ARAY on Nasdaq

ACCURAY INC

ACCURAY INC is an American surgical and medical instruments and apparatus company.1 It is headquartered in Madison, Wisconsin.1 Its shares trade on Nasdaq under the symbol ARAY.1

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Last updated Oct 21, 2026.

Overview

$401.9MRevenue, fiscal 20262
-$49.2MNet income, fiscal 20262

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  • TickerARAY on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersMadison, Wisconsin1
  • Incorporated inDE3
  • Business address1240 Deming Way, Madison, Wi 537173
  • Filer categoryAccelerated filer, Smaller reporting company3

Accuray Incorporated is a radiation therapy company that develops, manufactures, sells and supports treatment delivery, planning, imaging and data management solutions designed to help clinical teams deliver precise radiation treatments across a broad range of clinical cases. Our portfolio includes the CyberKnife robotic platform and a differentiated helical portfolio that includes the Accuray Stellar, Radixact, Accuray Helix and Tomo C Systems, where available. We believe these solutions provide clinicians with advanced capabilities to support accuracy, flexibility, motion management, image guidance, adaptive workflows and personalized treatment delivery.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

27.7%Gross margin2
-6.6%Operating margin2
-12.2%Net margin2
-12.3%Revenue growth, 20262
-118.0%Return on equity2
3.51×Debt to equity2
-$12.8MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 57% of the revenue ACCURAY INC broke down this way in fiscal 2026.

  1. Service$229.2M257%up 4% from 2025
  2. Product$172.7M243%down 27% from 2025
Products and services by year
Products and services202420252026
Service$212.4M$220.9M$229.2M
Product$234.2M$237.6M$172.7M

Regions

Eimea brought in 38% of the revenue ACCURAY INC broke down this way in fiscal 2026.

  1. Eimea$150.9M238%up 5% from 2025
  2. Americas$90.0M222%up 1% from 2025
  3. China$68.1M217%down 45% from 2025
  4. Asia Pacific$48.7M212%up 3% from 2025
  5. Japan$44.3M211%down 17% from 2025
Regions by year
Regions202420252026
Eimea$168.6M$144.3M$150.9M
Americas$90.2M$88.8M$90.0M
China$103.4M$124.5M$68.1M
Asia Pacific$28.7M$47.4M$48.7M
Japan$55.7M$53.6M$44.3M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue72¢$290.5M
  • Research and development9¢$37.8M
  • Other costs18¢$71.8M
  • Income tax0¢$1.9M

Out of $401.9M in revenue.2 The company lost money this year.

Financial statements

Revenue6789102$401.9M in 2026−4% since 2019
0$200.0M$400.0M$600.0M2019: $418.8M$418.8M20192020: $382.9M$382.9M2020−9%2021: $396.3M$396.3M2021+3%2022: $429.9M$429.9M2022+8%2023: $447.6M$447.6M2023+4%2024: $446.6M$446.6M2024−0%2025: $458.5M$458.5M2025+3%2026: $401.9M$401.9M2026−12%
Gross profit6789102$111.5M in 2026−31% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $162.7M$162.7M20192020: $149.7M$149.7M2020−8%2021: $159.5M$159.5M2021+7%2022: $160.0M$160.0M2022+0%2023: $154.0M$154.0M2023−4%2024: $142.9M$142.9M2024−7%2025: $147.0M$147.0M2025+3%2026: $111.5M$111.5M2026−24%
Operating income6789102-$26.4M in 2026
-$40.0M-$20.0M0$20.0M$40.0M2019: $583.0K$583.0K20192020: $12.5M$12.5M2020+2051%2021: $22.2M$22.2M2021+77%2022: $8.1M$8.1M2022−63%2023: $2.4M$2.4M2023−71%2024: $504.0K$504.0K2024−79%2025: $7.8M$7.8M2025+1455%2026: -$26.4M-$26.4M2026
Net income6789102-$49.2M in 2026+199% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$16.4M-$16.4M20192020: $3.8M$3.8M20202021: -$6.3M-$6.3M20212022: -$5.3M-$5.3M2022−15%2023: -$9.3M-$9.3M2023+74%2024: -$15.5M-$15.5M2024+68%2025: -$1.6M-$1.6M2025−90%2026: -$49.2M-$49.2M2026+2992%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2026-06-302025-06-30
Gross profit$111.5M$147.0M
Research and development$37.8M$47.9M
Selling and marketing$38.6M$43.3M
General and administrative$45.4M$47.9M
Restructuring$16.2M$0
Total operating expenses$137.9M$139.1M
Income (loss) from operations-$26.4M$7.8M
Income from equity method investment$1.1M$4.7M
Interest expense-$32.9M-$13.0M
Gain on extinguishment of debt$0$1.5M
IEEPA refund financing costs-$2.4M$0
Gain (loss) from change in fair value of warrant liability$8.4M-$499.0K
Other income, net$5.0M$559.0K
Income (loss) before provision for income taxes-$47.2M$1.1M
Provision for income taxes$1.9M$2.7M
Net loss-$49.2M-$1.6M
Net loss per share - basic and diluted (in dollars per share)-$0.40-$0.02
Basic and diluted (in shares)122.6M shares102.8M shares
Unrealized gain from cash flow hedges, net of reclassifications$1.6M$0
Foreign currency translation adjustment-$3.2M$1.6M
Change in defined benefit pension obligation-$42.0K$828.0K
Comprehensive income (loss)-$50.9M$794.0K
Revenue from Contract with Customer$401.9M$458.5M
Cost of Revenue$290.5M$311.5M

