8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 26, 2022

ACCURAY INCORPORATED

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-33301	20-8370041
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1310 Chesapeake Terrace
Sunnyvale, California		94089
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 408 716-4600

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	ARAY	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 26, 2022, Accuray Incorporated (the “Company”) issued a press release announcing its financial results for the second quarter ended December 31, 2021. A copy of the Company’s press release dated January 26, 2022, titled “Accuray Reports Fiscal 2022 Second Quarter Financial Results” is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The foregoing information (including the exhibit hereto) is being furnished under “Item 2.02 Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

Spokespersons of the Company plan to present the information in the presentation attached hereto as Exhibit 99.2 to analysts and investors from time to time on or after January 26, 2022. The presentation will be available on the Company’s Investor Relations website at: http://investors.accuray.com.

The furnishing of the attached presentation is not an admission as to the materiality of any information therein. The information contained in the presentation is summary information that is intended to be considered in the context of more complete information included in the Company’s filings with the U.S. Securities and Exchange Commission and other public announcements that the Company has made and may make from time to time by press release or otherwise. The Company undertakes no duty or obligation to update or revise the information contained in this report. For important information about forward looking statements, see the slide titled “Forward-Looking Statements” in Exhibit 99.2 attached hereto.

The information set forth under Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

The information contained in this Item 7.01 disclosure, including Exhibit 99.1 and Exhibit 99.2, is furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release dated January 26, 2022, titled “Accuray Reports Fiscal 2022 Second Quarter Financial Results”
99.2	Accuray Q2’FY22 Earnings Call Presentation.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			ACCURAY INCORPORATED
Date:	January 26, 2022	By:	/s/ Brandy Green
			Brandy Green Vice President & Interim Chief Financial Officer

3

EX-99.1

Exhibit 99.1

 

Accuray Reports Fiscal 2022 Second Quarter Financial Results

Record Revenue For Second Quarter Fiscal 2022

SUNNYVALE, Calif., January 26, 2022 — Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the second quarter of fiscal 2022 ended December 31, 2021.

Second Quarter Fiscal 2022 Summary

Record net revenue of $116.3 million representing an increase of 19 percent compared to the prior year

Gross orders of $85.4 million, an increase of 13 percent compared to the prior year

GAAP net income of $0.2 million as compared to GAAP Net income of $4.8 million in the prior year. Adjusted EBITDA of $6.8 million as compared to adjusted EBITDA of $13.5 million in the prior year

Other Recent Operational Highlights

Continued strong demand for ClearRT™ Helical kVCT Imaging for the Radixact® System: 68 global orders received since its commercial release in December 2020

CyberKnife® Robotic Radiotherapy Platform expands range of neurological indications that can be effectively treated with stereotactic radiosurgery and receives Shonin approval to treat Trigeminal Neuralgia, a chronic pain condition affecting a facial nerve

Ramping demand for VOLO™ Ultra enhancement to the Accuray Precision® treatment planning system for the Radixact System

“Accuray’s fiscal 2022 second quarter performance continues to reflect the strong customer demand and revenue momentum our business is generating, but also highlighted global supply chain challenges and operational headwinds created by the Covid environment. Driving our accelerated revenue growth is the continued adoption of our new technology upgrades on the Radixact platform which are having an impact across all regions,” said Joshua Levine, Chief Executive Officer.

Fiscal Second Quarter ResultsTotal net revenue was $116.3 million for the second quarter of fiscal 2022 compared to $97.5 million for the prior fiscal year second quarter. Product revenue totaled $60.7 million for the second quarter of fiscal 2022 compared to $41.8 million for the prior fiscal year second quarter, while service revenue totaled $55.6 million for the second quarter of fiscal 2022 compared to $55.7 million for the prior fiscal year second quarter.Total gross profit for the second quarter of fiscal 2022 was $42.6 million or approximately 36.7 percent of total net revenue, comprised of product gross margin of 41.5 percent of product net revenue and service gross margin of 31.4 percent of service net revenue. This compares to total gross profit of $40.8 million or 41.9 percent of total net revenue, comprised of product gross margin of 44.7 percent of product net revenue and service gross margin of 39.8 percent of service net revenue for the prior fiscal year second quarter.

