# EDGAR Filing Document

**Accession Number:** 0001138723
**File Stem:** 0000950170-23-001596
**Filing Date:** 2023-2
**Character Count:** 49192
**Document Hash:** c91fe84927d13622fea6c8cde4748f91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001596.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0000950170-23-001596

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20230130

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACCURAY INC
- **CENTRAL INDEX KEY:** 0001138723
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 208370041
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33301
- **FILM NUMBER:** 23576771

**BUSINESS ADDRESS:**
- **STREET 1:** 1310 CHESAPEAKE TERRACE
- **CITY:** SUNNYVALE
- **STATE:** CA
- **ZIP:** 94089
- **BUSINESS PHONE:** 4087164600

**MAIL ADDRESS:**
- **STREET 1:** 1310 CHESAPEAKE TERRACE
- **CITY:** SUNNYVALE
- **STATE:** CA
- **ZIP:** 94089

?xml version="1.0" encoding="ASCII"? 8-K

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

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**FORM** 8-K

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**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 30, 2023<br>

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ACCURAY INCORPORATED

**(Exact name of Registrant as Specified in Its Charter)**

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

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**Registrant's Telephone Number, Including Area Code:** 408 716-4600<br>

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

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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:**

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

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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. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On February 1, 2023, Accuray Incorporated (the "Company") issued a press release announcing its financial results for the second quarter ended December 31, 2022. A copy of the Company's press release dated February 1, 2023, titled "Accuray Reports Fiscal 2023 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

(d) Effective January 30, 2023, the Board of Directors (the "Board") of the Company appointed Mr. Robert C. Kill as a Class I member of the Company's Board in order to fill a vacancy on the Board. Mr. Kill is expected to stand for re-election at Company's 2025 Annual Meeting of Stockholders, when his Class I term will expire.

In connection with his appointment, Mr. Kill will receive the same cash and equity compensation for service on the Board that was approved by the Board. Cash compensation for his Board service is an annual cash retainer of $52,500.

Mr. Kill's equity compensation is as follows: (1) in connection with his initial appointment to the Board, a restricted stock unit ("RSU") grant for that number of shares of the Company's common stock equal to $150,000 divided by the fair market value of one share of common stock on the grant date, prorated for the months of service between Mr. Kill's appointment to the Board and the Company's next Annual Meeting of Stockholders, with full vesting on the one-year anniversary of the Company's 2022 Annual Meeting of Stockholders, subject to Mr. Kill's continued service (the "Initial RSU Grant"); and (2) annually, on the last day of the month in which the Company's Annual Meeting of Stockholders is held, an RSU grant for the number of shares of the Company's common stock equal to $150,000 divided by the fair market value of one share of common stock on the grant date, with full vesting on the one-year anniversary of the Annual Meeting of Stockholders to which the grant relates, subject to Mr. Kill's continued service (the "Annual RSU Grant"). Vesting of all RSUs subject to the Initial RSU Grant and any Annual RSU Grant thereafter accelerate in full in the event of a change in control of the Company.

There are no arrangements or understandings between Mr. Kill and the Company pursuant to which Mr. Kill was appointed as a director. In addition, there are no related party transactions involving the Company and Mr. Kill that are reportable pursuant to Item 404(a) of Regulation S-K under the Securities Act.

**Item 7.01 Regulation FD Disclosure.**

Management Presentation

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 February 1, 2023. 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.

Press Release

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On February 1, 2023, the Company issued a press release regarding the appointment of Mr. Kill to the Board. A copy of this press release is included as Exhibit 99.3 to this Current Report on Form 8-K.

The information contained in this Item 7.01 disclosure, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, 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.**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [<u>Press release dated February 1, 2023, titled "Accuray Reports Fiscal 2023 Second Quarter Financial Results"</u>](aray-ex99_1.htm) |
| 99.2 | [<u>Accuray Second Quarter Fiscal 2023 Earnings Call Presentation.</u>](aray-ex99_2.htm) |
| 99.3 | [<u>Press release dated February 1, 2023, titled "Robert C. Kill Joins Accuray Board of Directors"</u>](aray-ex99_3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **ACCURAY INCORPORATED** |
| Date: | February 1, 2023 | By:  | /s/ Ali Pervaiz  |
|  |  |  | Ali Pervaiz<br>Senior Vice President & Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**![img235950492_0.jpg](img235950492_0.jpg)

**Accuray Reports Fiscal 2023 Second Quarter Financial Results**

**Delivered strong Q2 performance amidst challenging macroenvironment; Reiterate fiscal year guidance** 

**SUNNYVALE, Calif., February 1, 2023** — Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the second quarter of fiscal 2023 ended December 31, 2022.

