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Joint Venture (Tables)
 9 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Reconciliation Between the Carrying Value of Investment and Proportional Share of Underlying Equity in Net Assets of Joint Ventures

The following table shows the reconciliation between the carrying value of the Company's investment in the JV and its proportional share of the underlying equity in net assets of the JV (in thousands):

 

 

 

March 31,
2025

 

 

June 30,
2024

 

Carrying value of investment in joint venture

 

$

9,284

 

 

$

9,826

 

Deferred intra-entity gross profit (1)

 

 

13,956

 

 

 

9,835

 

Equity method goodwill

 

 

(4,720

)

 

 

(4,720

)

Proportional share of equity investment in joint venture

 

$

18,520

 

 

$

14,941

 

 

(1)
As of March 31, 2025, $5.3 million of the deferred intra-entity gross profit balance was related to the Tomo C radiation therapy system as compared to $4.2 million as of June 30, 2024.
Summary of Financial Information of Joint Ventures (Operations Data)

Summarized financial information of the JV is as follows (in thousands):

 

 

 

Three Months Ended
December 31,

 

 

Nine Months Ended
December 31,

 

Statement of Operations Data:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

$

90,882

 

 

$

45,173

 

 

$

146,298

 

 

$

99,485

 

Gross profit

 

 

13,309

 

 

 

7,401

 

 

 

24,750

 

 

 

16,014

 

Net income

 

 

4,687

 

 

 

2,091

 

 

 

7,812

 

 

 

2,098

 

Net income attributable to the Company

 

 

2,297

 

 

 

1,024

 

 

 

3,829

 

 

 

1,028

 
Summary of Financial Information of Joint Ventures (Balance Sheet Data)

Summarized Balance Sheet Data:

 

As of
December 31, 2024

 

 

As of
December 31, 2023

 

Assets

 

 

 

 

 

 

Current assets

 

$

143,010

 

 

$

107,893

 

Non-current assets

 

 

16,003

 

 

 

13,417

 

Total assets

 

$

159,013

 

 

$

121,310

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities

 

$

119,698

 

 

$

86,554

 

Non-current liabilities

 

 

1,409

 

 

 

134

 

Stockholders' equity

 

 

37,906

 

 

 

34,622

 

Total liabilities and stockholders' equity

 

$

159,013

 

 

$

121,310

 
Schedule of Net Revenue Recognized From Intra Entity Gross Profit

The following table shows the activity of the Company’s net revenue recognized from intra-entity gross profit from sales (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

Nine Months Ended
March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Deferred intra-entity gross profit recognized on sales to the JV

 

$

501

 

 

$

662

 

 

$

14,960

 

 

$

6,975

 

Deferred intra-entity gross profit on sales to the JV

 

 

(5,515

)

 

 

(3,112

)

 

 

(19,080

)

 

 

(9,131

)

Net deferred gross profit on sales to the JV (1)

 

$

(5,014

)

 

$

(2,450

)

 

$

(4,120

)

 

$

(2,156

)

 

(1)
Profit earned by the Company from the JV is eliminated through cost of goods sold until it is realized; such profits would generally be considered realized when the inventory has been sold through to third parties. During the three and nine months ended March 31, 2025, the Company deferred $2.4 million and $1.1 million, respectively, of gross profit on sales to the JV that were related to the Tomo C radiation therapy system as compared to $0.3 million recognized gross profit during the three months ended March 31, 2024 and $2.0 million deferred gross profit during the nine months ended March 31, 2024 on sales to the JV that were related to the Tomo C radiation therapy system.