24/7 Market News- Accuray Reports Fiscal Q4 and FY 2024 Financial Results

August 15, 2024

DENVER, Colo., Aug 15, 2024 (247marketnews.com)- Accuray Incorporated (NASDAQ: ARAY) reported its fiscal fourth quarter and full year 2024 financial results.

Accuray increased its net quarterly revenue to $134.3 million, a 13.5% improvement compared to the same period in the prior fiscal year, while growing adjusted EBITDA to $10.1 million, compared to $5.2 million in the same period in the prior fiscal year.

Fiscal Year 2024 net revenue decreased 0.2%, to $446.6 million, compared to the prior fiscal year, while adjusted 2024 EBITDA was $19.7 million, compared to adjusted EBITDA of $23.9 million in the prior fiscal year.

Suzanne Winter, President and CEO, commented, “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.

“As we look to fiscal 2025, we will continue to focus our investments on innovations driven by the voice of our customers. We remain confident in our ability to provide clinical teams worldwide with a product portfolio that enables them to elevate cancer care both today and into the future.”

Accuray expects its total Fiscal Year 2025 revenue grow to $460 million to $470 million and adjusted EBITDA to reach $27.5 million to $29.5 million.

Ali Pervaiz, Accuray’s CFO, added, “Our fourth quarter results reflect a concerted effort by our team to drive improvements in our financial performance while delivering world class products and services to our customers. Our operating results were solid with controlled expenses and strong management of working capital that resulted in a significant decline in inventory and increase in cash. Moving into fiscal 2025, I’m excited about the year ahead and the potential of our new products to help generate revenue and growth in service.”

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