ARAY - Earnings call transcript Q1 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q1 fiscal 2020 Accuray Incorporated Earnings Conference Call. [Operator Instructions].

I would now like to introduce your host for today's conference call, Mr. Doug Sherk.

You may begin.

Douglas Sherk

good and Kevin, you, afternoon everyone. Thank Accuray's the first to September XXXX. conference XXXX, call for results XX, financial review quarter ended to which Welcome of year fiscal

recent call management In this during our will addition, review corporate developments. afternoon,

us Chief Officer; and Vice and and Accuray's Officer. Senior Executive Chief Accuray's are Financial Levine, Hamamatsu, Joining today President President Josh Shig

including risks expectations shipments and we regarding our factors fiscal forward-looking statements of includes from begin, call our results market today tenders, strategy our not such the of execution; affect I'd China; Before could regarding of to growth; commercial associated the but Radixact future company's TomoTherapy overall are and involve and adoption that operationalizing like new conditions order profitability actual China in CyberKnife, macroeconomic China, including, limited materially number uncertainties, and expectations and license ability and of growth; in and risks guidance, venture company's strategies. related to future with of the expectations, that System's XXXX factors statements a outside user control. plans factors take cause the timing of to guidance, licenses; China revenue differ product remind that could future joint issuances to, you the including the business issuance such to advantage There that

the reflect assumptions performance any securities we information fully more Securities and this laws. are information, release today's The news factors the or available on the forward-looking risks statements Commission. affected to required or assume results, we to after in statements filings no obligation date, other in well as this afternoon closed by of forward-looking described as the Exchange extent call to the just and market and us except are in forward-looking based applicable These other changes and on changes update with issued our actual to as

today's for Two housekeeping call. items

participants the questions session, with we then the requeue follow-ups. during limit request any and two themselves First, Q&A to

prepared references remarks we all the quarters. our quarters to in are Second, fiscal make year to specific

regarding statements our referred to first September example, For quarter quarter our XX, ended first XXXX. fiscal

to over turn Officer, President Accuray's Josh Executive the like I'd Levine. Now to and call Chief

Joshua Levine

you Good Accuray's today's on afternoon, QX reasonably everyone, performance a you, us XXXX. and to solid our thank Doug. for represented joining Thank call. fiscal start

our revenue fiscal As believe characterized expected XXXX we timing that you still A by in release the we shared projected to due growth, Type occurring we of with recognition, primarily earnings late and during to in of be August, second China issuance timing and revenue is half year license the year-end valid.

orders revenue First quarter. growth XX% growth quarter line by was A strong and System, over driven orders, representing fiscal which in internal $XX.X Geographically, the see systems, were continue X maintained quarter. Gross over first momentum and exceeded B. XX were X from for quarter. with the million, gross XX% representing orders our China, CyberKnife gross we primarily while our meaningful order our year for growth plan Radixact Order Type and strong a to contributed in plan, regions to of prior and EMEA QX, contributors orders AMS the new total Type our was

our the revenue quarter internal $XX.X On was million, was line in expectations. for side, which the revenue with plan

remaining had for systems for TomoTherapy/Radixact system and Systems, of radiotherapy announced hospitals X, Accuray first who the applications Turning Commission CyberKnife the in equipment. license to Of XX the the were that XX%. were China Health for October of representing them significant XX% of with highlights. Systems awards On National awarded, awards, the A round licenses the XX Type

put a being Ministry a able awards for Type hospitals license of of identified This all end-user the A that tender in that We initiate specific process situation device. need order not A license to process competitive by to related for. and place received receipt has has participating that hospital's bidding remember equipment conditions been the process the the define hospital Type transactional will following the and changes prior a requires Health device to tender take to in each the terms would the to result in

the We as China the until our for business. based significant and quarter, A remain see growth on a that excited required impact catalyst tendering time process, related awards would to fiscal revenue our fourth not in about sometime market the expect opportunity lines we this begin Type for we to China

compensation for to and Radixact this month our received of now technology annual the customer show exciting course and over the the road ASTRO at Turning development on product meeting interest introduced technology. strong motion platform correction Synchrony last Chicago our We map. the in

last As for we have Milwaukee. our site we underway Hospital clinical primary product quarter, Radixact, on currently at indicated Synchrony evaluation in Froedtert

forward. to quarters, Over full-scale expect will of reference we the that course up next ramp help drive the X additional going sites commercialization commercial

