“record number of system shipments within the quarter, representing 20% more than our previous highest shipment milestone”
— Suzanne Winter
03Detailed Report
ARAY
Accuray Incorporated
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
Swipe to view all report sections
Executive Summary
In Q4 FY2024, Accuray reported a fifth consecutive quarter of revenue growth, delivering $134.3 million in net revenue, up 14% year over year and representing the highest quarterly revenue in the company’s history. The quarter featured a record 36 system shipments, 28% year-over-year product revenue growth, and a book-to-bill ratio of 1.2, underscoring durable demand across international markets and the momentum of next-generation platforms. Management highlighted meaningful progress in China with the Tomo C program advancing to Type B shipments following final approvals, and a broader push into emerging markets such as APAC and Latin America. Despite near-term margin headwinds from China margin deferral timing, FX effects (notably in Japan) and a supplier quality issue in Q4, Accuray exited the quarter with a positive operating trajectory and a clearly defined path to margin recovery.
Key Performance Indicators
Revenue
Increasing
134.29M
QoQ: 32.79% | YoY: 13.52%
Gross Profit
Increasing
38.45M
28.63% margin
QoQ: 32.26% | YoY: 2.05%
Operating Income
Increasing
6.82M
QoQ: 249.43% | YoY: 1 591.68%
Net Income
Increasing
3.39M
QoQ: 153.41% | YoY: 232.51%
EPS
Increasing
0.03
QoQ: 153.21% | YoY: 227.82%
Revenue Trend
Margin Analysis
Financial Highlights
Key quarterly metrics (Q4 FY2024 vs Q3 FY2024 and vs FY2023):
- Revenue: $134.289M, up 32.79% QoQ and 13.52% YoY; Net revenue for the full year FY2024 was $447.0M, roughly flat YoY; Constant-currency Q4 revenue ≈ $137M (+16% YoY).
- Gross profit: $38.452M, gross margin 28.63% in Q4, down from 31.9% YoY; FY2024 gross margin 32.0% vs 34.4% prior year.
- Operating income: $6.82M in Q4; FY2024 operating income $0.50M (vs $2.4M prior year).
- EBITDA: Q4 adjusted EBITDA $10.10M; FY2024 adjusted EBITDA $19.7M (vs $23.9M prior year).
- Net income / EPS: Q4 net income $3.39M; Q4 basic/diluted EPS $0.034 / $0.030; FY2024 net income and EPS reflect ongoing margin pressures and one-off deferrals.
- Backlog and orders: Backlog at $487M (≈>2 years of product revenue); Q4 gross orders ~$95M; full-year orders $342M; book-to-bill 1.2 for Q4, 1.5 for FY2024.
- Cash flow and liquidity: Net cash provided by operating activities $9.88M in Q4; free cash flow $9.42M; cash balance at period end $70.4M; total debt $210.7M; net debt $141.7M; working capital improvements included a $21M inventory reduction in FY2024 and a $9.4M free cash flow in Q4.
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
Gross Profit Margin
Fair
28.60%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Fair
5.08%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Weak
2.52%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
0.72%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
7.51%
Return on equity is acceptable but below top-tier companies
Current Ratio
Healthy
1.65
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
High Risk
4.67
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
12.94x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Premium
3.89x
Trading at premium to book value, reflects strong intangibles or growth
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