Compare ACCURAY INC with another company

Corporate structure

ACCURAY INC sits at the top of its group. 17 entities, 16 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ACCURAY INC

  • TCW GROUP INC Filed SCHEDULE 13D/A on ACCURAY INC, latest Sep 2, 2026 (4 filings since Jun 17, 2025)
  • Neuberger Berman Filed SCHEDULE 13G/A on ACCURAY INC, latest Aug 5, 2026 (6 filings since Feb 11, 2022)
  • BlackRock Filed SCHEDULE 13G/A on ACCURAY INC, latest Jul 27, 2026 (5 filings since Feb 7, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on ACCURAY INC, latest Mar 26, 2026 (4 filings since Feb 13, 2024)
  • Aevum Pension Fund Filed SCHEDULE 13G/A on ACCURAY INC, latest Oct 2, 2025 (3 filings since Oct 2, 2024)
  • Archon Capital Management LLC Filed SC 13G/A on ACCURAY INC, latest Sep 6, 2024 (3 filings since Feb 13, 2023)
  • ACCURAY INC Madison, Wisconsin
    • Accuray Accelerator Technology (Chengdu) Company Limited Subsidiary · China
    • Accuray Asia Ltd. Subsidiary · Hong Kong
    • Accuray Belgium BV Subsidiary · Belgium
    • Accuray Brasil Comércio, Importação e Exportação de Equipamentos Médicos Ltda Subsidiary · Brazil
    • Accuray Europe SAS Subsidiary · France
    • Accuray International SARL Subsidiary · Switzerland
    • Accuray Italy S.R.L Subsidiary · Italy
    • Accuray Japan K.K. Subsidiary · Japan
    • Accuray Medical Equipment (Canada) Ltd. Subsidiary · Canada
    • Accuray Medical Equipment (India) Private Limited Subsidiary · India
    • Accuray Medical Equipment (Rus) LLC. Subsidiary · Russia
    • Accuray Medical Equipment (Shanghai) Co., Ltd. Subsidiary · China
    • Accuray Medical Equipment GmbH Subsidiary · Germany
    • Accuray Mexico, S.A. de C.V. Subsidiary · Mexico
    • Accuray Spain, S.L.U. Subsidiary · Spain
    • Accuray UK, Ltd. Subsidiary · United Kingdom

