Accuray reports fiscal 2026 revenue decline, skips FY27 guidance

Accuray (NASDAQ: ARAY ) released fourth-quarter financial results and hosted an earnings call on Wednesday.

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Access the full call at Summary Accuray Incorporated reported a decrease in net revenue for fiscal 2026, with the fourth quarter revenue at $100.9 million, down 21% year-over-year, and full-year revenue at $402 million, down 12%.

The decline was primarily due to lower product revenues, especially in China.

The company has entered a strategic transaction with TCW Asset Management to strengthen its financial position, involving the conversion of $40 million of debt into preferred equity and a $15 million cash investment.

Accuray is focusing on strategic partnerships to enhance innovation and execution, with new non-binding agreements with Samsung and others, and a significant collaboration with the University of Wisconsin for adaptive radiation therapy research.

The transformation initiatives led to more than $20 million in cost and margin improvements in fiscal 2026, surpassing the initial target of $12 million.

Additional improvements are expected in fiscal 2027.

While service revenue increased, product revenue declined significantly, impacting overall gross margins.

The company is not providing formal revenue guidance for fiscal 2027 due to ongoing geopolitical and macroeconomic uncertainties.

Full Transcript OPERATOR Good day and welcome to the Accuray fourth quarter fiscal 2026 financial results conference call.

All participants will be in a listen-only mode.

Should you need assistance, please signal conference specialists by pressing the star key followed by zero.

After today's presentation, there will be an opportunity to ask questions.

To ask a question, you may press star then one on your touchtone phone, and to withdraw your question, please press star then two.

Please note this event is being recorded.

I would now like to turn the conference over to Mr.

Steve Munro, Vice President of Corporate Financial Planning and Analysis.

Please go ahead, sir.

Thank you, operator, and good afternoon, everyone.

Welcome to Accuray's conference call to review financial results for the fourth quarter of fiscal year 2026, which ended June 30, 2026.

During our call this afternoon, management will review recent corporate developments.

Joining us on today's call are Steve Laniv, Accuray's President and Chief Executive Officer, and Ali Pervaiz, Accuray's Chief Financial Officer.

Before we begin, I would like to remind everyone that our discussion today includes forward-looking statements.

Actual results may differ materially from those contemplated or implied by these forward-looking statements.

Factors that could cause actual results to differ materially are outlined in today's earnings release and in our filings with the Securities and Exchange Commission.

We undertake no obligation to update any forward-looking statements except as required by law.

In addition, we will discuss certain non-GAAP financial measures.

Reconciliations to the most directly comparable GAAP measures are provided in today's earnings release.

There is also a supplemental slide presentation available on the investor relations section of our website.

With that, let me turn the call over to Steve Laniv.

Steve Laniv, President and Chief Executive Officer Thank you.

Good afternoon, and thank you for joining us.

Fiscal 2026 was an important year for Accuray.