<p>Accuray Incorporated ((ARAY)) 舉行了第三季度財報電話會議。以下是會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>Accuray 最近的財報電話會議語氣謹慎，將其成本削減轉型的早期成功與收入、利潤率和可見性方面的明顯短期壓力相結合。管理層強調實現了約 1000 萬美元的節省和穩健的訂單指標，但產品銷售疲軟、成本上升以及地緣政治不確定性使投資者面臨更為波動的前景。</p>
<h2>總收入環比持平但同比下降</h2>
<p>Accuray 報告 2026 財年第三季度收入為 1.048 億美元，較上季度改善 3%，這表明收入在某種程度上趨於穩定。然而，收入同比仍下降 7%，按固定匯率計算下降 10%，突顯出公司面臨的需求和執行挑戰。</p>
<h2>服務業務展現韌性，合同覆蓋率高</h2>
<p>服務收入同比下降 1%，至 5510 萬美元，按固定匯率計算下降 5%，但仍然是相對亮點。近 90% 的活躍系統都受到服務協議的覆蓋，為設備銷售的波動提供了一個持續的收入基礎，並支持長期客户參與。</p>
<h2>轉型成本節省超出計劃</h2>
<p>公司的轉型計劃目標是每年實現約 2500 萬美元的運營改善，預計約 1200 萬美元將惠及 2026 財年。到第三季度，Accuray 已實現約 1000 萬美元的節省，提前達成進度，併為在收入增長恢復時實現結構性更高的盈利能力奠定基礎。</p>
<h2>運營措施旨在提升利潤率和執行力</h2>
<p>為了支持轉型，Accuray 將員工人數減少了約 15%，並簡化了成本結構，同時推出了新的 ERP 和商業智能工具。公司還在重新調整組織，強化分銷商紀律，將工程資源重新分配到更高回報的項目上，並優化定價和服務流程，以改善現金轉化和利潤率質量。</p>
<h2>訂單和積壓支持未來收入管道</h2>
<p>產品毛訂單在本季度達到約 4900 萬美元，賬單比率為 1.0，過去十二個月的比率為 1.2，顯示出適度的需求強度。公司報告的訂單積壓約為 3.56 億美元，訂單年齡在 30 個月以內，儘管當前面臨宏觀和地緣政治的逆風，但仍提供了一定的未來設備收入可見性。</p>
<h2>戰略招聘和合作夥伴關係旨在提升商業表現</h2>
<p>Accuray 任命 Paul Maielli 為首席商業官，以提升銷售執行力並利用其技術組合。公司還在深化合作夥伴關係，包括與放射外科協會的多中心註冊以及與威斯康星大學 - 麥迪遜分校和塔塔諮詢服務的合作，旨在增強臨牀證據、產品差異化和市場推廣速度。</p>
<h2>新服務和軟件產品實現已安裝基礎的貨幣化</h2>
<p>新的培訓和教育解決方案，以及計劃將軟件包捆綁在服務協議中的計劃，是 Accuray 更好地實現已安裝基礎貨幣化的核心策略。通過在現有系統上疊加軟件和增值服務，公司希望擴大持續收入並減少對更具週期性的產品銷售的依賴。</p>
<h2>產品疲軟拖累整體收入</h2>
<p>結果的主要拖累來自產品部門，收入同比下降 13%，至 4970 萬美元，按固定匯率計算下降 15%。這一下降佔據了公司整體收入下降的大部分，突顯出 Accuray 財務對新系統發貨時機和強度的敏感性。</p>
<h2>地緣政治和中國壓力帶來額外波動</h2>
<p>由於地緣政治動盪加劇，向中東、北非和巴基斯坦的客户發貨已無限期延遲，這也使服務收入減少了約 120 萬美元。中國持續的宏觀經濟和關税相關壓力進一步模糊了需求，為短期訂單和發貨趨勢增添了不確定性。</p>
<h2>利潤率因零部件、關税和物流成本而壓縮</h2>
<p>整體毛利率從一年前的 27.9% 降至 24.1%，反映出業務各方面的廣泛成本壓力。服務毛利率從 33.3% 降至 26.1%，因淨零部件使用和關税的影響合計約 750 個基點，而產品毛利率則降至 21.9%，約 260 萬美元的額外關税侵蝕了盈利能力。</p>
<h2>盈利能力和現金流仍然承壓</h2>
<p>Accuray 發生了 910 萬美元的運營虧損，而去年同期為 100 萬美元的運營收入，調整後的 EBITDA 從 600 萬美元下降至 380 萬美元。現金和受限現金降至 4440 萬美元，庫存和應收賬款增加，公司從循環信貸額度中提取了 500 萬美元，顯示出持續的營運資金和現金流壓力。</p>
<h2>重組成本影響業績，指導意見被撤回</h2>
<p>第三季度包括 650 萬美元的重組和遣散費用，反映了裁員和其他轉型措施的成本。鑑於地緣政治動盪和關税的不可預測影響，特別是在中東和中國，管理層已撤回財務指導，降低了投資者的短期可見性。</p>
<h2>前景展望：結構性收益，但執行風險高</h2>
<p>在指導方針被撤回後，Accuray 正在要求投資者關注其結構轉型，包括每年 2500 萬美元的盈利改善目標以及預計到 2027 財年的收益。儘管穩健的訂單指標、高服務合同覆蓋率和早期成本節約令人鼓舞，但管理層強調，外部衝擊和利潤壓力使得未來幾個季度的執行風險依然較高。</p>
<p>Accuray 的財報電話會議描繪了一家正在轉型的公司，正在收緊運營，同時應對延緩增長的宏觀和地緣政治逆風。對於投資者來説，故事現在是關於早期轉型的成功、穩定的服務收入和健康的訂單積壓是否能夠最終抵消產品疲軟和成本通脹，並在財務指導恢復後重建信心。</p>

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<p>Accuray Incorporated (ARAY) 舉行了第三季度財報電話會議，透露在收入和利潤壓力下持謹慎態度。第三季度收入為 1.048 億美元，比上一季度增長 3%，但同比下降 7%。服務部門表現出韌性，90% 的系統處於服務協議之下。公司在 2500 萬美元的成本節約轉型計劃上進展順利，目前已實現 1000 萬美元的節省。然而，產品銷售同比下降 13%，地緣政治問題帶來了額外的波動。Accuray 報告了 910 萬美元的營業虧損，並因重組成本撤回了指導意見</p>

<p>Accuray Incorporated ((ARAY)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Accuray Incorporated ((ARAY)) 舉行了第三季度財報電話會議。以下是會議的主要亮點。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
</div><p>Accuray’s latest earnings call struck a cautious tone, blending early success from its cost-cutting transformation with clear near-term pressures on revenue, margins, and visibility. Management highlighted about $10 million of realized savings and solid order metrics, but weaker product sales, rising costs, and geopolitical uncertainty left investors facing a more volatile outlook.</p>