Operating expenses for the second quarter of fiscal 2022 were $38.6 million, an increase of 18 percent compared to $32.6 million in the prior fiscal year second quarter.Net income was $0.2 million, or $0 per share, for the second quarter of fiscal 2022, compared to net income of $4.8 million, or an income of $0.05 per share, for the prior fiscal year second quarter.

Gross product orders totaled $85.4 million for the second quarter of fiscal 2022 compared to $75.4 million for the prior fiscal year second quarter. Order backlog as of December 31, 2021 was $581.3 million, approximately 3 percent lower than at the end of the prior fiscal year second quarter.

Adjusted EBITDA for the second quarter of fiscal 2022 was $6.8 million, compared to $13.5 million for the prior fiscal year second quarter.Cash, cash equivalents, and short-term restricted cash were $123.4 million as of December 31, 2021 compared with $104.7 million as of September 30, 2021.

Fiscal Six Months Results

Total net revenue for the six months ended December 31, 2021 was $223.7 million compared to $182.8 million in the same prior fiscal year period. Product revenue for the six months ended December 31, 2021 totaled $113.5 million compared to $73.1 million, while service revenue totaled $110.2 million compared to $109.7 million in the same prior fiscal year period.

Total gross profit for the six months ended December 31, 2021 was $82.2 million, or 36.7 percent of net revenue, comprised of product gross margin of 40.9 percent of product revenue and service gross margin of 32.3 percent of service revenue. This compares to total gross profit of $76.2 million, or 41.7 percent of net revenue, comprised of product gross margin of 43.2 percent of product revenue and service gross margin of 40.7 percent of service revenue in the same prior fiscal year period.

Operating expenses for the six months ended December 31, 2021 were $75.8 million, an increase of 21 percent compared with $62.6 million in the same prior fiscal year period.

Net loss was $0.8 million, or $0.01 of loss per share, for the six months ended December 31, 2021, compared to net income of $5.2 million, or $0.06 per share, in the same prior fiscal year period.

Gross product orders totaled $155.4 million for the six months ended December 31, 2021, compared to $125.9 million for the same prior fiscal year period. Order backlog as of December 31, 2021 was $581.3 million, approximately 3 percent lower than at the end of the prior fiscal year second quarter.

Adjusted EBITDA for the six months ended December 31, 2021 was $12.2 million, compared to $22.5 million in the prior fiscal year period.

Fiscal Year 2022 Financial Guidance

Accuray’s financial guidance is based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions, the impact of the Covid-19 pandemic, supply chain disruption, and the factors set forth under “Safe Harbor Statement” below.

The Company is revising guidance for fiscal year 2022 as follows:

Total revenue is being increased to an expected range of $420.0 million to $430.0 million compared to the prior range of $420.0 million to $427.0 million, representing a year-over-year growth at the midpoint of the range of 7%.

Adjusted EBITDA is now expected to range between $15.0 million to $20.0 million compared to the prior range of $33.0 million to $35.0 million.

Guidance for non-GAAP financial measures excludes depreciation and amortization, stock-based compensation expense, interest expense and provision for income taxes. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Use of Non-GAAP Financial Measures" below.

Conference Call InformationAccuray will host a conference call beginning at 1:30 p.m. PT/4:30 p.m. ET today to discuss results for the second quarter of fiscal 2022 as well as recent corporate developments. Conference call dial-in information is as follows:

U.S. callers: (833) 316-0563

International callers: (412) 317-5747

Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Investor Relations section of Accuray’s website, www.accuray.com. There will be a slide presentation accompanying today’s event which can also be accessed on the company’s Investor Relations page at www.accuray.com.

