, or $0.06 per share, in the prior year [4] - Adjusted EBITDA for the quarter was $6.0 million, compared to $1.1 million in the same quarter of the previous year [4] Orders and Backlog - Gross product orders decreased to $71.2 million from $89.1 million in the prior year, with a book to bill ratio of 1.2, down from 1.8 [5] - As of March 31, 2025, the order backlog was $452.4 million, approximately 10% lower than the previous year's backlog [5] Cash Position - Cash, cash equivalents, and short-term restricted cash totaled $78.8 million as of March 31, 2025, reflecting an increase of $14.8 million from December 31, 2024, but a decrease of $9.8 million from June 30, 2024 [6] Fiscal Nine Months Results - Total net revenue for the first nine months of fiscal 2025 was $331.0 million, a 6% increase from $312.3 million in the prior fiscal year [7] - Product revenue for the nine-month period rose to $166.9 million, an 8% increase from $154.5 million, while service revenue increased to $164.1 million, up 4% from $157.8 million [7] Guidance for Fiscal Year 2025 - The company reaffirmed its adjusted EBITDA guidance for fiscal year 2025, expecting it to be in the range of $28.5 million to $31.0 million [12] - Total revenue guidance was adjusted to a range of $452 million to $460 million due to the impact of recent tariff announcements [12]