Accuray Incorporated (NASDAQ: ARAY) today reported its financial results for the third quarter of fiscal 2020 ended March 31, 2020.
Recent Company Highlights
Gross orders increased 27% year-over-year to $106.0 million, including 11 orders from China
Net orders of $76.7 million, an increase of 28% year-over-year
Total backlog increased 15% year-over-year to $569.9 million
Net revenue of $99.5 million, net income of $2.6 million, Adjusted EBITDA of $11.3 million
"Despite the economic upheaval around the world, Accuray, from an operational standpoint, had a solid third fiscal quarter," commented Joshua H. Levine, president and chief executive officer of Accuray. "Gross orders increased 27% year-over-year to $106 million compared to $84 million in the comparable quarter last year. Order momentum was evident in all but one of our regions. The Americas delivered its third consecutive quarter of double-digit or higher, year-over-year revenue growth. Gross orders in Europe, the Middle East and Asia increased 15% on a year-over-year basis. Our sales team did a great job in generating new orders during the third quarter."
"Revenue in the third quarter totaled $99.5 million, despite seeing our revenue conversion timing impacted by the COVID-19 pandemic in the month of March, when travel restrictions and lockdowns in certain markets went into effect. As a result, we view the impact to revenue conversion of certain orders during the quarter as 'timing related'."
Mr. Levine continued, "In China, we booked 11 new orders across both Type A and B products, 7 of which were through our China joint venture. We are pleased with the progress that the joint venture has made both commercially and operationally."
"We ended the quarter with cash, cash equivalents, and short-term restricted cash totaling $92 million. We remain very focused on cash flow management in this current environment and have taken actions to reduce cash operating expenses without impacting the future commercial trajectory of the business or our ability to service our customers." source prnewswire
Recent Company Highlights
Gross orders increased 27% year-over-year to $106.0 million, including 11 orders from China
Net orders of $76.7 million, an increase of 28% year-over-year
Total backlog increased 15% year-over-year to $569.9 million
Net revenue of $99.5 million, net income of $2.6 million, Adjusted EBITDA of $11.3 million
"Despite the economic upheaval around the world, Accuray, from an operational standpoint, had a solid third fiscal quarter," commented Joshua H. Levine, president and chief executive officer of Accuray. "Gross orders increased 27% year-over-year to $106 million compared to $84 million in the comparable quarter last year. Order momentum was evident in all but one of our regions. The Americas delivered its third consecutive quarter of double-digit or higher, year-over-year revenue growth. Gross orders in Europe, the Middle East and Asia increased 15% on a year-over-year basis. Our sales team did a great job in generating new orders during the third quarter."
"Revenue in the third quarter totaled $99.5 million, despite seeing our revenue conversion timing impacted by the COVID-19 pandemic in the month of March, when travel restrictions and lockdowns in certain markets went into effect. As a result, we view the impact to revenue conversion of certain orders during the quarter as 'timing related'."
Mr. Levine continued, "In China, we booked 11 new orders across both Type A and B products, 7 of which were through our China joint venture. We are pleased with the progress that the joint venture has made both commercially and operationally."
"We ended the quarter with cash, cash equivalents, and short-term restricted cash totaling $92 million. We remain very focused on cash flow management in this current environment and have taken actions to reduce cash operating expenses without impacting the future commercial trajectory of the business or our ability to service our customers." source prnewswire