ACCURAY INC (ARAY-O)

Healthcare Services & Equip. / Healthcare Equip. & Supplies / Advanced Medical Equipment COMPANY IN CONTEXT REPORT
Report Date: 2023-Jul-04

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
3.78 (USD) 1.4M 4.03 -- -- -19.1% -- -0.26%
2023 July 03 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange 371M 1.81 63.0 -- 439M 63.3% 28.6%

VERUS OPINION

The Verus Opinion, provided by Verus Analytics Inc,
Buy is an empirically-derived and historically back-tested
stock rating system with buy, hold, and sell opinions.
To develop a rating, the quantitative system analyzes
a company's earnings quality, balance sheet, and
income statement, conducts technical and valuation
analysis and evaluates the transactions made by the
firm's management and directors (i.e. insiders).
The Verus Opinion covers 4637 companies, with 15.2% rated
Buy, 65.2% rated Hold, and 19.6% rated Sell as of 2023-06-30.
Verus Analytics Inc is a private independent research firm,
unaffiliated with Refinitiv, that specializes in engineering
institutional ratings systems.

I/B/E/S MEAN
Mean recommendation from all analysts covering
Buy the company on a standardized 5-point scale. Strong Buy 2
5 Analysts Buy 3
Hold 0
Strong Strong
Sell Hold Buy Sell
Sell Buy 0
Strong Sell 0

PRICE AND VOLUME CHARTS

1-Year Return: 96.9% 5-Year Return: -7.2%

BUSINESS SUMMARY
Accuray Incorporated is a radiation therapy company. The Company develops, manufactures, sells, and supports solutions that are designed to deliver
radiation treatments. Its solutions are designed to advance patient care during each individual treatment, throughout the treatment process, and at each
stage of the cancer treatment journey, from curative to palliative treatments. Its technologies, the CyberKnife and TomoTherapy platforms, including the
Radixact System, its TomoTherapy platform, are designed to deliver advanced treatments, including stereotactic radiosurgery (SRS), stereotactic body
radiation therapy (SBRT), intensity modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), and adaptive radiation therapy (ART).
In addition to these products, the Company also provides services, which include post-contract customer support (warranty period services and post
warranty services), installation services, training, and other professional services.

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ACCURAY INC (ARAY-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Advanced Medical Equipment COMPANY IN CONTEXT REPORT
Report Date: 2023-Jul-04

PEER ANALYSIS Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Verus Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Opinion Ticker 2023-07-03 Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
Hold QTRX 21.82 7.2% 95.5% 30.0% 844M -- -- -- -81.1% -- Hold 4
Hold HCAT 12.22 1.8% 2.9% -20.6% 703M -- 3055.0 -- -52.5% -- Buy 16
Sell MXCT 4.46 2.1% -6.9% -4.5% 473M -- -- -- -73.0% -- Strong Buy 7
-- BFLY 2.37 -1.3% 26.7% -20.7% 408M -- -- -- -215.3% -- Buy 4
Hold AXGN 8.85 0.11% -5.9% 8.3% 391M -- -- -- -17.0% -- Buy 6
Buy ARAY 3.78 -0.26% 28.6% 96.9% 371M -- 63.0 -- -2.3% -- Buy 5
Sell AKYA 6.93 15.9% -13.4% -47.5% 358M -- -- -- -92.0% -- Buy 8
Hold ZYXI 9.44 2.2% -21.3% 17.0% 352M 21.0 20.0 -- 10.2% -- Buy 3
Sell EDAP 9.34 -6.2% -15.7% 41.5% 340M -- -- -- -18.9% -- Buy 4
Hold PLSE 6.65 3.9% 56.8% 337% 271M -- -- -- -19935% -- Hold 1
Sell OBIO 6.61 -58.0% -64.3% -33.8% 250M -- -- -- -1013% -- Buy 3
-- Average 8.41 -3.0% 7.6% 36.7% 433M 21.0 1046.0 -- -1954% -- Buy 5.5

PEER COMPANIES
AKYA Akoya Biosciences Inc MXCT MaxCyte Inc
AXGN AxoGen Inc OBIO Orchestra Biomed Holdings Inc
BFLY Butterfly Network Inc PLSE Pulse Biosciences Inc
EDAP Edap Tms QTRX Quanterix Corp
HCAT Health Catalyst Inc ZYXI Zynex Inc