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ACCURAY INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$107.9M2 Jun 30, 2026$106.6M2 Jun 30, 2025+1.3%
Accumulated depreciation$80.6M2 Jun 30, 2026$77.9M2 Jun 30, 2025+3.5%
Property and equipment, net$27.3M2 Jun 30, 2026$28.7M2 Jun 30, 2025−4.7%
Operating-lease assets (leased space)$27.5M2 Jun 30, 2026$33.1M2 Jun 30, 2025−16.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$40.6M2 Jun 30, 2026$57.4M2 Jun 30, 2025−29.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$57.9M2 Jun 30, 2026$57.8M2 Jun 30, 2025+0.2%
Intangible assets, net (excluding goodwill)$02 Jun 30, 2026$15.0K2 Jun 30, 2025−100.0%
Finite-lived intangibles, net$15.0K14 Jun 30, 2025$59.0K14 Jun 30, 2024−74.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$147.1M2 Jun 30, 2026$141.0M2 Jun 30, 2025+4.3%
Raw materials$50.4M2 Jun 30, 2026$49.0M2 Jun 30, 2025+2.8%
Work in process$14.8M2 Jun 30, 2026$14.8M2 Jun 30, 2025−0.6%
Finished goods$81.9M2 Jun 30, 2026$77.2M2 Jun 30, 2025+6.2%

Properties, in its own words

Facilities

Our corporate headquarters are in Madison, Wisconsin. We lease approximately 405,000 square feet world-wide. We lease approximately 247,000 square feet in Madison, Wisconsin for product development, manufacturing, administrative, training and warehouse space. We lease approximately 59,000 square feet in Sunnyvale and Santa Clara, California for product research and development and administrative functions. As of July 1, 2026, we subleased 9,000 square feet of our Santa Clara office space to a third party. We lease approximately 20,000 square feet in Morges, Switzerland, for administrative functions, and lease approximately 5,400 square feet in Genolier, Switzerland for training. We lease approximately 42,000 square feet of space in a manufacturing facility in Chengdu, China. We also lease international offices in China; Hong Kong; Japan; Korea; India; and Spain.

The rest of Item 2

We believe our current facilities are adequate to meet our current needs, but additional space, including additional radiation shielded areas in which systems can be assembled and tested, may be required in the future to accommodate anticipated increases in manufacturing needs.

Item 2 of the 10-K filed Aug 27, 2026.5

Leadership

Who has led ACCURAY INC, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (52)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Accuray Accelerator Technology (Chengdu) Company Limited China4
  • Accuray Asia Ltd. Hong Kong4
  • Accuray Belgium BV Belgium4
  • Accuray Brasil Comércio, Importação e Exportação de Equipamentos Médicos Ltda Brazil4
  • Accuray Europe SAS France4
  • Accuray International SARL Switzerland4
  • Accuray Italy S.R.L Italy4
  • Accuray Japan K.K. Japan4
  • Accuray LLC Delaware4
  • Accuray Medical Equipment (Canada) Ltd. Canada4
  • Accuray Medical Equipment (India) Private Limited India4
  • Accuray Medical Equipment (Rus) LLC. Russia4
  • Accuray Medical Equipment (Shanghai) Co., Ltd. China4
  • Accuray Medical Equipment GmbH Germany4
  • Accuray Mexico, S.A. de C.V. Mexico4
  • Accuray Spain, S.L.U. Spain4
  • Accuray UK, Ltd. United Kingdom4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 13, 20268-K Executive or director change79
  2. Oct 6, 20268-K Executive or director change; Shareholder vote; Other events80
  3. Aug 19, 20268-K Results of operations; Regulation FD disclosure81
  4. Aug 6, 20268-K Listing notice or transfer82
  5. Jul 29, 20268-K Entered a material agreement; Unregistered sale of shares; Executive or director change83
  6. Jun 4, 20268-K Ended a material agreement; Regulation FD disclosure84
  7. May 6, 20268-K Results of operations; Regulation FD disclosure85
  8. Apr 28, 20268-K Executive or director change86
  9. Apr 7, 20268-K Entered a material agreement87
  10. Apr 6, 20268-K Regulation FD disclosure88
  11. Mar 19, 20268-K Executive or director change89
  12. Feb 17, 20268-K Regulation FD disclosure90
  13. Nov 4, 2025New chief executive Neve Stephen R. La becomes CEO15
  14. Dec 3, 2024New chief executive Suzanne C. Winter becomes CEO16
  15. Oct 19, 2012New chief executive Joshua Levine becomes CEO17
  16. Feb 7, 2007New chief executive Euan Thomson becomes CEO18

