Executive Summary
Accuray's QQ4 2025 results show a modest sequential revenue improvement but a year-on-year revenue decline of 5.02% to USD 127.54 million. The quarter delivered a positive operating profit of USD 4.23 million and EBITDA of USD 10.47 million, with net income of USD 1.12 million and basic/diluted EPS of USD 0.0105 / USD 0.0100, respectively. The company ended the quarter with a cash balance of USD 57.99 million and a net debt position of USD 118.39 million, underpinned by a solid current asset base (USD 317.47 million) and total assets of USD 470.24 million. The balance sheet reflects a mature negative retained earnings position (USD -519.27 million) and significant deferred revenue (USD 121.07 million total), suggesting a mix of services, maintenance contracts, and recurring revenue streams that can support ongoing cash flow. While gross margin stood at 30.56%, below typical peers in the medtech space, operating leverage and cost controls produced material EBITDA uplift QoQ. Management commentary (when available) will be critical to confirm sustainability of product mix dynamics and longer-term profitability given leverage and R&D investment levels.
Key Performance Indicators
QoQ: 304.39% | YoY:-37.89%
QoQ: 186.58% | YoY:-66.84%
QoQ: 183.33% | YoY:-69.12%
Key Insights
Revenue: USD 127.543 million; YoY -5.02%; QoQ +12.63%
Gross Profit: USD 38.979 million; Gross Margin 30.56%; YoY +1.37%; QoQ +23.25%
Operating Income: USD 4.234 million; Operating Margin 3.32%; YoY -37.89%; QoQ +304.39%
Net Income: USD 1.123 million; Net Margin 0.88%; YoY -66.84%; QoQ +186.58%
EPS: USD 0.0105 (basic); USD 0.0100 (diluted); YoY -69.12%; QoQ +183.33%
EBITDA: USD 10.473 million; EBITDA Margin 8.21%
Cash & Equivalents: USD 57.99 million; Total Debt: USD 176.38 million; Net Debt:...
Financial Highlights
Revenue: USD 127.543 million; YoY -5.02%; QoQ +12.63%
Gross Profit: USD 38.979 million; Gross Margin 30.56%; YoY +1.37%; QoQ +23.25%
Operating Income: USD 4.234 million; Operating Margin 3.32%; YoY -37.89%; QoQ +304.39%
Net Income: USD 1.123 million; Net Margin 0.88%; YoY -66.84%; QoQ +186.58%
EPS: USD 0.0105 (basic); USD 0.0100 (diluted); YoY -69.12%; QoQ +183.33%
EBITDA: USD 10.473 million; EBITDA Margin 8.21%
Cash & Equivalents: USD 57.99 million; Total Debt: USD 176.38 million; Net Debt: USD 118.39 million
Total Current Assets/Liabilities: USD 317.47 million vs. USD 195.43 million (current); Current Ratio ~1.63; Quick Ratio below 1 (~0.72) due to high working capital components
Shareholders’ Equity: USD 81.17 million; Retained Earnings: USD -519.27 million; Goodwill: USD 57.80 million; Deferred Revenue (current/non-current): USD 94.50 million / USD 26.57 million; Total Deferred Revenue: USD 121.07 million
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
127.54M |
-5.02% |
12.63% |
| Gross Profit |
38.98M |
1.37% |
23.25% |
| Operating Income |
4.23M |
-37.89% |
304.39% |
| Net Income |
1.12M |
-66.84% |
186.58% |
| EPS |
0.01 |
-69.12% |
183.33% |
Management Commentary
Transcript data not provided in the input. Unable to extract management quotes or themes from an earnings call. Please supply the QQ4 2025 earnings call transcript to include verbatim quotes by management and to group insights by themes (strategy, operations, market conditions) with proper context and significance.
Forward Guidance
No explicit forward-looking guidance was disclosed in the provided QQ4 2025 financial data. The outlook will hinge on (i) sustained demand for high-value radiotherapy platforms (CyberKnife, TomoTherapy/Radxact), (ii) international market penetration, particularly outside the Americas, (iii) the trajectory of service and maintenance revenue, and (iv) ongoing cost control and R&D efficiency. Investors should monitor: (a) solutions mix and utilization of existing deployed base, (b) cadence of replacement cycles in hospitals, (c) deferred revenue realization and associated margin contributions, and (d) cadence of debt reduction or refinancing opportunities as cash flow evolves.