In addition, a taped replay of the conference call will be available beginning approximately one hour after the call’s conclusion and will be available for seven days. The replay number is (877) 344-7529 (USA), or (412) 317-0088 (International), Conference ID: 6302301. An archived webcast will also be available on Accuray’s website until Accuray announces its results for the third quarter of fiscal 2022.

Use of Non-GAAP Financial Measures

Accuray has supplemented its GAAP net income (loss) with a non-GAAP measure of adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation (“adjusted EBITDA”). The calculation of adjusted EBITDA also excludes certain non-recurring, irregular and one-time items. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the company and facilitates a meaningful comparison of results for current periods with previous operating results. A reconciliation of GAAP net income (loss) (the most directly comparable GAAP measure) to non-GAAP adjusted EBITDA is provided in the schedules below.

There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP.

About Accuray

Accuray Incorporated (Nasdaq: ARAY) is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Sunnyvale, California, with facilities worldwide.

Safe Harbor Statement

Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to the company's future results of operations, including expectations regarding total revenue and adjusted EBITDA; expectations regarding the effect of the COVID-19 pandemic on the company and the market in general, including with respect to supply chain and logistics challenges; expectations regarding the company’s commercial strategy and executionas well as long-term growth opportunities, including with respect to supply chain and logistics challenges; expectations regarding the company’s order growth; the company’s ability to continue to drive accelerated revenue growth; expectations regarding the company’s China joint venture and other partnerships; expectations regarding the company’s product innovations and developments; expectations regarding the company’s product portfolio and its ability to position the company for growth; the impact of the company’s products on its customers and its business, and market adoption of such products, including with respect to the company’s VOLO Ultra enhancement and Clear RT Helical kVCT Imaging upgrades as well as other strategic product innovations;

expectations regarding the future of radiotherapy treatmentand the company’s addressable market; and the company's leadership position in radiation oncology innovation and technologies. These forward-looking statements involve risks and uncertainties. If any of these risk or uncertainties materialize, or if any of the company's assumptions prove incorrect, actual results could differ materially from the results express or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the effect of the COVID-19 pandemic on the operations of the company and those of its customers and suppliers; disruptions to our supply chain, including increased logistics costs as well as increased costs and difficulties in obtaining a sufficient amount of materials in the semiconductor and other markets; the company's ability to achieve widespread market acceptance of its products, including new product and software offerings; the company’s ability to develop new products or enhance existing products to meet customers’ needs and compete favorably in the market, the company’s ability to realize the expected benefits of the China joint venture and other partnerships; risks inherent in international operations; the company's ability to effectively manage its growth; the company's ability to maintain or increase its gross margins on product sales and services; delays in regulatory approvals or the development or release of new offerings; the company's ability to meet the covenants under its credit facilities; the company's ability to convert backlog to revenue; and such other risks identified under the heading "Risk Factors" in the company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on November 4, 2021 and as updated periodically with the company's other filings with the SEC.

Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements.

Aman Patel, CFA	Beth Kaplan
Investor Relations, ICR-Westwicke	Public Relations Director, Accuray
+1 (443) 450-4191	+1 (408) 789-4426
aman.patel@westwicke.com	bkaplan@accuray.com

###

Financial Tables to Follow

Accuray Incorporated

Consolidated Statements of Operations

(in thousands, except per share data)

(Unaudited)

