Accuray Q1 revenue falls 10%, loss widens; credit covenants relaxed through June 2023

ACCURAY INC

2022-Q1 EPS reported -$0.06 revenue$96,493,000

Q1 revenue $96.5M, down 10% YoY; net loss $5.4M ($0.06 loss) vs loss $1.0M prior year.
Gross orders $69.8M flat; constant currency growth 6.5%. Backlog $538.4M (-11% YoY).
Adjusted EBITDA $1.9M vs $5.4M prior year. Cash $81.2M, down $7.7M from June.
Credit agreement amended: senior net leverage relaxed to 3.50x for Q2 FY23; fixed charge coverage reduced to 1.10x through June 2023.
Company reiterates full year fiscal 2023 guidance.

item 1.01 item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ACCURAY INC reported first quarter of fiscal 2023 ended September 30, 2022 results: revenue $96.5 million, net income $5.4 million, EPS $(0.06) per share. Guidance reaffirmed.

Period: first quarter of fiscal 2023 ended September 30, 2022
Revenue: $96.5 million
Net income: $5.4 million
EPS: $(0.06) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total net revenue was $96.5 million for the first quarter of fiscal 2023 compared to $107.4 million for the prior fiscal year first quarter. Product revenue totaled $44.6 million for the first quarter of fiscal 2023 compared to $52.8 million for the prior fiscal year first quarter, while service revenue totaled $51.9 million for the first quarter of fiscal 2023 compared to $54.7 million in the prior fiscal year first quarter. Total gross profit for the first quarter of fiscal 2023 was $34.6 million or approximately 35.9 % of total net revenue, compared to total gross profit of $39.5 million or 36.8% of total net revenue in the prior fiscal year first quarter. Operating expenses for the first quarter of fiscal 2023 were $36.8 million, compared to $37.1 million in the prior fiscal year first quarter. Net loss was $5.4 million, or $(0.06) per share, for the first quarter of fiscal 2023, compared to net loss of $1.0 million, or $(0.01) per share, for the prior fiscal year first quarter.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ACCURAY INC amended First Amendment to Credit Agreement with the financial institutions party thereto as lenders and issuing lenders and Silicon Valley Bank as administrative agent, issuing lender and swingline lender (effective 2022-10-28).

Action: amendment
Agreement: credit facility
Counterparty: the financial institutions party thereto as lenders and issuing lenders and Silicon Valley Bank as administrative agent, issuing lender and swingline lender
Effective: 2022-10-28

Exact text from the filing

On October 28, 2022, Accuray Incorporated (the “Company”) entered into the First Amendment to Credit Agreement (the “Amendment”) in respect of its Credit Agreement (the “Existing Credit Agreement”) among the Company, the financial institutions party thereto as lenders and issuing lenders and Silicon Valley Bank as administrative agent, issuing lender and swingline lender.

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Source: SEC EDGAR

accession 0000950170-22-021223

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