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Accuray Incorporated (ARAY-2.08%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total net revenue to $116,174,000 from $107,238,000 in the same quarter the previous year. The increase is attributed to higher shipments of CyberKnife and TomoTherapy systems, particularly in China and the Asia Pacific region.
Product revenue increased by 19% to $61,189,000, driven by higher volumes of system shipments. Service revenue slightly decreased by 1% to $54,985,000, primarily due to a decrease in training revenue.
Gross profit for the quarter was $41,892,000, representing 36.1% of net revenue, compared to 33.5% in the same quarter of the previous year. The improvement in gross margin was due to favorable product mix and increased deferred gross profit recognized on sales to the joint venture.
Research and development expenses decreased to $13,644,000 from $15,281,000, primarily due to lower headcount and severance costs. Selling and marketing expenses decreased slightly, while general and administrative expenses also decreased due to reduced consulting and facility costs.
Income from equity method investment, which relates to the joint venture in China, was $1,604,000, compared to a loss of $427,000 in the previous year, reflecting higher shipments and service revenue in China.
Interest expense remained stable at approximately $2,883,000, in line with the prior year. Other income (expense), net, improved to a loss of $196,000 from a loss of $1,430,000, mainly due to favorable changes in foreign currency exchange rates.
Provision for income taxes was $695,000, down from $878,000 in the previous year, primarily due to lower deferred tax liabilities.
Accuray reported a net income of $2,537,000 for the quarter, compared to a net loss of $9,621,000 in the previous year. Basic net income per share was $0.03, while diluted net income per share was $0.02.
Cash used in operating activities was $5,493,000, with cash used in investing activities and cash provided by financing activities being $2,690,000 and $3,593,000, respectively. The company had $62,584,000 in cash and cash equivalents as of December 31, 2024.
Accuray continues to focus on expanding its market presence, particularly in China, through its joint venture and the introduction of new products and enhancements to existing systems.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Accuray Incorporated quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.