	Three Months Ended December 31,						Six Months Ended December 31,
	2021			2020			2021			2020
Net revenue:
Products	$	60,721		$	41,805		$	113,480		$	73,063
Services		55,554			55,654			110,237			109,728
Total net revenue		116,275			97,459			223,717			182,791
Cost of revenue:
Cost of products		35,520			23,102			67,029			41,528
Cost of services		38,128			33,526			74,537			65,029
Total cost of revenue		73,648			56,628			141,566			106,557
Gross profit		42,627			40,831			82,151			76,234
Operating expenses:
Research and development		14,697			11,956			29,079			24,104
Selling and marketing		13,233			10,348			24,504			19,246
General and administrative		10,716			10,328			22,176			19,217
Total operating expenses		38,646			32,632			75,759			62,567
Income from operations		3,981			8,199			6,392			13,667
Income (loss) on equity investment, net		(832	)		1,117			(1,172	)		1,089
Other expense, net		(2,490	)		(4,260	)		(5,158	)		(8,954	)
Income before provision for income taxes		659			5,056			62			5,802
Provision for income taxes		480			287			911			631
Net income (loss)	$	179		$	4,769		$	(849	)	$	5,171
Net income (loss) per share - basic	$	0.00		$	0.05		$	(0.01	)	$	0.06
Net income (loss) per share - diluted	$	0.00		$	0.05		$	(0.01	)	$	0.06
Weighted average common shares used in    computing income (loss) per share:
Basic		91,761			92,025			91,299			91,609
Diluted		93,932			93,353			91,299			92,607

Accuray Incorporated

Consolidated Balance Sheets

(in thousands)

(Unaudited)

	December 31,			June 30,
	2021			2021
Assets
Current assets:
Cash and cash equivalents	$	123,196		$	116,369
Restricted cash		244			560
Accounts receivable, net		81,905			85,360
Inventories		123,680			125,929
Prepaid expenses and other current assets		20,940			21,547
Deferred cost of revenue		1,355			3,008
Total current assets		351,320			352,773
Property and equipment, net		12,208			12,332
Investment in joint venture		14,678			15,935
Goodwill		58,006			57,960
Intangible assets, net		322			435
Operating lease right-of-use assets		19,429			22,522
Other assets		19,538			18,141
Total assets	$	475,501		$	480,098
Liabilities and equity
Current liabilities:
Accounts payable	$	29,258		$	19,467
Accrued compensation		24,184			26,865
Operating lease liabilities, current		8,327			8,169
Other accrued liabilities		33,883			27,471
Customer advances		24,610			24,937
Deferred revenue		76,585			81,660
Short-term debt		7,541			3,790
Total current liabilities		204,388			192,359
Long-term other liabilities		6,696			7,766
Deferred revenue		25,175			23,685
Operating lease liabilities, non-current		13,756			17,441
Long-term debt		174,492			170,007
Total liabilities		424,507			411,258
Equity:
Common stock		93			91
Additional paid-in capital		536,709			554,680
Accumulated other comprehensive income		2,216			2,093
Accumulated deficit		(488,024	)		(488,024	)
Total equity		50,994			68,840
Total liabilities and equity	$	475,501		$	480,098

Accuray Incorporated

Summary of Orders and Backlog

(in thousands)

(Unaudited)

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
Gross Orders	$	85,381	$	75,365	$	155,365	$	125,893
Net Orders		40,183		42,462		80,946		66,016
Order Backlog		581,267		596,214		581,267		596,214

Accuray Incorporated

Reconciliation of GAAP Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation,

Amortization and Stock-Based Compensation (Adjusted EBITDA)

(in thousands)

(Unaudited)

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021			2020
GAAP net income (loss)	$	179	$	4,769	$	(849	)	$	5,171
Depreciation and amortization (a)		1,422		1,663		2,841			3,313
Stock-based compensation		2,695		2,364		5,211			4,608
Interest expense, net (b)		2,070		4,430		4,106			8,823
Provision for income taxes		480		287		911			631
Adjusted EBITDA	$	6,846	$	13,513	$	12,220		$	22,546

(a) consists of depreciation, primarily on property and equipment as well as amortization of intangibles.

(b) consists primarily of interest expense associated with outstanding debt.

Accuray Incorporated

Forward-Looking Guidance

Reconciliation of Projected Net Loss to Projected Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA)

(in thousands)

(Unaudited)

	Twelve Months Ending June 30, 2022
	From			To
GAAP net loss	$	(12,000	)	$	(7,000	)
Depreciation and amortization (a)		6,100			6,100
Stock-based compensation		10,600			10,600
Interest expense, net (b)		8,300			8,300
Provision for income taxes		2,000			2,000
Adjusted EBITDA	$	15,000		$	20,000

(a) consists of depreciation, primarily on property and equipment as well as amortization of intangibles.