**Second Quarter Fiscal 2023 Summary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross orders of $79.0 million decreased 7.4 percent from the same period in the prior fiscal year and increased 13.2 percent sequentially, representing a book to bill ratio of greater than 1.2. Gross orders on a constant currency basis were $82.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net revenue of $114.8 million decreased 1.3 percent from the same period in the prior fiscal year, mainly driven by supply chain constraints and a $6.1 million foreign exchange headwind. Net revenue on a constant currency basis was $120.9 million, which represents a 4.0 percent increase versus the same period in the prior fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net loss of $1.9 million, as compared to GAAP net income of $0.2 million in the same period in the prior fiscal year. Adjusted EBITDA of $8.5 million, as compared to adjusted EBITDA of $6.8 million in the same period in the prior fiscal year, which represents a 24.1 percent increase.

**Other Recent Operational Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accuray receives IMV Award for Best in Service in Radiation Oncology for 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•34 new system orders globally with notable strength in the America's region with 92 percent year over year growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advanced progress in China, with Accuray being awarded 18 systems in the November Ministry of Health (MOH) Type A central bidding process (7 CyberKnife Systems, 11 Radixact Systems).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•NMPA regulatory submission completed for Tomo® C, the joint venture product for the China Type B segment; completed production and testing of the first Tomo C unit in Tianjin manufacturing operations.

"We have delivered another strong quarter of performance in Q2 showcasing the growing customer demand for our precision radiotherapy solutions and the excellent operational execution by the Accuray team amidst challenging macroeconomic conditions," said Suzanne Winter, Chief Executive Officer. "Our teams remain focused on advancing our innovation driven growth agenda so that we can deliver on our promise to improve the outcome and quality of life of patients diagnosed with cancer or neurological disease."

**Fiscal Second Quarter Results**<br>Total net revenue in the second quarter of fiscal 2023 was $114.8 million, compared to $116.3 million in the prior fiscal year second quarter. Product revenue in the second quarter of fiscal 2023 was $63.3 million, compared to $60.7 million in the prior fiscal year second quarter, while service revenue for the second quarter of fiscal 2023 was $51.5 million, compared to $55.6 million in the prior fiscal year second quarter.<br>Total gross profit in the second quarter of fiscal 2023 was $43.0 million, or 37.4 percent of total net revenue, compared to total gross profit of $42.6 million, or 36.7 percent of total net revenue, in the prior fiscal year second quarter.

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Operating expenses in the second quarter of fiscal 2023 were $40.3 million, including non-recurring charges of $1.9 million for restructuring charges and $0.5 million of ERP and ERP related expenditures, compared to $38.6 million in the prior fiscal year second quarter. Excluding these non-recurring charges, total operating expenses were down 2.0 percent compared to the same period in the prior fiscal year.<br>Net loss in the second quarter of fiscal 2023 was $1.9 million, or $0.02 per share, compared to net income of $0.2 million, or $0.00 per share, in the prior fiscal year second quarter. Adjusted EBITDA in the second quarter of fiscal 2023 was $8.5 million, compared to $6.8 million in the prior fiscal year second quarter.

Gross product orders in the second quarter of fiscal 2023 totaled $79.0 million compared to $85.4 million in the prior fiscal year second quarter. Order backlog as of December 31, 2022 was $515.2 million, approximately 11.4% percent lower than at the end of the prior fiscal year second quarter. There were no order cancellations in the quarter and $41.4 million in orders aged out in the quarter as they were more than 30 months in age.

<br>Cash, cash equivalents, and short-term restricted cash were $67.9 million as of December 31, 2022, a decrease of $21.0 million from June 30, 2022.

