Executive Summary
Accuray Incorporated reported QQ4 2024 revenue of $134.289 million, up 13.5% year-over-year and 32.8% quarter-over-quarter, signaling improving demand for its radiotherapy platforms and related services. Despite top-line growth, gross margins remained modest at 28.6%, with operating margin around 5.1% and net margin near 2.5%, underscoring ongoing profitability pressure typical for a capital-intensive medical device company. The quarter generated $8.324 million of EBITDA and $3.387 million of net income, with earnings per share of $0.034 (diluted $0.0335). Free cash flow reached $9.42 million, supported by robust operating cash flow of $9.88 million and negligible capital expenditure, while the balance sheet remains leveraged with total debt of $210.7 million and net debt of $141.7 million. Cash and cash equivalents stood at approximately $69.1 million, yielding a current ratio of 1.65 and a quick ratio of 0.94, indicating satisfactory near-term liquidity but a meaningful leverage burden. Management commentary for QQ4 2024 is not included in the provided transcript, limiting qualitative insight into pace of backlog conversion, mix shifts, or cost optimization actions. Looking forward, the business could benefit from continued adoption of its CyberKnife and Radixact platforms, expansion of installed base, and higher service revenue, but sustained profitability will depend on margin discipline and deleveraging as backlog converts to revenue.
Key Performance Indicators
QoQ: 249.43% | YoY:1 591.68%
QoQ: 153.41% | YoY:232.51%
QoQ: 153.21% | YoY:227.82%
Key Insights
Revenue: $134.289 million; YoY growth +13.5%; QoQ growth +32.8%. Gross Profit: $38.452 million; Gross Margin 28.63%; YoY Gross Profit change +2.05%; QoQ +32.26%. Operating Income: $6.817 million; Operating Margin 5.08%; YoY Operating Income growth +1591.68%; QoQ +249.43%. Net Income: $3.387 million; Net Margin 2.52%; YoY Net Income growth +232.51%; QoQ +153.41%. EBITDA: $8.324 million; EBITDA Margin ~6.20%. EPS (GAAP): $0.034; Diluted EPS: $0.0335; YoY EPS growth +227.82%; QoQ +153.21%. Weighted...
Financial Highlights
Revenue: $134.289 million; YoY growth +13.5%; QoQ growth +32.8%. Gross Profit: $38.452 million; Gross Margin 28.63%; YoY Gross Profit change +2.05%; QoQ +32.26%. Operating Income: $6.817 million; Operating Margin 5.08%; YoY Operating Income growth +1591.68%; QoQ +249.43%. Net Income: $3.387 million; Net Margin 2.52%; YoY Net Income growth +232.51%; QoQ +153.41%. EBITDA: $8.324 million; EBITDA Margin ~6.20%. EPS (GAAP): $0.034; Diluted EPS: $0.0335; YoY EPS growth +227.82%; QoQ +153.21%. Weighted Shares: basic 99.585 million; diluted 101.028 million. Operating Cash Flow: $9.882 million; Free Cash Flow: $9.417 million; CapEx: $0.465 million.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
134.29M |
13.52% |
32.79% |
| Gross Profit |
38.45M |
2.05% |
32.26% |
| Operating Income |
6.82M |
1 591.68% |
249.43% |
| Net Income |
3.39M |
232.51% |
153.41% |
| EPS |
0.03 |
227.82% |
153.21% |
Key Financial Ratios
operatingProfitMargin
5.08%
operatingCashFlowPerShare
$0.1
freeCashFlowPerShare
$0.09
Management Commentary
No earnings call transcript data provided for QQ4 2024. Therefore, there are no management quotes or theme-based highlights to extract from the transcript in this analysis.
Forward Guidance
There is no formal guidance disclosed in the QQ4 2024 release or the provided transcript. In absence of explicit guidance, investors should monitor: backlog conversion into revenues and related installation activity; progression of the installed base for CyberKnife and Radixact platforms; growth in service and maintenance revenue; operating efficiency to support margin expansion; and the company’s ability to progress deleveraging given total debt of $210.7 million and net debt of $141.7 million. Industry tailwinds toward SBRT/SRS adoption could support demand, but execution risk remains related to reimbursement dynamics, competitive pressure, and potential supply chain constraints. Key watch points include sustaining free cash flow generation, achieving margin expansion, and reducing leverage over time.