EARNINGS HIGHLIGHTS PRICE TARGET

- ARAY's current quarter consensus estimate has decreased notably The chart indicates where analysts predict the stock price will be within
over the past 90 days from 0.03 to 0.01, a loss of -64.3%. This trails the next 12 months, as compared to the current price.
the average Advanced Medical Equipment industry move of 0.0%
during the same time period. 18.00 12-Month Price Target

15.00 Mean (USD) 8.30

- During the past four weeks, analysts covering ARAY have made no HIGH High 13.00
upward or downward EPS estimate revisions for the current quarter. 12.00
Low 6.00
9.00
- There have been no upward or downward broker recommendation MEAN
Target vs. Current 119.6%
changes for Accuray Inc over the past 120 days. 6.00 3.78 LOW
# of Analysts 5
3.00
Current Price Price Target
(USD)

EARNINGS PER SHARE Currency in USD

Actuals Estimates
0.040

0.020 0.010 Quarterly 23-06 23-09

Earnings per share (EPS) is calculated
by dividing a company's earnings by the 0.000 HIGH
Mean 0.010 -0.010
number of shares outstanding. Analysts -0.020 MEAN High 0.020 0.000
tend to interpret a pattern of increasing -0.020 LOW
earnings as a sign of strength and flat -0.040 Low -0.010 -0.020
or falling earnings as a sign of -0.040
-0.060 # of Analysts 5 3
weakness. -0.060
22-06 22-09 22-12 23-03 23-06 23-09
The charts provide a comparison
between a company's actual and Actuals Estimates
estimated EPS, including the high and 0.400
low forecasts. Annual 2023 2024
0.300
Mean -0.062 0.096
0.200 HIGH
High -0.050 0.180
0.100 0.040 MEAN
Low -0.080 0.060
LOW
0.000 -0.060 # of Analysts 5 5
-0.100
2021 2022 2023 2024

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ACCURAY INC (ARAY-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Advanced Medical Equipment COMPANY IN CONTEXT REPORT
Report Date: 2023-Jul-04

ANALYST REVISIONS MEAN ESTIMATE TREND

Q Q Y Y Price
Last 120 Days Last 30 Days 23-06 23-09 2023 2024 Target
# Broker Upgrades 0 # Up Revisions 0 Current 0.010 -0.010 -0.062 0.096 8.30
# Broker Downgrades 0 # Down Revisions 0 30 Days Ago 0.010 -0.010 -0.062 0.096 8.30
Avg Up Revisions 0.00% 90 Days Ago 0.028 0.000 -0.057 0.113 8.17
Avg Down Revisions 0.00% % Change (90 Days) -64.3% -- -8.8% -15.0% 1.6%
Next Expected Report Date: 2023-08-08

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2023-04-26 2023-03-31 0.010 -0.012 183.3%
Positive 2023-02-01 2022-12-31 -0.020 -0.027 25.9%
Surprise Type Amount Percent
Negative 2022-11-02 2022-09-30 -0.060 -0.022 -172.7%
Positive Quarters (> 2%) 10 83.3%
Positive 2022-08-10 2022-06-30 -0.040 -0.060 33.3%
Negative Quarters (< -2%) 2 16.7%
Positive 2022-04-27 2022-03-31 -0.010 -0.040 75.0%
In-Line Quarters (within 2%) 0 --
Negative 2022-01-26 2021-12-31 0.000 0.004 -100.0%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 540M
2023 2024
flat or falling sales and faltering 510M
earnings may explain a sell HIGH
Mean 451.0M 479.2M
recommendation. A rising EPS with flat 480M MEAN High 453.8M 484.6M
or falling sales may result from LOW
increased cost efficiency and margins, 450M
Low 447.9M 475.0M
429.9M
rather than market expansion. This Forecasted Growth 4.9% 11.5%
chart shows the sales forecast trend of 420M 396.3M # of Analysts 5 5
all analysts and the highest and lowest
projections for the current and next 390M
2021 2022 2023 2024
fiscal year.

FUNDAMENTAL HIGHLIGHTS
- The company's net margin has been higher than its industry average - The interest funding for ARAY is the highest within its Advanced
for each of the past five years. Medical Equipment industry.
- The company's days sales in inventory has been higher than its - Accuray Inc does not currently pay a dividend. Of 114 firms within the
industry average for each of the past five years. Advanced Medical Equipment industry, it is among the 103 companies
without a dividend.