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/202691

When it reported results

  1. Aug 19, 2026Reported quarterly or annual results81
  2. May 6, 2026Reported quarterly or annual results85
  3. Feb 4, 2026Reported quarterly or annual results92
  4. Nov 5, 2025Reported quarterly or annual results93
  5. Oct 20, 2025Reported quarterly or annual results94
  6. Aug 13, 2025Reported quarterly or annual results95
  7. Apr 30, 2025Reported quarterly or annual results96
  8. Feb 5, 2025Reported quarterly or annual results97

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

348 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 68 major events, 180 insider forms, 25 large holders, 53 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 7, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 7, 20263 PRIMARY DOCUMENT EDGAR
  4. Oct 6, 20268-K EDGAR
  5. Oct 1, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 18, 2026DEFA14A EDGAR
  7. Sep 11, 2026EFFECT EDGAR
  8. Sep 11, 2026424B3 EDGAR
  9. Sep 9, 2026S-3/A EDGAR
  10. Sep 2, 2026SCHEDULE 13D/A EDGAR
  11. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Aug 27, 202610-K EDGAR
  13. Aug 24, 2026DEF 14A EDGAR
  14. Aug 21, 2026S-3/A EDGAR
  15. Aug 19, 20268-K EDGAR
  16. Aug 12, 2026PRE 14A EDGAR
  17. Aug 6, 20268-K EDGAR
  18. Aug 5, 2026SCHEDULE 13G/A EDGAR
  19. Jul 31, 2026S-3 EDGAR
  20. Jul 29, 20268-K EDGAR

The 348 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

58 open-market trades by officers, directors and large owners since October 2021: 10 buys and 48 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 20, 2026MAYER STEVEN FDirectorBuy54,875$0.56$30.7KForm 4
Feb 19, 2026MAYER STEVEN FDirectorBuy69,000$0.53$36.6KForm 4
Feb 18, 2026MAYER STEVEN FDirectorBuy126,125$0.53$66.8KForm 4
Nov 19, 2025La Neve Stephen R.CEOBuy20,000$0.97$19.4KForm 4
Jun 13, 2025WHITTERS JOSEPH EDirectorBuy50,000$1.25$62.5KForm 4
Sep 4, 2024Pervaiz AliSVP Chief Financial OfficerSale8,404$2.06$17.3KForm 4
Jun 4, 2024Pervaiz AliSVP Chief Financial OfficerSale2,701$1.70$4.6KForm 4
May 29, 2024WHITTERS JOSEPH EDirectorBuy50,000$1.58$79.0KForm 4
May 28, 2024WHITTERS JOSEPH EDirectorBuy50,000$1.54$77.0KForm 4
Mar 1, 2024Hoge MichaelSenior VP Global OperationsSale11,991$2.59$31.1KForm 4
Jan 3, 2024Corradetti GInaVP, CAO and ControllerSale14,129$2.74$38.7KForm 4
Jan 3, 2024Pervaiz AliSVP Chief Financial OfficerSale2,116$2.74$5.8KForm 4
Dec 1, 2023Chalke SandeepSVP, Chief Commercial OfficerSale26,799$1.70$45.6KForm 4
Dec 1, 2023Spine PatrickSVP, Chief Admin OfficerSale14,832$2.47$36.6KForm 4
Dec 1, 2023Winter Suzanne CPresident and CEOSale65,390$2.47$161.5KForm 4
Dec 1, 2023Pervaiz AliSVP Chief Financial OfficerSale13,463$2.47$33.3KForm 4
Dec 1, 2023Chalke SandeepSVP, Chief Commercial OfficerSale14,585$2.47$36.0KForm 4
Dec 1, 2023Chew JesseChief Legal OfficerSale29,770$2.47$73.5KForm 4
Dec 1, 2023Hoge MichaelSenior VP Global OperationsSale19,212$2.47$47.5KForm 4
Nov 1, 2023Winter Suzanne CPresident and CEOSale38,338$2.57$98.5KForm 4