(b) consists primarily of interest expense associated with outstanding debt.

EX-99.2

Q2’FY22 Earnings Call January 26, 2022

Proprietary and Confidential Property of Accuray Safe Harbor Statement   Statements in this presentation (including the oral commentary that accompanies it) that are not statements of historical fact are forward-looking statements and are subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this presentation relate, but are not limited, to: expectations regarding fiscal 2022 full-year adjusted EBITDA and revenue; our positioning and strategy for accelerating revenue and market share; expectations regarding operating expenses, including investment in R&D; expectations regarding market growth rates and market trends; expectations regarding new product enhancements or offerings and partnerships; expectations related to our joint-venture in China, including our ability to drive additional growth and market share in China; our ability to expand addressable markets; and our ability to capitalize on operating leverage to drive greater profits and cash flows. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “may,” “will be,” “will continue,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to: the effects of the COVID-19 pandemic on our business, financial condition, results of operations or cash flows; our ability to achieve widespread market acceptance of our products, including new product offerings and improvements; our ability to develop new products or enhance existing products to meet customers’ needs and compete favorably in the market; our ability to realize the expected benefits of the joint-venture and other partnerships; risks inherent in international operations; our ability to effectively manage our growth; our ability to maintain or increase our gross margins on product sales and services; delays in regulatory approvals or the development or release of new offerings; our ability to meet the covenants under our credit facilities; our ability to convert backlog to revenue; and other risks identified under the heading “Risk Factors” in our quarterly report on Form 10-Q, filed with the Securities and Exchange Commission (the “SEC”) on November 4, 2021, and as updated periodically with our other filings with the SEC.    Forward-looking statements speak only as of the date the statements are made and are based on information available to Accuray at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Accuray assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not place undue reliance on any forward-looking statements.   Non-GAAP Financial Measures   This presentation also contains non-GAAP financial measures.  Management believes that non-GAAP financial measures provide useful supplemental information to management and investors regarding the performance of the company and facilitates a more meaningful comparison of results for current periods with previous operating results.  Additionally, these non-GAAP financial measures assist management in analyzing future trends, making strategic and business decisions, and establishing internal budgets and forecasts.  A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the Appendix.   There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies.  These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures.  Investors and potential investors should consider non-GAAP financial measures only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP.   Medical Advice Disclaimer   Accuray Incorporated as a medical device manufacturer cannot and does not recommend specific treatment approaches. Individual results may vary.      Forward-looking statements This presentation is intended exclusively for investors. It is not intended for use in Sales or Marketing.

Executive Summary Q2’FY22 Strong revenue performance with 19% Q2 Y/Y revenue growth Q2 ending backlog at $581M with 13% Q2 Y/Y order growth 3% net installed base growth Q2 Y/Y to drive future recurringservice and upgrade revenues Revenue growing faster than operating expenses on a percentage basis while continuing momentum with R&D investments Revised FY22 full year revenue guidance to the range of $420M to $430M and adjusted EBITDA guidance to the range of $15M to $20M1​ 1 Adjusted EBITDA is a non-GAAP measure.  Please see Slide 11 , 12, and 13 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.

Our Vision: To EXPAND the CURATIVE POWER of RADIATION THERAPY to improve as many lives as possible Broader treatment options Beyond oncology Global patient access Enable advanced treatments Survival, long term outcomes Quality of life Precision technology  Superior patient experience Partnerships  Focused resources Expertise Best in class

Strategy for Accelerating Momentum Financial model designed to both invest as well as grow the top line Reposition for Success Enhanced leadership team Established China joint-venture  Introduced artificial intelligence (AI)-driven Synchrony® technology Reset cost structure to increase operating leverage FY18 - FY19 Transform Culture and Begin Innovation Driven Growth Redefined vision and strategic roadmap High impact product introduction Executed China type-A revenue ramp  Continued to build outour global infrastructure and operations Restructured debt toallow for growth FY20 - FY21 Accelerate Growth Consistent cadence of new products and partnerships Drive additional growth and share in China market Expand addressablemarkets and drive further market share gain Capitalize on operating leverage to drive greater profits and cash flows FY22+ Plan