<div class="lb-trans"><p>Accuray 最近的財報電話會議語氣謹慎，將其成本削減轉型的早期成功與收入、利潤率和可見性方面的明顯短期壓力相結合。管理層強調實現了約 1000 萬美元的節省和穩健的訂單指標，但產品銷售疲軟、成本上升以及地緣政治不確定性使投資者面臨更為波動的前景。</p>
</div><h2>Total Revenue Holds Sequentially But Falls Year-on-Year</h2>
<div class="lb-trans"><h2>總收入環比持平但同比下降</h2>
</div><p>Accuray reported third-quarter fiscal 2026 revenue of $104.8 million, a 3% improvement from the prior quarter that suggests some stabilization in the top line. However, revenue still declined 7% year over year, or 10% on a constant-currency basis, underscoring the demand and execution challenges the company is working to overcome.</p>
<div class="lb-trans"><p>Accuray 報告 2026 財年第三季度收入為 1.048 億美元，較上季度改善 3%，這表明收入在某種程度上趨於穩定。然而，收入同比仍下降 7%，按固定匯率計算下降 10%，突顯出公司面臨的需求和執行挑戰。</p>
</div><h2>Service Business Shows Resilience With High Contract Coverage</h2>
<div class="lb-trans"><h2>服務業務展現韌性，合同覆蓋率高</h2>
</div><p>Service revenue slipped 1% year over year to $55.1 million, or 5% on a constant-currency basis, but remained a relative bright spot. Nearly 90% of active systems are covered by service agreements, providing a recurring revenue foundation that helps cushion volatility in equipment sales and supports long-term customer engagement.</p>
<div class="lb-trans"><p>服務收入同比下降 1%，至 5510 萬美元，按固定匯率計算下降 5%，但仍然是相對亮點。近 90% 的活躍系統都受到服務協議的覆蓋，為設備銷售的波動提供了一個持續的收入基礎，並支持長期客户參與。</p>
</div><h2>Transformation Cost Savings Running Ahead of Plan</h2>
<div class="lb-trans"><h2>轉型成本節省超出計劃</h2>
</div><p>The company’s transformation plan targets roughly $25 million in annualized operating improvements, with about $12 million expected to benefit fiscal 2026. Accuray has already realized approximately $10 million in savings through the third quarter, putting it ahead of schedule and positioning the business for structurally higher profitability if revenue growth returns.</p>
<div class="lb-trans"><p>公司的轉型計劃目標是每年實現約 2500 萬美元的運營改善，預計約 1200 萬美元將惠及 2026 財年。到第三季度，Accuray 已實現約 1000 萬美元的節省，提前達成進度，併為在收入增長恢復時實現結構性更高的盈利能力奠定基礎。</p>
</div><h2>Operational Actions Aim to Boost Margins and Execution</h2>
<div class="lb-trans"><h2>運營措施旨在提升利潤率和執行力</h2>
</div><p>To support the transformation, Accuray has reduced its workforce by around 15% and streamlined its cost structure, while rolling out new ERP and business intelligence tools. The company is also realigning its organization, sharpening distributor discipline, reallocating engineering toward higher-return projects, and refining pricing and service processes to improve cash conversion and margin quality.</p>
<div class="lb-trans"><p>為了支持轉型，Accuray 將員工人數減少了約 15%，並簡化了成本結構，同時推出了新的 ERP 和商業智能工具。公司還在重新調整組織，強化分銷商紀律，將工程資源重新分配到更高回報的項目上，並優化定價和服務流程，以改善現金轉化和利潤率質量。</p>
</div><h2>Orders and Backlog Support Future Revenue Pipeline</h2>
<div class="lb-trans"><h2>訂單和積壓支持未來收入管道</h2>
</div><p>Product gross orders reached about $49 million in the quarter, yielding a book-to-bill ratio of 1.0 and a trailing twelve-month ratio of 1.2 that signals modest demand strength. The company reported an order backlog of approximately $356 million for orders less than 30 months old, offering some visibility into future equipment revenue despite current macro and geopolitical headwinds.</p>