All 58 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Tcw Group Inc18,942,059$4.1M0.0%+3,474,107
Neuberger Berman Group LLC6,073,663$1.6M0.0%+218,599
Armistice Capital, LLC5,736,000$1.5M0.0%+100,000
Weber Capital Management LLC /adv4,932,706$1.3M1.1%−122,588
Vanguard Capital Management LLC4,437,800$1.1M0.0%+7,408
BlackRock, Inc.3,266,185$842.0K0.0%−5,192,224
Aqr Capital Management LLC2,719,032$701.0K0.0%+2,101,555
Jane Street Group, LLC2,139,720$551.6K0.0%New
Renaissance Technologies LLC2,065,284$532.4K0.0%−225,700
DAFNA Capital Management LLC1,680,508$433.2K0.1%No change
UBS Group AG1,623,965$419.0K0.0%+222,199
Millennium Management LLC1,589,145$409.7K0.0%New
Silverback Asset Management LLC1,450,000$373.8K1.4%−200,000
Squarepoint Ops LLC1,448,234$373.4K0.0%+901,158
Fmr LLC1,375,746$354.7K0.0%+86,958
Geode Capital Management, LLC1,189,377$306.7K0.0%−1,191,462
Kovack Advisors, Inc.1,050,896$272.7K0.0%+312,800
Susquehanna International Group, Llp825,604$212.8K0.0%+791,827
Goldman Sachs Group Inc802,957$207.0K0.0%−58,678
Vanguard Fiduciary Trust Co685,262$176.8K0.0%−80,186
Silverberg Bernstein Capital Management LLC658,915$169.9K0.1%+3,234
D. E. Shaw & Co., Inc.649,353$167.4K0.0%−194,293
TENOR CAPITAL MANAGEMENT Co., L.P.500,000$128.9K0.0%No change
State Street Corp485,866$125.3K0.0%−1,531,787
Assenagon Asset Management S.A.408,028$105.2K0.0%+204,013

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ACCURAY INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARACCURAY INC1
  • CIK0001138723
  • Employer ID (EIN)20-83700415
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsJune 301
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address1240 Deming Way, Madison, WI 537171
  • Phone608-824-28001
  • Shares outstanding119,439,307 shares as of Aug 21, 20265
  • Public float$86.9M as of Dec 31, 20255
  • AuditorGRANT THORNTON LLP, San Jose, California PCAOB ID 248; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceMar 6, 20021
  • Filings1,464 in all: 4 (694), 8-K (289), SC 13G/A (81), 10-Q (59), 3 (58), SC 13G (38), S-8 (25), DEFA14A (24)1
    All 46 form types

    10-K (20), DEF 14A (20), 4/A (13), CORRESP (13), SD (13), UPLOAD (13), ARS (10), 425 (9), CT ORDER (9), 144 (8), 3/A (8), SCHEDULE 13G/A (8), S-1/A (6), EFFECT (5), 424B3 (4), REGDEX (3), S-3 (3), SCHEDULE 13D/A (3), SCHEDULE 13G (3), 10-K/A (2), 5 (2), NT 10-K (2), NT 10-Q (2), PRE 14A (2), S-3/A (2), 10-Q/A (1), 144/A (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERTNAS (1), FWP (1), REGDEX/A (1), S-1 (1), S-1MEF (1), S-4 (1), S-4/A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Aug 27, 2026
    Quarterly report (10-Q) May 6, 2026
    Proxy statement (DEF 14A) Aug 24, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par value per shareARAYNasdaq

From the cover page of the 10-K filed Aug 27, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks ACCURAY INC names in Item 1A of its 10-K filed Aug 27, 2026: 53 risks under these headings, as written.5

