Slide 1: Q3'FY23 Earnings Call April 26, 2023
Q3’FY23 Earnings Call April 26, 2023
Slide 2: Safe Harbor Statement
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
Slide 3: Accuray Overview: Global Leader in Precision Radiation Therapy
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 April 19, 2023 2: Estimated percentage of revenue invested into R&D Installed Base Achieved in
Slide 4: Executive Team
Executive Team Suzanne Winter President and CEO Ali Pervaiz Senior Vice President, Chief Financial Officer Sandeep Chalke Senior Vice President, Chief Commercial Officer Seth Blacksburg Senior Vice President, Chief Medical Officer Jesse Chew Senior Vice President, Chief Legal Officer Mike Hoge Senio
Slide 5: Q3'FY23 Highlights
Q3’FY23 Highlights PACE-A trial data indicates SBRT preserves urinary continence and sexual function better than surgery in men with prostate cancer 45% global product revenue growth YOY reflects strong customer adoption Achieved 1,000+ installed system milestone with 4% global installed base growth
Slide 6: Radiation Therapy Market
Radiation Therapy Market1 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 $M Accuray Competes in Premium and Specialty Markets Proprietary
Slide 7: Strongly Positioned for Value-based Care
Strongly Positioned for Value-based Care U.S. Cancer Expenditures Estimate ($ 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/
Slide 8: Strategic Areas of Focus
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 8
Slide 9: Q3'FY23 Financials
Q3’FY23 Financials Strong financial performance Highlights Revenue growth of 23% with record shipments for the quarter amidst continuing FX challenges OPEX includes $1M of SAP implementation related spend and $800k of restructuring charges Reaffirming FY23 full year revenue guidance of $447M to $455
Slide 10: Maintaining FY23 Guidance
Maintaining FY23 Guidance Communicated August 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 15 and 16 for a reconciliation of Adjus
Slide 11: In Summary
In Summary 23% growth in revenue and 54% growth in adjusted EBIDTA in Q3'FY23 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 Shar
Slide 12: Thank you
ACCURAY Thank you
Slide 13: GAAP to Adjusted EBITDA Q3 FY23 and Q3 FY22 Actual
$K GAAP net income (loss) Stock-based compensation Interest expense, net Provision for income taxes Adjusted EBITDA Depreciation and amortization Three Months Ended March 31, Three Months Ended March 31, 2022 2023 $ $ $ $ 599 1,103 1,559 2,707 522 8,347 (1,046) 1,406 2,695 1,975 407 5,437 ERP and ER
Slide 14: GAAP to Adjusted EBITDA YTD Q3 FY23 and YTD Q3 FY22 Actual
$K GAAP net income (loss) Stock-based compensation Interest expense, net Provision for income taxes Adjusted EBITDA Depreciation and amortization Nine Months Ended March 31, Nine Months Ended March 31, 2022 2023 $ $ $ $ (6,724) 3,430 7,601 7,605 1,912 18,740 (1,895) 4,247 7,906 6,081 1,318 17,657 ER
Slide 15: GAAP to Adjusted EBITDA FY22 Actual
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
Slide 16: GAAP to Adjusted EBITDA FY23 Forward Looking Guidance
$K GAAP net income (loss) Stock-based compensation Interest expense, net Provision for income taxes Adjusted EBITDA Depreciation and amortization To From $ $ $ $ (7,000) 4,500 10,200 10,000 2,400 26,000 (3,000) 4,500 10,200 10,000 2,400 30,000 ERP and ERP related expenditures 3,200 Restructuring cha