from ASTRO abstract that an issue Oncology PACE is The Phase study was the different X regimens the controlled the multi-center online Lancet presentation multiple and was cancer in PACE randomized XXXX, the published international XX, compares of treatment across at highlight prostate The study September safety Another meeting an journal. effectiveness subsequently study of metrics. that III

us provides this are space an device alternative and data that in products and allow comparative study modality; among robotically-assisted first comparative of case, the competitive radiotherapy head-to-head between data is prostatectomy. we for aware both treatment radiotherapy the This that in

patient low and over accrual moderately-hypofractionated the referred first results of treatment radiotherapy arm early therapeutic SBRT arm in publish determine PACE-B PACE-B to is whether offers cancer or study. patients. The trial target risk prostate benefit or of and is prostatectomy fractionated designed intermediate to toxicity the reach conventionally to the ultra-hypofractionated as The

were randomized are X There and or treatment, X of In hyperfractionation Of the conventional PACE or of IMRT. XX% conventional conventional study, linacs. treated on X these roughly XX% prostate treatment arm CyberKnife was the SBRT and with study, fractionation are PACE-B moderate the XXX XX treated IMRT of patients in XXX with conventional treated were regimens, subsets, involving to SBRT arm linacs, fractions enrolled patients group this of was of on in XXX of and treated in which utilizing or utilizing accurate treatment total the fractions CyberKnife who linacs. SBRT XX

of Oncology September no results benefit issue reported patient short confirmed can X without in schedules reported acute in the very important online between risk difference indicate shorter was term. SBRT Lancet and that toxicity of clinician first, XX there indicating greater the outcomes treatment the of the the arms in The from results: patients toxicity and control that

conventional XX.X%, while a than significantly CyberKnife The levels maintaining second of that X.X-fold XX.X% in resulted fewer GI acute treatments and X linacs. equivalent result versus difference, on SBRT on higher treatments Grade urinary was toxicity. toxicity

regimens ability without risk patients treatment incidence deliver to unique of shorter side and allows CyberKnife's of dose toxicity effects. higher or receive the ultra-hypofractionated to greater treatment

business Before of I President member turn of Senior Suzanne employees. joined X,XXX on about our she'll to and GE growth. has of general key confidential growth future Vice revenues business of call who annual Chief most the from served she the Group served and where Medtronic, neurology Medtronic and Suzanne Vice across comes over newest Solutions business, team, Shig, and the Detection President as recently responsible and segments for Manager where Suzanne us Guidance over she us driving become record to and Healthcare's diverse billion was surgery. Suzanne track Commercial Winter and I'm having to as like board, as $X.X industry to business excited progressive as has our leadership I'd welcome Diabetes I'm as General Officer. a a strong radiology, for previously contributor

And now turn to over to like I'd the Shig. call

Shigeyuki Hamamatsu

everyone. good quarter then some for certain start and Josh, Thank our gross on for the highlights I with order and detail on you, afternoon, the will performance period. first focus

the gross year largest the period. prior Americas compared the regional up $XX.X was first with South doubled year basis, being quarter orders contributor. noted, Josh million, America XX% to orders prior approximately for On in a the As over

The orders, to Japan million million EMEA contributor Within gross meaningful compared China Orders $XX grew at and QX healthy but orders an year. gross year orders in in from last contributed first in increase was a quarter quarter were APAC, year were rates to the of the during double-digit our orders $XX year. over product period. in total XX% each perspective, first mostly prior the timing. of approximately From period the a of APAC prior the down QX, which due last gross customer compared XX% to mix to CyberKnife

forecast The we fiscal quarter Radixact provided during for TomoTherapy the by our orders the million, accounted platform led for XX% gross approximately during age-outs the quarter Net with consistent $XX.X call. fourth XXXX were of quarter. the

this from expected, came we total than more XX% As of China.

to to of aced believe hospitals China number out as systems recently to XX the that continue our Type of convert revenue. Accuray backlog meaningful September aced that years during from out will included We A licenses XXXX. systems XX, orders awarded of were that the several past The for X a eventually

also cancellations quarter, adjustments. $X.X first the recorded we of During and million other

result, we ended a an representing net in of on with from quarter. million first As of September XX, a We orders $XXX the million, $XX first backlog generated XXXX. a increase the of basis, quarter X%

revenue first year. in down our the million from to now Turning prior $XX.X was for income statement. the Total quarter million, $XX.X