FUNDAMENTAL METRICS
Profitability Debt Dividend
Industry Industry Industry
ARAY Avg ARAY Avg ARAY Avg
Revenue Growth 2.0% 5.7% Current Ratio 1.8 3.0 Div. Growth Rate -- 15.7%
For year over year For interim period For year over year
ending 2023-03 ending 2023-03 ending --

Gross Margin 36.3% 53.9% Debt-to-Capital 76.4% 12.6% Dividend Payout -- 10.3%
For latest 12 months For annual period For latest 12 months
ending 2023-03 ending 2022-06 ending --

Return on Equity -19.1% -27.2% Interest Funding 13298% -0.20% Dividend Coverage -- 11.6
For interim period For interim period For annual period
ending 2023-03 ending 2022-09 ending --

Net Margin -2.3% -47.8% Interest Coverage 0.7 -4.3 Current Div. Yield -- 0.00%
For latest 12 months For interim period For latest 12 months
ending 2023-03 ending 2023-03 ending --

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© 2023 Refinitiv. All rights reserved.
ACCURAY INC (ARAY-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Advanced Medical Equipment COMPANY IN CONTEXT REPORT
Report Date: 2023-Jul-04

RELATIVE VALUATION HIGHLIGHTS

- ARAY's Forward P/E of 63.0 represents a 27% Discount to its 5-year
average of 86.5. If the Forward P/E returned to historical form, the
stock would trade at 5.19.

TRAILING PE FORWARD PE FORWARD PEG

The most recent week's close price divided by The most recent week's close price divided by The Forward P/E divided by the five-year
the sum of the four most recently reported the sum of the four upcoming quarterly forecasted growth rate.
quarterly earnings. consensus estimates.
Trailing PE -- Forward PE 63.0 Forward PEG --
5-Year Average: 78.9 5-Year Average: 86.5 5-Year Average: --
S&P 500 Index Average: 25.7 S&P 500 Index Average: 20.3 S&P 500 Index Average: 2.2
Industry Average: 90.7 Industry Average: 29.7 Industry Average: 3.2
>50 >50.0 >50
45 45.0 45
40 40.0 40
35 35.0 35
30 30.0 30
25 25.0 25 This valuation data is not available
20 20.0 20
15 15.0 15
10 10.0 10
5 5.0 5
0 0.0 <0
2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023

RISK HIGHLIGHTS RISK ANALYSIS

- On days when the market is up, ARAY tends to perform in-line Last 90 Days Last 60 Months
with the S&P 500 index. However, on days when the market is Best Worst # # Largest Best Worst
down, the shares generally decrease by more than the index Daily Daily Days Days Intra-Day Monthly Monthly
does. Peers Return Return Up Down Swing Return Return
- In both short-term and long-term periods, ARAY has shown ARAY 17.4% -6.4% 33 30 14.8% 53.3% -35.9%
high correlation (>= 0.4) with the S&P 500 index. Thus, this
stock would provide only low levels of diversification to a AKYA 20.4% -9.0% 27 34 26.9% 23.8% -29.1%
portfolio similar to the broader market.
AXGN 4.6% -5.9% 31 32 12.1% 34.0% -39.0%
- Over the last 90 days, ARAY shares have been more volatile
than the overall market, as the stock's daily price fluctuations BFLY 21.4% -19.3% 32 30 31.7% 60.9% -34.8%
have exceeded that of 98% of S&P 500 index firms.
ZYXI 16.6% -35.7% 31 30 25.7% 59.5% -26.6%
S&P 500 2.0% -1.6% 33 29 1.8% 12.7% -12.5%

RISK METRICS
Magnitude of Returns Volatility Beta (1-Year) Correlation

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.33 Correlation vs. S&P 500
Best 17.4% Last 90 Days 3.68 Positive Days Only 0.99 Last 90 Days 40%
Worst -6.4% Last 60 Months 15.65 Negative Days Only 1.15 Last 60 Months 48%

Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.17 Correlation vs. Group
Best 53.3% Average 4.7% Positive Days Only 1.03 Last 90 Days 50%
Worst -35.9% Largest 14.8% Negative Days Only 0.73 Last 60 Months 66%

PRICE ANALYSIS SEASONALITY

Relative Strength Indicator (scale 1-100, 100 is best) Average Monthly Return (Last 10 Years)
ARAY Industry Avg Jul Aug Sep
Last 10 Days 48 50 Company Avg -0.62% -0.27% -0.66%
Last 50 Days 56 48 Industry Avg 1.3% -1.1% -1.8%
Last 200 Days 52 46 Industry Rank 77 of 128 88 of 128 77 of 128

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ACCURAY INC (ARAY-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Advanced Medical Equipment COMPANY IN CONTEXT REPORT
Report Date: 2023-Jul-04