**Fiscal Six Months Results**

Total net revenue in the six months ended December 31, 2022 was $211.3 million, compared to $223.7 million in the same prior fiscal year period. Product revenue for the six months ended December 31, 2022 was $107.9 million, compared to $113.5 million in the same prior fiscal year period, while service revenue totaled $103.4 million, compared to $110.2 million in the same prior fiscal year period.<br>Total gross profit in the six months ended December 31, 2022 was $77.6 million, or 36.7 percent of total net revenue, compared to total gross profit of $82.2 million, or 36.7 percent of total net revenue in the same prior fiscal year period.

Operating expenses in the six months ended December 31, 2022 were $77.0 million, including non-recurring charges of $1.9 million for restructuring charges and $1.1 million of ERP and ERP related expenditures, compared to $75.8 million in the same prior fiscal year period. Excluding these non-recurring charges, total operating expenses were down 2.3 percent compared to the same period in prior fiscal year.<br>Net loss in the six months ended December 31, 2022 was $7.3 million, or $0.08 per share, compared to a net loss of $0.8 million, or $0.01 per share, in the same prior fiscal year period. Adjusted EBITDA for the six months ended December 31, 2022, was $10.4 million, compared to $12.2 million in the same prior fiscal year period.

Gross product orders in the six months ended December 31, 2022 totaled $148.9 million, compared to $155.4 million in the same prior fiscal year period. Order backlog as of December 31, 2022 was $515.2 million, approximately 11.4% percent lower than at the end of same period in the prior fiscal year period.

**Fiscal Year 2023 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 current global economic environment and the Covid-19 pandemic, supply chain disruption, and the factors set forth under "Safe Harbor Statement" below.

The company is reaffirming guidance for fiscal year 2023 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue is expected in the range of $447.0 million to $455.0 million, representing a year-over-year growth at the midpoint of the range of 5 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA is expected in the range of $26.0 million to $30.0 million.

Guidance for non-GAAP financial measures excludes depreciation and amortization, stock-based compensation, interest expense, provision for income taxes, restructuring charges and ERP and ERP related expenditures. For more information

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regarding the non-GAAP financial measures discussed in this press release, please see "Use of Non-GAAP Financial Measures" below.

**Conference Call Information**

Accuray 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 2023 as well as recent corporate developments. Conference call dial-in information is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. callers: (833) 316-0563

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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: 6435845. An archived webcast will also be available on Accuray's website until Accuray announces its results for the third quarter of fiscal 2023.

**Use of Non-GAAP Financial Measures**

Accuray reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP) and the rules of the SEC. To supplement its financial statements prepared and presented in accordance with GAAP, Accuray uses certain non-GAAP financial measures, such as adjusted EBITDA, gross orders on a constant currency basis and net revenue on a constant currency basis.

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, including restructuring charges and ERP and ERP related expenditures. 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.

Accuray has also reported certain operating results on a constant currency basis in order to facilitate period-to-period comparisons of its results without regard to the impact of foreign currency exchange rate fluctuations. Management believes disclosure of non-GAAP constant currency results is helpful to investors because it facilitates period-to-period comparisons of the company's results by increasing the transparency of the underlying performance by excluding the impact of foreign currency exchange rate fluctuations. The GAAP measure most directly comparable to net revenue on a constant currency basis is revenue. Accuray calculates the constant currency amounts by translating local currency amounts in the current period using the same foreign translation rate used in the prior period being compared against rather than the actual exchange rate in effect during the current period.

There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for comparable 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

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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; the effect of the global economic environment and the COVID-19 pandemic on the company and the market in general, including with respect to the company's ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; delivering on the company's growth agenda and executing on strategic partnerships; creating long term value for customers, patients, employees, and shareholders; expectations regarding commercial strategy and execution as well as growth opportunities; the company's order and revenue growth and ability to gain market share; expectations regarding the market in China as well as with respect to the company's China joint venture and other strategic partnerships, including its ability to create solutions that differentiate Accuray from other companies and provide value for patients, providers and shareholders; the company's product pipeline, innovations and developments, including those developed with strategic partners, the company's ability to drive above-market revenue growth in the radiation therapy and services market; and the company's ability to deliver on its promise to improve the outcome and quality of life of patients diagnosed with cancer or neurological disease. 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 global macroeconomic environment, including foreign exchange, and 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; the company's ability to achieve widespread market acceptance of its products; 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 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 Annual Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on November 3, 2022 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.