August, and XXXX expectation. call was for to first half first line this be quarter earnings the our the outlook fiscal decline with XXXX offered fiscal quarter X% in revenue During of levels we during fourth below an XXXX fiscal the for in

compared X% first the Our to from fluctuate million year. prior $XX.X purchases, the from to due in year was Service the discussed revenue we as calls, declined the prior million, contracts, from quarter upgrades, quarter service can quarter-to-quarter. product revenue which, $XX prior in revenue down X% of during lower

TomoTherapy perspective, quarter's From mix the approximately revenue approximately the revenue, a remaining platform of of for TomoTherapy XX% XX%. represented during for revenue product Radixact the accounted the while the CyberKnife XX% quarter. accounted

Turning now margin. to gross

year XX.X%, gross to CyberKnife of in margin was prior the up higher product revenue. due period XX.X% from mix Our

drivers quarter lower-than-planned the in was There margin for gross X Service service XX.X% to compared were year. the quarter. primary prior XX.X% the of margin in

normal, than parts. higher was believe was which consumption incident parts related First, isolated specific high-dollar an to we

in future. certain in quarter service to first near this gross for the XX.X% margin levels expect to compared year the XX.X% that fiscal see Second, the in execute return prior Overall, expect we was through for as remainder items. margin near service of we contracts renewal historical Overall, to we the of these we experienced year. work to delays the

quarter of receivable million, included were for million million during a statement. the prior $X.X year $X.X operating Moving or onetime of $XX.X Operating income decrease accounts quarter. the from million a year. prior charge down from The XX% impairment the expenses $XX.X to expenses first

$X.X the of impact or during million decreased by X% this operating Excluding expenses the charge, quarter.

record contributions. equity related our due loss timing Accuray's of the to any not during obligations did the pickup China first to quarter joint-venture We contractual

in the to result million and the the report of fiscal to compared ended year million in We quarter. during margin restricted JV due decline cash gross expect $XX service of prior of share EBITDA the EBITDA commensurate lower the the to negative mainly our $X We decline margin. quarter revenue third the The of million the short-term cash. first period. in year-over-year decline Adjusted the $X in with and was quarter starting was gross dollars quarter loss

to our now for guidance Turning fiscal XXXX.

are reiterating million. guidance $XXX and August provided expected range with in We to back revenue million our $XXX between

We we to X% believe half be continue fiscal ability to return approximately revenue fiscal while to our year, to will growth half levels. XXXX continue our expect the of this total revenue first below during to in X% second

XX in full complete not to awarded before process revenue for for today expect A Based not awarded see the the because Type awards quarter. Type from still reiterated do on tender Our fiscal until China year include process, fiscal in arranged. need licenses forecast A revenue to the licenses tendering to this lines does incremental required October a any the our we the hospitals the date can related shipment be fourth impact sometime time contribution

in expectations range growth our mid-single XXXX the EMEA digit the for are way. fiscal Americas, during reaffirming with We regions gross the leading and Japan order

and the second quarter. quarters year's in we China B XX received that Type for published government the A During long-awaited last licenses as quarter, orders from

to will we year do period. from While total solid the orders believe orders below expected year's prior second the Overall, be $XX approximately we gross quarter, match million not to $XXX are last from million million. the we level during our XX quarter orders gross of $XX China second expect

joint approximately to $XX of includes adjusted our share range full to We China million, of venture the million year EBITDA of expected which expect continue to $XX between $X operations. million loss the for

of expect margin terms XXXX our gross our overall In levels XX%. be margin to gross flat outlook, fiscal of approximately we to

that see we year-over-year We down cost-reduction fiscal operating we to year. of expect actions for the as expenses took in be the prior approximately XXXX benefit X% the

the $XX forecast. approximately the $XX net to XX% to to million which age-out Turning in quarter. QX be less million net than QX We range, anticipate is outs first

that, back with call I'd the hand And Josh. like to to

Joshua Levine

ready for to the Thank you, now Shig. line open Operator, we're questions.