PRICE PERFORMANCE Currency in USD

Daily close prices are used to calculate the ARAY ARAY NASDAQ Comp
performance of the stock as compared to a
NASDAQ Comp Close Price (2023-07-03) 3.78 13,820
relevant index over five time periods.
52-Week High 4.03 13,817
-0.3%
1-Week 52-Week Low 1.81 10,213
3.6%

1-Month
-0.3% - Accuray Inc has a Price Momentum Rating of 6, which is
4.4% significantly higher than the Advanced Medical Equipment
industry average rating of 3.3.
28.6% - On 2023-07-03, ARAY closed at 3.78, 6.3% below its 52-week
3-Month
13.4% high and 108.8% above its 52-week low.
80.9% - ARAY shares are currently trading 3.8% above their 50-day
YTD moving average of 3.64, and 37.9% above their 200-day
32%
moving average of 2.74.
96.9%
1-Year
24.2%

INSIDER TRADING HIGHLIGHTS MONTHLY BUYS AND SELLS

- Since the beginning of the current quarter, sales by Accuray Inc BUYS $ Market Value (Thousands)
140
executives have totaled $65,265. Over the past five years, the
average sell total for Q3 has been $70,326. 70
Excludes
0 derivative
and option
70 exercises
140
SELLS
A S O N D J F M A M J J

MOST RECENT BUYS AND SELLS

Insider buys and sells with the most recent transaction dates during the last 90 days.
Name Role Tran Date Tran Type Shares Market Value
Winter, Suzanne C P 2023-07-03 Sale 17,085 65,265
Chalke, Sandeep O 2023-06-01 Sale 26,168 92,896
Pervaiz, Ali CFO 2023-06-01 Sale 2,637 9,361

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

The top five institutional holders based on the total number of shares The top five insider holders based on the total number of direct holdings.
held. Indirect holdings are excluded.
Inst. % Shares Reported # Direct Reported
Institution Type O/S Held Date Insider Name Role Shares Value Date
Archon Capital Management Inv Mgmt 6.4% 6.10M 2023-03-31 Levine, Joshua H CEO 1.09M 4.02M 2021-09-30
Neuberger Berman Inv Mgmt 5.7% 5.45M 2023-03-31 Winter, Suzanne C P 0.72M 2.66M 2022-12-01
The Vanguard Group Inc Inv Mgmt 4.8% 4.58M 2023-03-31 Chalke, Sandeep O 0.57M 2.10M 2022-11-30
Royce Investment Partners Inv Mgmt 3.1% 3.00M 2023-03-31 Hoge, Michael O 0.51M 1.88M 2023-03-01
Wellington Management Inv Mgmt 3.1% 2.97M 2023-03-31 Pervaiz, Ali CFO 0.41M 1.51M 2023-01-04
Updated daily as of 2023-07-04 Updated monthly as of 2023-05-21

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© 2023 Refinitiv. All rights reserved.
ACCURAY INC (ARAY-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Advanced Medical Equipment COMPANY IN CONTEXT REPORT
Report Date: 2023-Jul-04