<div class="lb-trans"><p>產品毛訂單在本季度達到約 4900 萬美元，賬單比率為 1.0，過去十二個月的比率為 1.2，顯示出適度的需求強度。公司報告的訂單積壓約為 3.56 億美元，訂單年齡在 30 個月以內，儘管當前面臨宏觀和地緣政治的逆風，但仍提供了一定的未來設備收入可見性。</p>
</div><h2>Strategic Hires and Partnerships Target Commercial Uplift</h2>
<div class="lb-trans"><h2>戰略招聘和合作夥伴關係旨在提升商業表現</h2>
</div><p>Accuray appointed Paul Maielli as Chief Commercial Officer to sharpen sales execution and capitalize on its technology portfolio. The company is also deepening partnerships, including a multicenter registry with the Radiosurgery Society and collaborations with University of Wisconsin–Madison and Tata Consulting Services, aimed at enhancing clinical evidence, product differentiation, and go-to-market speed.</p>
<div class="lb-trans"><p>Accuray 任命 Paul Maielli 為首席商業官，以提升銷售執行力並利用其技術組合。公司還在深化合作夥伴關係，包括與放射外科協會的多中心註冊以及與威斯康星大學 - 麥迪遜分校和塔塔諮詢服務的合作，旨在增強臨牀證據、產品差異化和市場推廣速度。</p>
</div><h2>New Service and Software Offerings Monetize Installed Base</h2>
<div class="lb-trans"><h2>新服務和軟件產品實現已安裝基礎的貨幣化</h2>
</div><p>New training and educational solutions, along with plans to bundle software packages within service agreements, are central to Accuray’s strategy to better monetize its installed base. By layering software and value-added services on top of existing systems, the company hopes to expand recurring revenue and reduce its reliance on more cyclical product sales.</p>
<div class="lb-trans"><p>新的培訓和教育解決方案，以及計劃將軟件包捆綁在服務協議中的計劃，是 Accuray 更好地實現已安裝基礎貨幣化的核心策略。通過在現有系統上疊加軟件和增值服務，公司希望擴大持續收入並減少對更具週期性的產品銷售的依賴。</p>
</div><h2>Product Weakness Drags Overall Revenue Lower</h2>
<div class="lb-trans"><h2>產品疲軟拖累整體收入</h2>
</div><p>The main drag on results came from the product segment, where revenue fell 13% year over year to $49.7 million, or 15% on a constant-currency basis. This decline accounted for most of the company’s overall revenue drop and highlights the sensitivity of Accuray’s financials to timing and strength of new system shipments.</p>
<div class="lb-trans"><p>結果的主要拖累來自產品部門，收入同比下降 13%，至 4970 萬美元，按固定匯率計算下降 15%。這一下降佔據了公司整體收入下降的大部分，突顯出 Accuray 財務對新系統發貨時機和強度的敏感性。</p>
</div><h2>Geopolitical and China Pressures Create Additional Volatility</h2>
<div class="lb-trans"><h2>地緣政治和中國壓力帶來額外波動</h2>
</div><p>Shipments to customers in the Middle East, North Africa, and Pakistan have been delayed indefinitely due to rising geopolitical disruption, which also cut service revenue by about $1.2 million. Persistent macroeconomic and tariff-related pressures in China further cloud demand, adding another layer of uncertainty to near-term order and shipment trends.</p>
<div class="lb-trans"><p>由於地緣政治動盪加劇，向中東、北非和巴基斯坦的客户發貨已無限期延遲，這也使服務收入減少了約 120 萬美元。中國持續的宏觀經濟和關税相關壓力進一步模糊了需求，為短期訂單和發貨趨勢增添了不確定性。</p>
</div><h2>Margins Compress Under Parts, Tariff, and Logistics Costs</h2>
<div class="lb-trans"><h2>利潤率因零部件、關税和物流成本而壓縮</h2>