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| | |
|:---|:---|
| 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 |

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###

Financial Tables to Follow

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**Accuray Incorporated**

**Condensed Consolidated Statements of Operations**

(in thousands, except per share data)

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Six Months Ended<br>December 31,** | **Six Months Ended<br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Products | $63269 | $60721 | $107892 | $113480 |
| &nbsp;&nbsp;&nbsp;Services | 51491 | 55554 | 103361 | 110237 |
| Total net revenue | 114760 | 116275 | 211253 | 223717 |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of products | 39248 | 35520 | 68098 | 67029 |
| &nbsp;&nbsp;&nbsp;Cost of services | 32545 | 38128 | 65591 | 74537 |
| Total cost of revenue | 71793 | 73648 | 133689 | 141566 |
| Gross profit | 42967 | 42627 | 77564 | 82151 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 14641 | 14697 | 28733 | 29079 |
| &nbsp;&nbsp;&nbsp;Selling and marketing | 13586 | 13233 | 24381 | 24504 |
| &nbsp;&nbsp;&nbsp;General and administrative | 12035 | 10716 | 23927 | 22176 |
| Total operating expenses | 40262 | 38646 | 77041 | 75759 |
| Income from operations | 2705 | 3981 | 523 | 6392 |
| &nbsp;&nbsp;&nbsp;Loss on equity method investment, net | (699) | (832) | (1067) | (1172) |
| &nbsp;&nbsp;&nbsp;Other expense, net | (2831) | (2490) | (5389) | (5158) |
| Income (loss) before provision for income taxes | (825) | 659 | (5933) | 62 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 1049 | 480 | 1390 | 911 |
| Net income (loss) | $(1874) | $179 | $(7323) | $(849) |
| Net income (loss) per share - basic | $(0.02) | $0.00 | $(0.08) | $(0.01) |
| Net income (loss) per share - diluted | $(0.02) | $0.00 | $(0.08) | $(0.01) |
| Weighted average common shares used in<br> computing loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 94567 | 91761 | 94048 | 91299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 94567 | 93932 | 94048 | 91299 |

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**Accuray Incorporated**

**Condensed Consolidated Balance Sheets**

(in thousands)

(Unaudited)

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| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
|  | **2022** | **2022** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $67729 | $88737 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 189 | 204 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 89187 | 94442 |
| &nbsp;&nbsp;&nbsp;Inventories | 155665 | 142254 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 23536 | 23794 |
| &nbsp;&nbsp;&nbsp;Deferred cost of revenue | 642 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 336948 | 350890 |
| Property and equipment, net | 11155 | 12685 |
| Investment in joint venture | 12276 | 13879 |
| Operating lease right-of-use assets, net | 25334 | 16798 |
| Goodwill | 57776 | 57840 |
| Intangible assets, net | 268 | 250 |
| Long-term restricted cash | 1293 | 1213 |
| Other assets | 23719 | 19294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $468769 | $472849 |
| **Liabilities and equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $33861 | $31337 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 20099 | 29441 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 4913 | 8567 |
| &nbsp;&nbsp;&nbsp;Other accrued liabilities | 30301 | 30285 |
| &nbsp;&nbsp;&nbsp;Customer advances | 17169 | 25290 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 72675 | 75375 |
| &nbsp;&nbsp;&nbsp;Short-term debt | 5702 | 8563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 184720 | 208858 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 22664 | 10453 |
| &nbsp;&nbsp;&nbsp;Long-term other liabilities | 5181 | 3748 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, non-current | 30357 | 24694 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 174102 | 171907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 417024 | 419660 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 95 | 94 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 550288 | 543211 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1541 | 2406 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (500179) | (492522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 51745 | 53189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $468769 | $472849 |

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**Accuray Incorporated**

**Summary of Orders and Backlog**

(in thousands, except book to bill ratio)

