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Accuray Posts Q4 Revenue Decline Amid Strategic Restructuring Push
• Accuray's Q4 total revenue fell 21% year-over-year to $100.9 million, with product revenue plunging 42% to $40.8 million.
• The company reported a Q4 net loss of $1.9 million, a reversal from a $1.1 million profit in the prior-year period.
• Adjusted EBITDA improved to $12.9 million in Q4, up from $9.4 million a year ago, reflecting cost-cutting efforts.
• Gross product orders dropped sharply to $37.7 million, resulting in a book-to-bill ratio of 0.9 for the quarter.
MADISON, Wis. — Accuray Incorporated reported a significant year-over-year decline in its fourth-quarter revenue, underscoring the challenges faced by the radiation therapy systems manufacturer amid a period of strategic transformation. For the quarter ended June 30, 2026, total net revenue reached $100.9 million, a 21% decrease compared to $127.5 million in the same period last fiscal year.
The results revealed a stark divergence between product and service segments. Product revenue fell sharply by 42% to $40.8 million, while service revenue saw modest growth of 6%, totaling $60.1 million. Despite the top-line contraction, the company highlighted improved operational efficiency, with gross profit margin expanding to 34.8% from 30.6% a year earlier. Operating expenses were reduced by 15% to $29.6 million, contributing to an improved Adjusted EBITDA of $12.9 million, up from $9.4 million in the prior-year quarter. However, the company swung to a net loss of $1.9 million, or $0.02 per share, compared to a net income of $1.1 million a year ago.
CEO Steve LaNeve characterized fiscal 2026 as a "transformational year," focused on strengthening operations and financial flexibility despite "ongoing geopolitical uncertainty, tariff pressures, and market volatility." The company's order backlog stood at $312.5 million as of June 30, down approximately 27% year-over-year, while gross product orders for the quarter were $37.7 million, less than half the $84.7 million recorded in the prior-year period. For the full fiscal year, total net revenue was $401.9 million, a 12% decrease, with a GAAP net loss of $49.2 million.
Looking ahead, management expressed cautious optimism entering fiscal 2027, citing a stronger foundation from restructuring initiatives. CFO Ali Pervaiz noted the company executed its transformation "ahead of expectations," improving operating efficiency despite soft product demand in certain regions. Accuray expects continued service revenue growth and margin improvement but declined to provide formal revenue or Adjusted EBITDA guidance for the coming year, citing persistent uncertainties related to geopolitics, international trade policy, and macroeconomic conditions. The company will host an investor conference call to discuss the results and corporate developments.