Accuray Systems: Differentiated Solutions TomoTherapy® System Radixact® System Personalized Universal Fast S7™ System CyberKnife® Tracking, Gating-free, ITV-free Precise Speed Treatment Planning System Accuray Precision® Efficient Integrated Automated Ultimate IMRT/SBRT Workhorse Dedicated Whole BodySRS/SBRT System Connectivity to the RT Department

AMS 26% 1H Y/Y1 EIMEA 2% 1H Y/Y1 APAC 66% 1H Y/Y1 JAPAN 25% 1H Y/Y1 1 Percentages above are calculated using actual dollars for Orders. 2 MarketsAndMarkets RADIOTHERAPY MARKET - GLOBAL FORECAST 2021-2026 Gross Order Performance by Region in 1H’FY22 Four (4) Accuray business regions and strategies    +23% 1H Y/Y1 WW MARKET +4.2%2 CAGR 2021-2026

Q2’FY22 Financials Strong financial performance Gross orders $85M 13% Revenues $116M 19% Product $61M 45% Service $55M 0% Op. Expenses $38.6M 18% R&D $14.7M 23% SG&A $23.9M 16% Adj. EBITDA 1 $6.8M (49%) KEY FINANCIAL METRICS $M Q2 Y/Y Highlights New product innovation driving order momentum​ Record fiscal second quarter revenue in Company history​ ​ FY22 full year revenue guidance revisedto the range of $420M to $430M​ FY22 full year adjusted EBITDA revised to the range of $15M to $20M1 1 Adjusted EBITDA is a non-GAAP measure.  Please see Slide 11 , 12, and 13 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.

In Summary 1H Momentum in Ordersand Revenue Strongest Product Portfolio and Pipeline in Company’s History Multiple Growth Catalysts and Global Commercial Execution Strengthened Leadership Team and Operational Foundation Positioned for Accelerated Revenue Growth and Market Share Gains

Thank you

GAAP to Adjusted EBITDA Q2 FY2022 and Q2 FY2021 Actual Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) $K GAAP net income Stock-based compensation Interest expense, net Provision for income taxes Adjusted EBITDA Depreciation and amortization Three Months Ended December 31 Three Months Ended December 31 2020 2021 $ $ $ $ 179 1,422 2,695 2,070 480 6,846 4,769 1,663 2,364 4,430 287 13,513

GAAP to Adjusted EBITDA 1H FY2022 and 1H FY2021 Actual Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) $K GAAP net income (loss) Stock-based compensation Interest expense, net Provision for income taxes Adjusted EBITDA Depreciation and amortization Six Months Ended December 31 Six Months Ended December 31 2020 2021 $ $ $ $ (849) 2,841 5,211 4,106 911 12,220 5,171 3,313 4,608 8,823 631 22,546

GAAP to Adjusted EBITDA FY22 Guidance Guidance Reconciliation of Net loss to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) $K GAAP net loss Stock-based compensation Interest expense, net Provision for income taxes Adjusted EBITDA Depreciation and amortization Twelve Months Ended Projection forJune 30, 2022 Low $ $ $ $ (12,000) 6,100 10,600 8,300 2,000 15,000 (7,000) 6,100 10,600 8,300 2,000 20,000 High

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Document And Entity Information	Jan. 26, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 26, 2022
Entity Registrant Name	ACCURAY INCORPORATED
Entity Central Index Key	0001138723
Entity Emerging Growth Company	false
Entity File Number	001-33301
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8370041
Entity Address, Address Line One	1310 Chesapeake Terrace
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94089
City Area Code	408
Local Phone Number	716-4600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ARAY
Security Exchange Name	NASDAQ