Accuray Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Accuray Inc. filed its Q2 2023 10-Q report, detailing financial performance and disclosures.</b>

AI Summary

ACCURAY INC (ARAY) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Accuray Inc. filed its 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of the fiscal year. Key financial data points and disclosures related to fair value measurements are included. Information regarding convertible senior notes and credit agreements is present. The report details various segments including Asia Pacific, Americas, and EMEA.

Why It Matters

For investors and stakeholders tracking ACCURAY INC, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Accuray Inc. for the second quarter of fiscal year 2023. The filing contains crucial information on the company's financial health, debt obligations, and fair value measurements, essential for investment decisions.

Risk Assessment

Risk Level: medium — ACCURAY INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. However, specific financial performance details and future outlook are not yet available in this header-only submission, necessitating a medium risk assessment until the full report is analyzed.

Analyst Insight

Review the full 10-Q filing once available to analyze Accuray Inc.'s financial performance, debt structure, and any new risk factors disclosed for Q2 2023.

Key Numbers

• 20231231 — Period of Report (Fiscal year end date for the report)
• 20240207 — Filing Date (Date the report was filed with the SEC)
• 0630 — Fiscal Year End (Accuray Inc.'s fiscal year end)
• 3.75% — Convertible Senior Notes Interest Rate (Interest rate for the convertible senior notes due 2026)

Key Players & Entities

• ACCURAY INC (company) — Filer name
• ARAY (company) — Ticker symbol
• 20231231 (date) — Period of report
• 20240207 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 3841 (sic_code) — Standard Industrial Classification code
• 001-33301 (filing_id) — SEC file number
• CNNCAccurayTianjinMedicalTechnologyCoLimited (company) — Joint venture entity

Forward-Looking Statements

• Accuray will likely explore options to manage its convertible debt, potentially through refinancing or conversion strategies, given the difference between its carrying and fair value. (Accuray Inc.) — medium confidence, target: 2025-12-31

FAQ

Key Dates

• 2023-12-31: Period End Date — Covers the financial results for the second quarter of fiscal year 2023.
• 2024-02-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance during the quarter.)

Fair Value Measurements

The process of determining the price at which an asset would be sold or a liability transferred in an arm's length transaction. (Crucial for understanding the valuation of assets and liabilities on the balance sheet.)

Convertible Senior Notes

Debt securities that can be converted into a predetermined amount of the issuer's equity. (Indicates potential future dilution and a form of financing for the company.)

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share ARAY The Nasdaq

Filing Documents

• aray-20231231.htm (10-Q) — 2491KB
• aray-ex31_1.htm (EX-31.1) — 18KB
• aray-ex31_2.htm (EX-31.2) — 18KB
• aray-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-012210.txt (&nbsp;) — 10354KB
• aray-20231231.xsd (EX-101.SCH) — 1345KB
• aray-20231231_htm.xml (XML) — 2004KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 69

Signatures

Signatures 70 We own or have rights to various trademarks and tradenames used in our business in the United States or other countries, including the following: Accuray, Accuray Logo, CyberKnife, HiArt, RoboCouch, Synchrony, TomoTherapy, Xsight, Accuray Precision, AutoSegmentation, CTrue, H Series, iDMS, InCise, Iris, CyberKnife M6 Series, Accuray OIS Connect, PreciseART, PreciseRTX, Treatment Planning System, TomoDirect, TomoEDGE, TomoH, TomoHD, TomoHDA, TomoHelical, TomoTherapy Quality Assurance, Radixact, Onrad , S7, and VoLO. 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Condensed Con solidated Financial Statements

Item 1. Unaudited Condensed Con solidated Financial Statements Accuray Incorporated Unaudited Condensed Cons olidated Balance Sheets (in thousands, except share amounts and par value) December 31, 2023 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 72,756 $ 89,402 Restricted cash 485 524 Accounts receivable, net of allowance for credit losses of $ 2,866 and $ 3,079 as of December 31, 2023, and June 30, 2023, respectively (a) 77,397 74,777 Inventories 155,228 145,150 Prepaid expenses and other current assets (b) 25,020 27,612 Deferred cost of revenue 284 568 Total current assets 331,170 338,033 Property and equipment, net 25,919 20,926 Investment in joint venture 14,536 15,128 Operating lease right-of-use assets, net 23,094 25,853 Goodwill 57,771 57,681 Intangible assets, net 116 210 Restricted cash 1,251 1,276 Other assets 22,493 20,107 Total assets $ 476,350 $ 479,214 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 39,180 $ 33,739 Accrued compensation 21,345 23,793 Operating lease liabilities, current 5,707 4,151 Other accrued liabilities 36,253 38,271 Customer advances 22,677 20,777 Deferred revenue 77,406 72,185 Short-term debt 6,738 5,721 Total current liabilities 209,306 198,637 Long-term liabilities: Operating lease liabilities, non-current 21,758 23,602 Long-term other liabilities 4,804 4,675 Deferred revenue, non-current 24,809 27,079 Long-term debt 168,020 171,562 Total liabilities 428,697 425,555 Commitments and contingencies (Note 8) Stockholders' equity: Common stock, $ 0.001 par value; authorized: 200,000,000 shares as of December 31, 2023, and June 30, 2023, respectively; issued and outstanding: 99,163,920 and 96,534,609 shares at December 31, 2023, and June 30, 2023, respectively 99 97 Additional

View Full Filing

View this 10-Q filing on SEC EDGAR