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Six Months Ended<br>December 31,** | **Six Months Ended<br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Gross Orders | $79035 | $85381 | $148883 | $155365 |
| Net Orders | 40869 | 40183 | 60439 | 80946 |
| Order Backlog | 515236 | 581267 | 515236 | 581267 |
| Book to bill ratio (a) | 1.2 | 1.4 | 1.4 | 1.4 |

---

(a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period

**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 <br>December 31,** | **Three Months Ended <br>December 31,** | **Six Months Ended<br>December 31,** | **Six Months Ended<br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| GAAP net income (loss) | $(1874) | $179 | $(7323) | $(849) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization (a) | 1151 | 1422 | 2327 | 2841 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 3126 | 2695 | 6042 | 5211 |
| &nbsp;&nbsp;&nbsp;Interest expense, net (b) | 2642 | 2070 | 4898 | 4106 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 1049 | 480 | 1390 | 911 |
| &nbsp;&nbsp;&nbsp;Restructuring charges | 1938 |  | 1938 |  |
| &nbsp;&nbsp;&nbsp;ERP and ERP related expenditures | 466 |  | 1121 |  |
| Adjusted EBITDA | $8498 | $6846 | $10393 | $12220 |

---

(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 Income (Loss) to Projected Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA)**

(in thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ending<br>June 30, 2023** | **Twelve Months Ending<br>June 30, 2023** |
|  | **From** | **To** |
| GAAP net loss | $(5500) | $(1500) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization (a) | 6300 | 6300 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 11600 | 11600 |
| &nbsp;&nbsp;&nbsp;Interest expense, net (b) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Restructuring charges | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;ERP and ERP related expenditures | 1600 | 1600 |
| Adjusted EBITDA | $26000 | $30000 |

---

(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.

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## Exhibit 99.2

![Slide 1](aray-ex99_2s1.jpg)

Q2'FY23 Earnings Call February 1, 2023

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![Slide 2](aray-ex99_2s2.jpg)

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 2023 full-year adjusted EBITDA and revenue; our positioning and strategy for accelerating revenue growth and market share; expectations regarding our strategic pillars; expectations regarding growing momentum in orders; expectations regarding market growth rates and market trends; expectations regarding new product enhancements or offerings and partnerships; our ability to expand addressable markets; expectations regarding our installed base; expectations related to our China joint venture; and expectations related to our revenue growth and market share going forward. 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; disruptions to our supply chain, including increased logistics costs; 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 3, 2022, 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.

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![Slide 3](aray-ex99_2s3.jpg)

Accuray Overview Global Leader in Precision Radiation Therapy Vision: To expand the curative power of radiation therapy to improve as many lives as possible Systems Installed in Over 60 Countries1 1: As of October 20, 2022 2: Estimated percentage of revenue invested into R&D Installed Base Milestone Expected by 1H of 2023 Main Manufacturing Facility Madison, WI 22% $430M R&D Spend In FY222 Patents In Portfolio1 14% 392 Key FY22 Financials Total Revenue YOY Product Revenue Growth 1,000th 1,000+ Global Employee Presence1 3 2 Precision Platforms Proprietary and Confidential Property of Accuray 3

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![Slide 4](aray-ex99_2s4.jpg)

Suzanne Winter President and CEO Ali Pervaiz Senior Vice President, Chief Financial Officer Sandeep Chalke Senior Vice President, Chief Commercial Officer Jesse Chew Senior Vice President, General Counsel Mike Hoge Senior Vice President, Global Operations Patrick Spine Senior Vice President, Chief Administrative Officer Jim Dennison Senior Vice President, Global Quality & Regulatory Affairs Accuray Executive Leadership Team 4

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![Slide 5](aray-ex99_2s5.jpg)

Q2'FY23 Highlights Accuray - Genolier Innovation Hub partnership NMPA regulatory submission completed for Tomo® C, the joint venture product for the China Type B segment Awarded 18 systems in the November 2022 Ministry of Health Type Acentral bidding process in China1 Received IMV Award for Best in Service in Radiation Oncology for 2022 Completed production and testing of the first Tomo C unit in Tianjin manufacturing operations 34 new orders globally for Radixact® and CyberKnife® Systems with92% year over year growth in Americas region 1 ccgp.gov.cn; chinabidding.com