</div><p>Overall gross margin declined to 24.1% from 27.9% a year ago, reflecting broad cost pressure across the business. Service gross margin fell to 26.1% from 33.3% as higher net parts usage and tariffs weighed by roughly 750 basis points combined, while product gross margin slipped to 21.9%, with about $2.6 million in incremental tariffs eroding profitability.</p>
<div class="lb-trans"><p>整體毛利率從一年前的 27.9% 降至 24.1%，反映出業務各方面的廣泛成本壓力。服務毛利率從 33.3% 降至 26.1%，因淨零部件使用和關税的影響合計約 750 個基點，而產品毛利率則降至 21.9%，約 260 萬美元的額外關税侵蝕了盈利能力。</p>
</div><h2>Profitability and Cash Flow Remain Under Strain</h2>
<div class="lb-trans"><h2>盈利能力和現金流仍然承壓</h2>
</div><p>Accuray swung to an operating loss of $9.1 million versus $1.0 million of operating income in the prior-year quarter, while adjusted EBITDA declined to $3.8 million from $6.0 million. Cash and restricted cash fell to $44.4 million, inventories and receivables increased, and the company drew $5 million on its revolving credit facility, signaling ongoing working capital and cash-flow pressure.</p>
<div class="lb-trans"><p>Accuray 發生了 910 萬美元的運營虧損，而去年同期為 100 萬美元的運營收入，調整後的 EBITDA 從 600 萬美元下降至 380 萬美元。現金和受限現金降至 4440 萬美元，庫存和應收賬款增加，公司從循環信貸額度中提取了 500 萬美元，顯示出持續的營運資金和現金流壓力。</p>
</div><h2>Restructuring Costs Hit Results as Guidance Is Withdrawn</h2>
<div class="lb-trans"><h2>重組成本影響業績，指導意見被撤回</h2>
</div><p>The third quarter included $6.5 million of restructuring and severance expenses, reflecting the cost of workforce reductions and other transformation actions. Given the unpredictable impact of geopolitical disruptions and tariffs, particularly in the Middle East and China, management has withdrawn financial guidance, reducing short-term visibility for investors.</p>
<div class="lb-trans"><p>第三季度包括 650 萬美元的重組和遣散費用，反映了裁員和其他轉型措施的成本。鑑於地緣政治動盪和關税的不可預測影響，特別是在中東和中國，管理層已撤回財務指導，降低了投資者的短期可見性。</p>
</div><h2>Forward Outlook: Structural Gains, Yet High Execution Risk</h2>
<div class="lb-trans"><h2>前景展望：結構性收益，但執行風險高</h2>
</div><p>With guidance pulled, Accuray is asking investors to focus on its structural transformation, including the targeted $25 million in annual profitability improvements and the benefits expected through fiscal 2027. While solid order metrics, high service contract coverage, and early cost savings are encouraging, management emphasized that external shocks and margin headwinds keep execution risk elevated in the coming quarters.</p>
<div class="lb-trans"><p>在指導方針被撤回後，Accuray 正在要求投資者關注其結構轉型，包括每年 2500 萬美元的盈利改善目標以及預計到 2027 財年的收益。儘管穩健的訂單指標、高服務合同覆蓋率和早期成本節約令人鼓舞，但管理層強調，外部衝擊和利潤壓力使得未來幾個季度的執行風險依然較高。</p>
</div><p>Accuray’s earnings call painted a picture of a company in transition, tightening its operations while battling macro and geopolitical crosswinds that are delaying growth. For investors, the story is now about whether early transformation wins, stable service revenues, and a healthy backlog can eventually offset product weakness and cost inflation, and restore confidence once financial guidance returns.</p>
<div class="lb-trans"><p>Accuray 的財報電話會議描繪了一家正在轉型的公司，正在收緊運營，同時應對延緩增長的宏觀和地緣政治逆風。對於投資者來説，故事現在是關於早期轉型的成功、穩定的服務收入和健康的訂單積壓是否能夠最終抵消產品疲軟和成本通脹，並在財務指導恢復後重建信心。</p>
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精確射線公司在財報電話會議中強調了在壓力下的轉型