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Dec 31, 2022
Accuray Q2 2023 Earnings Report
Accuray's Q2 2023 financial results, demonstrating resilience amidst macroeconomic challenges, with revenue slightly decreasing but adjusted EBITDA increasing.
Key Takeaways
Accuray reported a slight decrease in revenue to $114.8 million, a 1.3% decrease year-over-year, impacted by supply chain constraints and foreign exchange headwinds. However, adjusted EBITDA increased by 24.1% to $8.5 million. The company reaffirmed its fiscal year 2023 guidance.
Gross orders decreased by 7.4% year-over-year to $79.0 million, but increased 13.2% sequentially, resulting in a book-to-bill ratio greater than 1.2.
Net revenue was $114.8 million, a 1.3% decrease compared to the prior fiscal year, but would have been $120.9 million, a 4.0% increase, on a constant currency basis.
GAAP net loss was $1.9 million, compared to a net income of $0.2 million in the same period last year.
Adjusted EBITDA increased to $8.5 million, a 24.1% increase compared to $6.8 million in the prior fiscal year.
Revenue by Segment
Forward Guidance
Accuray reaffirmed its fiscal year 2023 guidance.
Positive Outlook
- Total revenue is expected in the range of $447.0 million to $455.0 million, representing a year-over-year growth at the midpoint of the range of 5 percent.
- Adjusted EBITDA is expected in the range of $26.0 million to $30.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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