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![Slide 6](aray-ex99_2s6.jpg)

Radiation Therapy Market1 Accuray revenue is growing faster than the market 1: ReAnin Radiotherapy Market, Global Industry insights and trends 2017-2027. $3.3B $2.5B $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Proton Therapy Cobalt Brachytherapy Systemic Therapy Software Total: $5.8B $M Accuray competes in Premium and Specialty Markets Proprietary and Confidential Property of Accuray Accuray competes in $1.6B market27% sharein FY22 Total Addressable Market: $3.3B; LSD% growth Linacs MR-linac GammaKnife CyberKnife Radixact Addressable Market Total RT Market Size 6

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![Slide 7](aray-ex99_2s7.jpg)

RT Strongly Positioned for Value-based Care U.S. Cancer Expenditures Estimate($ Billion)1,2 1: Dieguez G., Ferro C., Pyenson B.S. A multi-year look at the cost burden of cancer care: Milliman research report. https://milliman-cdn.azureedge.net/-/media/Milliman/importedfiles/uploadedFiles/insight/2017/cost-burden-cancer-care.ashx (Published 2017. Accessed August 21, 2020) 2: NIH National Cancer Institute Cancer Trend Progress Report https://progressreport.cancer.gov/after/economic_burden (Data as of April 2022) 3: https://www.cancer.gov/publications/patient-education/radiation-and-you-2021-508.pdf Proven Outcomes Enhanced Patient Experience Non-Invasive Cancer patients treated with radiation therapy3 ~60% $6.30 $23.00 $48.00 7

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![Slide 8](aray-ex99_2s8.jpg)

ClearRT™: Continued Rapid Adoption of New Standard of Imaging for Radixact® CT-Linac Helical fan-beam kVCT imaging 153 orders and 99 shipments since introduction in Q3'FY21 ClearRT™ Enhanced Imaging introduced at ASTRO Further improves visualization, reduces daily hardware warmupand calibration time Highlights

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![Slide 9](aray-ex99_2s9.jpg)

Strategic Areas of Focus Proprietary and Confidential Property of Accuray Drive market share through disruptive innovation Expand service business Transform through strategic partnerships Drive margin and profitability initiatives 9

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![Slide 10](aray-ex99_2s10.jpg)

Q2'FY23 and 1H'FY23 Financials Strong financial performance KEY FINANCIAL METRICS $M Q2 Y/Y Highlights Steady orders performance amidst significant currency fluctuations Total Q2 revenue decline of 1%due to supply chain constraintsand unfavorable foreigncurrency fluctuations OPEX includes ~$2M of restructuring charges Reaffirming FY23 full year adjusted EBITDA guidance of $26M to $30M1 1 Adjusted EBITDA is a non-GAAP measure. Please see Slide 14, 15 and 17 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure. 2 Percentages shown on a constant currency basis to facilitate period-to-period comparisons without regard to the impact of foreign currency exchange rate fluctuations. 1H Y/Y Q2Y/Y XFX2 1HY/Y XFX2 Gross Orders $79.0M (7%) (3%) $148.9M (4%) 1% Revenues $114.8M (1%) 4% $211.3M (6%) 0% Product $63.3M 4% 8% $107.9M (5%) (1%) Service $51.5M (7%) 0% $103.4M (6%) 1% Op. Expenses $40.3M 4% $77.0M 2% R&D $14.6M (0%) $28.7M (1%) SG&A $25.6M 7% $48.3M 3% Adj. EBITDA1 $8.5M 24% $10.4M (15%)

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![Slide 11](aray-ex99_2s11.jpg)

Maintaining FY23 Guidance CommunicatedAugust 10, 2022 Revenue Adjusted EBITDA1 $429.9M $22.8M FY23 Guidance Range FY22 Actual $ in millions % = YoY Growth $447M - $455M +4% - 6% $26M - $30M +14% - 32% 1 Adjusted EBITDA is a non-GAAP measure. Please see Slides 16 and 17 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.

