Accuray Expects Supply Chain Constraints, Forex Headwinds In FY23

Accuray Inc ARAY reported Q4 FY22 sales of $110.0 million, flat Y/Y, beating the consensus of $105.32 million.
Product revenue totaled $58.0 million compared to $56.1 million, while service revenue totaled $52.0 million compared to $54.8 million.
Gross orders totaled $88.3 million compared to $112.7 million a year ago. The ending order backlog was $563.7 million, approximately 8.6% lower than at the end of the prior fiscal year, as the company experienced age-outs driven by delayed installations in China and EIMEA regions.
Total gross profit also remained almost the same at 39%.
Adjusted EBITDA fell from $6.7 million to $5.2 million.
EPS loss of $(0.04) topped the consensus loss of $(0.06).
Cash, cash equivalents, and short-term restricted cash were $88.9 million.
Guidance: Accuray forecasts FY23 sales of $447-$455 million, compared to the consensus of $425.2 million.
Adjusted EBITDA is expected to be $26-$30 million.
"While supply chain constraints, foreign exchange headwinds, and COVID-19-related lockdowns in China are expected to create near-term pressure, we believe our new product introductions will serve as catalysts for growth in FY23. We remain focused on margin expansion plans and investments in research and development to drive innovation and create shareholder value in the long term," said Ali Pervaiz, CFO.
Price Action: ARAY shares closed 5.31% higher at $2.18 on Wednesday.

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