Accuray reported first quarter 2027 revenue of $86.5 million, falling short of analyst expectations as product sales and new order activity remained severely depressed. While GAAP results showed a net income of $10.1 million, this was driven by a $59.6 million non-cash gain on debt extinguishment, which masked a $35.4 million goodwill impairment and a core adjusted net loss of $14.0 million.
Key Highlights
- Gross product orders plummeted 50% year-over-year to $19.8 million, reflecting continued commercial execution challenges.
- Total net revenue declined 8% to $86.5 million, primarily due to a 26% contraction in product revenue.
- The order backlog fell 31% year-over-year to $272.0 million, signaling significant pressure on the future revenue pipeline.
- Service gross margin expanded 120 basis points to 35.1%, supported by pricing actions and labor cost reductions.