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![Slide 12](aray-ex99_2s12.jpg)

In Summary Growing momentum with34 orders in the quarter Strongest product portfolio and pipeline in company's history Multiple growth catalysts and global commercial execution Focused on margin expansion and free cash flow Positioned for Long-Term Revenue Growth and Market Share Gain

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![Slide 13](aray-ex99_2s13.jpg)

Thank you

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![Slide 14](aray-ex99_2s14.jpg)

$K GAAP net income (loss) 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, 2021 2022 $$$$(1,874) 1,151 3,126 2,642 1,049 8,498 179 1,422 2,695 2,070 480 6,846 ERP and ERP related expenditures 466 Restructuring charges 1,938 0 0 GAAP to Adjusted EBITDA Q2 FY23 and Q2 FY22 Actual Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA)

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![Slide 15](aray-ex99_2s15.jpg)

$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, 2021 2022 $$$$(7,323) 2,327 6,042 4,898 1,390 10,393 (849) 2,841 5,211 4,106 911 12,220 ERP and ERP related expenditures 1,121 Restructuring charges 1,938 0 0 GAAP to Adjusted EBITDA 1H FY23 and 1H FY22 Actual Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA)

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![Slide 16](aray-ex99_2s16.jpg)

GAAP to Adjusted EBITDA FY22 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 Twelve Months Ended June 30, 2022 $$(5,347) 5,522 10,600 8,109 3,345 22,823 ERP and ERP related expenditures 594 One-time charge related to debt refinance and convertible exchange 0

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![Slide 17](aray-ex99_2s17.jpg)

$K GAAP net income (loss) Stock-based compensation Interest expense, net Provision for income taxes Adjusted EBITDA Depreciation and amortization To From $$$$(5,500) 6,300 11,600 8,000 2,000 26,000 (1,500) 6,300 11,600 8,000 2,000 30,000 ERP and ERP related expenditures 1,600 Restructuring charges 2,000 1,600 2,000 GAAP to Adjusted EBITDA FY23 – Forward Looking Guidance Actual Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) Twelve Months Ended June 30, 2023

## Exhibit 99.3

EXHIBIT 99.3

![img237797534_0.jpg](img237797534_0.jpg)

**Robert C. Kill Joins Accuray Board of Directors**

SUNNYVALE, Calif., February 1, 2023 – Accuray Incorporated (NASDAQ: ARAY) announced today the appointment of Robert C. Kill to the company's Board of Directors, effective as of January 30, 2023. Mr. Kill is a skilled healthcare executive with more than 30 years' experience transforming various healthcare-related companies.

In his most recent executive position as CEO of Parata Systems, Mr. Kill grew company revenue over 5X during his tenure before it sold last year for more than $1.5 billion. Before Parata, Mr. Kill was affiliated with two private equity funds, Frazier Healthcare Partners and Altamont Capital Partners, where he focused on various health care portfolio companies. Prior to this, Mr. Kill held executive leadership positions with medical device, healthcare service and healthcare IT companies. He began his career at Baxter Healthcare.

"Rob's public and private company CEO experiences directly align with our organization's strategic focus areas, making him an excellent addition to the Accuray Board of Directors. He has a well-established reputation for driving transformative business results, improving customers' experience and managing key stakeholder relationships on behalf of both large and small companies. We are very excited to have Rob join our board and look forward to his contributions," said Suzanne Winter, President and CEO of Accuray.

"As a healthcare industry veteran, I understand the value that the Accuray radiation therapy technology provides to medical care teams and patients, and I strongly believe there is untapped potential here. I'm looking forward to working with Suzanne, the senior management team and other board members to help create value for all of Accuray's constituents," said Rob Kill.

<u>About Accuray</u>

Accuray 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. To learn more, visit www.accuray.com or follow us on Facebook, LinkedIn, Twitter, and YouTube.

###

<u>Investor Contact</u> <u>Media Contact</u> 

Aman Patel, CFA Beth Kaplan

Investor Relations, ICR-Westwicke Accuray

+1 (443) 450-4191 +1 (408) 789-4426

aman.patel@westwicke.com bkaplan@accuray.com

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