  • Risks related to our business and results of operations
  • Risks related to the regulation of our products and business
  • Risks related to our common stock
  • Risks Related to our Financing Transaction
  • General Risks
  • Risks Related to Our Business and Results of Operations
  • We face risks related to the current global economic environment, including risks arising in connection with tariffs, inflation, recession or currency fluctuations, any of which could adversely affect our business, financial condition and results of operations by, among other things, delaying or preventing our customers from obtaining financing to purchase our products and services or implementing the required facilities to house our systems.
  • If the CyberKnife or TomoTherapy platforms do not achieve widespread market acceptance, we will not be able to generate the revenue necessary to support our business.
  • Our ability to achieve profitability depends in part on maintaining or increasing our gross margins on product sales and services, which we may not be able to achieve.
  • We have substantial indebtedness in the form of a credit facility and may incur other debt in the future, which may adversely affect our financial condition and future financial results. In the past, we have not been in compliance with certain financial covenants relating to our indebtedness and have been required to obtain waivers to avoid defaulting under such indebtedness.
  • Uncertainty or volatility in trade policy as well as enhanced international tariffs, including tariffs imposed by the United States and China that affect our products or components within our products, other trade barriers or a global trade war could decrease the volume of product sales in China and increase our costs and materially and adversely affect our business, financial condition and results of operations.
  • Our operating results, including our cash flows, quarterly orders, revenues and margins fluctuate from quarter to quarter and may be unpredictable.
The other 47 risks
  • Our industry is subject to intense competition and rapid technological change, which may result in products or new tumor treatments that are superior to the CyberKnife and TomoTherapy platforms. If we are unable to anticipate or keep pace with changes in the marketplace and the direction of technological innovation and customer demands, our products may become obsolete or less useful and our operating results will suffer.
  • We are subject to risks arising from our international operations, which may adversely affect our business, financial condition, and results of operations.
  • Our results have been and may continue to be impacted by changes in foreign currency exchange rates.
  • If we encounter manufacturing problems, or if our manufacturing facilities do not continue to meet federal, state or foreign manufacturing standards, we may be required to temporarily cease all or part of our manufacturing operations, which would result in delays and lost revenue.
  • If we are unable to develop new products or enhance existing products to meet our customers’ needs and compete favorably in the market, we may be unable to attract or retain customers.
  • If we do not effectively manage our growth, our business may be significantly harmed.
  • We could become subject to product liability claims, product recalls, other field actions and warranty claims that could be expensive, divert management’s attention and harm our business.
  • Our reliance on single‑source suppliers for critical components of the CyberKnife and TomoTherapy platforms could harm our ability to meet demand for our products in a timely and cost effective manner.
  • We depend on key employees, the loss of whom would adversely affect our business. If we fail to attract and retain employees with the expertise required for our business, we may be unable to continue to grow our business.
  • Disruption of critical information technology systems, infrastructure and data or cyberattacks or other security breaches or incidents could harm our business and financial condition.
  • Any actual or perceived failure by us to comply with legal or regulatory requirements related to privacy, cybersecurity and data protection in one or multiple jurisdictions could result in proceedings, actions or penalties against us.
  • We have incorporated and continue to work to further incorporate artificial intelligence into our products, services, and internal operations. Implementation of artificial intelligence and machine learning technologies may result in legal and regulatory risks, reputational harm, or other adverse consequences to our business.
  • Continued consolidation in the healthcare industry could have an adverse effect on our business, financial condition, or results of operations.
  • If third‑party payors do not provide sufficient coverage and reimbursement to healthcare providers for use of the CyberKnife and TomoTherapy platforms or if the number of patients covered by health insurance reduces, demand for our products and our revenue could be adversely affected.
  • The safety and efficacy of our products for certain uses is not yet supported by long‑term clinical data, and our products may therefore prove to be less safe and effective than initially thought.
  • We are reliant on the timely, accurate, and consistent provision of outsourced services for various services and business functions, as well as third parties who perform shipping and logistics functions on our behalf. Failures, disruptions, terminations, or replacements of our outsourcing providers or our logistics providers have occurred and could occur in the future, which could adversely impact our business.
  • Third parties may claim we are infringing their intellectual property or that we are operating outside the scope of or violating a license or other agreement relating to their intellectual property, and we could suffer significant audit, litigation or licensing expenses, incur liabilities associated with indemnification obligations to customers, experience disruptions in the supply of components of our products or related services, or be prevented from selling our product or components of our product.