Correlation
REPORT TIPS Determines how closely the returns of the stock and the relevant index move
together, measured over the last 90 days and last 60 months.
The Company in Context Report provides a comprehensive company analysis
based on industry-leading market data from Refinitiv and a proprietary rating from Price Momentum
Verus Analytics. The report is updated daily, although some of the data elements Relative Strength
and the ratings are updated weekly. Measures the speed and change of price movements. A value above 70 may be
overbought while a value below 30 may be oversold.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry Seasonality
comparisons. The system includes 10 Economic Sectors, 28 Business Sectors, The average monthly return for the current month and next 2 months for the
54 Industry Groups, and 136 Industries. company and industry, over the past 10 years. A lower industry rank indicates a
● The Peer Analysis section of the report compares the company to its ten closest higher return.
peers, selected based on similar market capitalization. The peer listing may have
fewer than ten companies if there are fewer classified within that industry. Insider Trading
Monthly Buys and Sells
Highlights The total market value of open-market buying and selling is displayed by month for
The automated text-generation system from Refinitiv creates highlights easy comparison. Transactions by trusts and corporations are excluded, along with
summarizing the most noteworthy data. The bullets will vary by company and will buys greater than $10 million and sales greater than $50 million.
change from week to week as different criteria are met.
Institutional Holders
Earnings The top five institutional holders of the company are listed in descending order,
Earnings Per Share based on their total share holdings. Possible values for the institution type include
The quarterly and annual earnings per share are presented when available, along Brokerage, Funds, Inv Mgmt, or Strategic.
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2 Executive Holders
years (actual) and the next 2 years (estimated). The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
Mean Estimate Trend holdings are excluded, as the owner may not actually have investment discretion
The mean estimates show how the consensus has changed over the past 30 days over these shares. Insiders who have not filed any transactions or holdings over the
and 90 days for the upcoming two quarters and two years. The percentage change past two years are excluded, as the individual may no longer be associated with the
is calculated for the company as a means for comparison by measuring the company. Direct shares held must be greater than 1,000 to be considered.
difference between the current consensus estimate and that of 90 days ago.
Insider Roles
Earnings Surprises AF - Affiliate IA - Investment Advisor
The surprise summary includes the total number of quarters (and percentage) in the AI - Affiliate of Advisor MC - Member of Committee
past 12 quarters in which earnings surprises were positive, negative, or in-line. In B - Beneficial Owner O - Officer
order to be recognized as a positive or negative surprise, the percent must be C - Controller OB - Officer / Beneficial Owner
greater than 2% above or 2% below the consensus, respectively. CB - Chairman OD - Officer / Director
CEO - Chief Executive Officer OE - Other Executive
Fundamental CFO - Chief Financial Officer OS - Officer of Subsidiary
Profitability CI - Chief Investment Officer OT - Officer / Treasurer
● Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales CO - Chief Operating Officer OX - Divisional Officer
● Gross Margin: Gross Profit / Net Sales CT - Chief Technology Officer P - President
● Return on Equity: Net Income / Total Equity D - Director R - Retired
● Net Margin: Net Profit / Net Sales DO - Director / Beneficial Owner SH - Shareholder
EVP - Exec Vice President SVP - Senior Vice President
Debt FO - Former T - Trustee
● Current Ratio: Current Assets / Current Liabilities GC - General Counsel UT - Unknown
● Debt-to-Capital: Total Debt / Total Capital H - Officer / Director / Owner VP - Vice President
● Interest Funding: Interest Expense / Operating Cash Flow
● Interest Coverage: (Pre-Tax Income + Interest Expense) / Interest Expense
VERUS ANALYTICS
Dividend
● Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share) / Verus Analytics, Inc is a private firm specializing in engineering rating systems for
Previous Dividends per Share institutional clients, wealth managers and self-directed investors. They also provide
● Dividend Funding: Dividends / Operating Cash Flow proprietary ratings of earnings quality, fundamental and valuation elements directly
● Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense + to institutional clients. Verus Analytics (previously Camelback Research Alliance, Inc
Dividends) and the quantitative business unit of Gradient Analytics, Inc) was founded in 1996
● Dividend Yield: Annual Dividends per Share / Current Market Price per Share by two former tenured professors, Dr. Carr Bettis and Dr. Donn Vickrey. Today the
core team consists of financial engineers, business analysts and technology
Relative Valuation personnel. Verus Analytics does not engage in investment banking services.
A discount occurs when the company’s ratio is valued more favorably (lower) than
that to which it is compared. DISCLAIMER
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of © 2023 Refinitiv. Republication or redistribution of Refinitiv content, including by
100 is placed on Trailing P/E and Forward P/E, and a maximum value of 5 is placed framing or similar means, is prohibited without the prior written consent of Refinitiv.
on Forward PEG when calculating the averages. All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in this content, or for any actions taken
Risk in reliance on such content. Any forward-looking statements included in the Refinitiv
Magnitude of Returns content are based on assumptions and are subject to a number of risks and
The best / worst daily returns in the past 90 days and the best / worst monthly uncertainties that could cause actual results to differ materially from current
returns in the past 60 months. expectations. There is no assurance that any forward-looking statements will
materialize. The content in this Refinitiv report does not constitute investment
Volatility advice or a recommendation to buy or sell securities of any kind. Past performance
The standard deviation of the stock price over the last 90 days and last 60 months, is not a guarantee of future results. Investors should consider this report as only a
along with the average and largest intra-day stock swing. single factor when making an investment decision. Verus Analytics Inc. is a private
independent research firm, unaffiliated with Refinitiv, and is solely responsible for
Beta the Verus Opinion. The Verus Opinion contained herein is solely attributable to
Measures the tendency of a security’s returns to respond to swings in the market, Verus Analytics Inc. and is not endorsed or approved by Refinitiv.
based on the beta of the company versus the relevant index.

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