Short answer
ACCURAY INC (ARAY) filed its fiscal 2026 10-K annual report with the SEC on Aug 27, 2026. It reported revenue of $402M (−12.3% year over year) and net income of −$49M.
- Top risk flagged: Regulatory risk: U.S. Supreme Court ruling on IEEPA tariffs invalidated broad tariff authority, impacting Section 301 tariffs on components (e.g., CyberKnife linac), causing $9.3M tariff refund claim delay
FY2026 key financial metrics · XBRL
- Revenue
- $402M
- −12.3% YoY
- Net income
- −$49M
- −2992.0% YoY
- Operating margin
- -6.6%
- −8.3 pp YoY
- Gross margin
- 27.7%
- −4.3 pp YoY
- EPS (diluted)
- −$0.40
- −1900.0% YoY
- ROE
- -118.0%
- −116.0 pp YoY
- Operating cash flow
- −$7M
- −344.1% YoY
Source: XBRL data from the ACCURAY INC (ARAY) FY2026 10-K on SEC EDGAR. USD.
ACCURAY INC FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Develops and sells robotic and helical radiation therapy systems with advanced software for precise cancer and tumor treatment
- New strategic 10-year collaboration with University of Wisconsin to advance personalized cancer treatments using Stellar adaptive radiotherapy platform
- Focus shift to expanding service offerings with AI-enabled remote diagnostics, workflow optimization, and predictive maintenance tools for recurring revenue growth
- Workforce size 809 employees as of June 30, 2026, with 392 employees outside the U.S., supporting global operations and expansion
- Notable regulatory progress: Received China NMPA approvals for Tomo C and Accuray Precision systems, enhancing market access in the significant China oncology market
Management Discussion & Analysis
- Net revenue $402M, down 12% YoY; product revenue declined 27% ($172.7M vs $237.6M), services revenue up slightly $8.3M
- Gross margin 27.7% vs 32.1% YoY; gross profit decreased $35.5M due to lower product sales, tariffs, and unfavorable product mix
- Best segment: EIMEA revenue $150.9M up 5%, worst: China $68.1M down 45% due to geopolitical, tariff challenges
- Operating expenses slightly down 1% to $137.9M; restructuring charges of $16.2M included; interest expense $32.9M up 154% due to new borrowings
- Cash flow from operations negative $7.0M; Capex $5.9M; financing cash inflows $7.0M mainly from credit facilities and tariff refund financing
- Management guiding for ongoing inflation, supply chain headwinds, and geopolitical risks to impact margins and cash flow through FY 2027
Risk Factors
- Regulatory risk: U.S. Supreme Court ruling on IEEPA tariffs invalidated broad tariff authority, impacting Section 301 tariffs on components (e.g., CyberKnife linac), causing $9.3M tariff refund claim delay
- Geopolitical/macroeconomic risk: $8.9M shipment delays in Middle East, North Africa, Pakistan due to regional geopolitical unrest and Chinese economic pressures, impacting service revenue in those regions
- Operational/supply chain risk: Single-source suppliers for critical CyberKnife and TomoTherapy components expose company to supply disruptions, inflationary cost increases, and manufacturing delays through at least fiscal 2027
- Competitive risk: Major competitors Varian, Elekta, and new entrants with superior or alternative cancer treatments risk obsolescence of CyberKnife and TomoTherapy platforms
- Financial risk: $182M term loan facility and $5M revolving credit facility with breached covenants and restrictive amendments require waivers; failure to comply risks asset foreclosure and going concern issues
Generated from the filing text; verify against the original. How to read a 10-K
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