  • We may be subject to claims that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
  • It is difficult and costly to protect our intellectual property and our proprietary technologies and we may not be able to ensure their protection.
  • Unfavorable results of legal proceedings could materially and adversely affect our financial condition.
  • Because the majority of our product revenue is derived from sales of the CyberKnife and TomoTherapy platforms, which have a long and variable sales and installation cycle, our revenues and cash flows may be volatile and difficult to predict.
  • We depend on third‑party distributors to market and distribute our products in international markets. If our distributors fail to successfully market and distribute our products, our business will be materially harmed.
  • The high unit price of the CyberKnife and TomoTherapy platforms, as well as other factors, may contribute to substantial fluctuations in our operating results, which could adversely affect our stock price.
  • As a strategy to assist our sales efforts, we may offer extended payment terms, which may potentially result in higher days sales outstanding, reduced cash flows in a particular period and greater payment defaults.
  • We have entered into certain relationships with collaborators, partnerships, strategic alliances, joint venture partners and other third parties, which are outside of our full control and may harm our existing business if we fail to realize the expected benefits of such relationships.
  • We may attempt to acquire new businesses, products or technologies, including forming joint ventures, and if we are unable to successfully complete these acquisitions or to integrate acquired businesses, products, technologies or employees, we may fail to realize expected benefits or harm our existing business.
  • Our ability to raise capital or obtain financing in the future may be limited, and our failure to raise capital when needed could prevent us from executing our growth strategy.
  • We may not be able to fully utilize certain tax loss carryforwards.
  • We are subject to the tax laws of various foreign jurisdictions, as well as within the United States, which are subject to unanticipated changes and interpretation and could harm our future results.
  • Risks Related to the Regulation of our Products and Business
  • Modifications, upgrades, new indications and future products related to the CyberKnife or TomoTherapy Systems or the Precision Treatment Planning and iDMS Data Management System software may require new FDA 510(k) clearances or premarket approvals and similar licensing or approvals in international markets. Such modifications, or any defects in design, manufacture or labeling may require us to recall or cease marketing the affected systems or software until approvals or clearances are obtained.
  • We are subject to federal, state and foreign laws and regulations applicable to our operations, the violation of which could result in substantial penalties and harm our business.
  • Laws and ethical rules governing interactions with healthcare providers.
  • Laws protecting patient health information.
  • If we or our distributors do not obtain and maintain the necessary regulatory approvals in a specific country, we will not be able to market and sell our products in that country.
  • Healthcare reform legislation could adversely affect demand for our products, our revenue and our financial condition.
  • Risks Related to Our Common Stock
  • The price of our common stock is volatile and may continue to fluctuate significantly, which could lead to losses for stockholders.
  • If we do not regain compliance with or continue to satisfy Nasdaq’s continued listing standards and other Nasdaq rules, our common stock could be delisted, which would harm our business, the trading price of our common stock, our ability to raise additional capital and the liquidity of the market for our common stock.
  • Future issuances of shares of our common stock could dilute the ownership interests of our stockholders.
  • The exercise of outstanding warrants for our common stock would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
  • Provisions in the Financing Agreement for our Credit Facilities, our certificate of incorporation and our bylaws could discourage or prevent a takeover, even if an acquisition would be beneficial in the opinion of our stockholders.
  • There can be no assurance that the Financing Transaction will be successfully consummated or achieve the anticipated results.
  • If the Financing Transaction is consummated, our stockholders will experience substantial dilution as a result of any conversion of the Series A Convertible Preferred Stock or the exercise of the July 2026 Warrants.
  • TCW Asset Management Company LLC and its affiliates will have significant influence over us following the conversion of the Series A Convertible Preferred Stock and the exercise of the July 2026 Warrants, if any, and their interests may conflict with those of our other stockholders in the future.
  • Our liquidity could be adversely impacted by adverse conditions in the financial markets.
  • Our operations are vulnerable to interruption or loss because of climate change, natural disasters, global or regional health pandemics or epidemics, terrorist acts and other events beyond our control, which has impacted and could in the future adversely affect our business.
  • Changes in interpretation or application of generally accepted accounting principles may adversely affect our operating results.
  • We have not paid dividends in the past and do not expect to pay dividends in the foreseeable future.

Legal proceedings

Refer to Note 8. Commitments and Contingencies, to the consolidated financial statements for a description of certain legal proceedings currently pending against the Company. From time to time, we are involved in legal proceedings arising in the ordinary course of our business.

The opening of Item 3, Legal Proceedings.5

Sources

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