Operator

[Operator Instructions].

from Our first Cowen. question Josh with comes Jennings

Bryan Bergin

here how that named in Bryan Josh. of respect to of compares share the can With the XX originally you level Class participation you A assumed? for XX being out licenses, to

Joshua Levine

both Our to reference radiotherapy to roughly roughly or at we for that ago a government had during original go across time for we if licenses issuing A X.X -- assumptions to platforms. actually were back where a low we products. kind rate operating of the point we were And you go back has of place were win still wins X was - period where stage, to when of mid-XXs really the years Type

of consistent with were visible we has with license we're very time, ultimately where to period flow. and very now is this with what become awards in starting pleased to prior -- that So regards pleased

the our to in products we to are and -- how another larger indication academically-oriented public think, hospitals more there think in I is market. the local addition important both of in good win the across fact thing centers it's medical rate, overall platforms, balanced the just that other the

Bryan Bergin

Great. And percentage fourth you clarify the with total Class these of licenses associated XX the fiscal revenue guidance, expect in can with to impact you the that quarter? to opportunity respect A what

Shigeyuki Hamamatsu

in August how as the I'll be modest applications in guidance, Type Yes. provided about of on from the in guidance received of in our news the that back in. revenue can't based we about. We units Shig. great really awareness built really news uncertain into turned have we that original this specific characterize license quarter a incremental the obviously XX is A when that number have is it, This fourth but I which been is we tender amount very but licenses guidance had for have heard a what many won, you that point timing, higher obviously expected, the which not any of still at good because than system

we pace right So is, all out revision. do we want to see revenue to before make that process play we of tender now want any the forecast

Bryan Bergin

then And on last the process Great. Okay. one tender itself. just

Just speak you deal processes to with capacity can Accuray's to multiple at once?

Joshua Levine

the winding we've is -- not interaction stated basically discussions, our of to sure that a you tender the as When end-user TomoKnife, multiple and format who there you're I'm JV the in referring is processes, distributor, the involved process is we've prior winding between as in hospital and down kind they're know, basically a transition up.

So the at the to take given be ready speak, beginning. interactions of August, once shift in that, right from once directly to prior be but complete a to end-user process have have TomoKnife the hit ability will degree a the hospitals, and we we on high to those primary tender active they stated -- running, tender staged, ground think I are those in for we process the receipt, have is readiness call the relative hospital situation, year-end inventory with so we

Operator

Our question Jefferies. comes Anthony Petrone next from with

Anthony Petrone

with And Congratulations start how on on this to exactly process maybe China. the plays a out. questions, few traction in there just

of at it? booking? B And tender that's the a award put so you together and essentially bit Class licenses, terms to in a And the do way as of that handle of of that quarter, actually had should essentially the terms at was part process. to in longer license infrastructure to a being mentioned precursor looking just just with to take to going process in that a good last is awards, look license So the be then Josh, we

an that provide If there, would helpful. can be you update

Joshua Levine

Yes.

has answer and on construction that wind longer primary the going established Type we've focus TomoKnife is distribution has products in been with Isotope China with the about activity been that us So that you've think Anthony, the now product for overall on focus of Tianjin as under essentially that's us product network our the Type JV the I for Corp. Radiation XX% about Type the B they will discussion the past, B to the the been The has relationship really And talk again, China. as probably generating heard & in down activity -- the in the built Type term A. be that's the at distribution B primary facility order

you this just identified again I And X B. the mean in you'll that the X of this the surface. is will round or -- or or start -- really that B, orders the ultimately, the have numbers Type established significantly of in in if I A into scratching on B recognize to award to orders Type X/X deeper ramp quarter, identified that So awards Type back the more get start are awards the for on the B licenses were first up licenses B for the total for first of round that been this. X,XXX Type number reported a almost Type -- go A, we but in quota. the were of think, the there was And Type type There as were were and total Type we A there were identified still there to products. see quotas basically licenses on side, orders of

we're early in at with really but really, So here, at we're general. stages we're pleased where

your the On question... part of first

Shigeyuki Hamamatsu

Yes. to a I'm give going clarification. Josh,

already that related July. applications July recall June backlog. end by the a issued might the of say, the excuse I this orders year, months because XX past of XX were year, turned X represented so in -- past end to at -- the mean, of fiscal the you ago, we would me So Anthony, that majority X, licenses as the users, had last our booked vast XX I licenses awarded is for into

vast X relates So that orders we to of X, had already books months ago. our majority the XX in

Anthony Petrone

follow-up, just nearly like results there orders Okay. the reported least impact from That's one was helpful. radiation doubled. I quick at bundle. It that oncology orders. Obviously, America the And far hiccup CMS there look then doesn't may, so if concern on or to was any

you in on impact implication the RO any going is hearing So Or around expectations bundle the what the update quarter? lack for orders are what forward? and of of Accuray -- terms the what in

Joshua Levine

Anthony, a it's Yes. question. great

we ASTRO. very during situation. at that heard a number the product had that more standpoint, probably the to directional using fractions still And look have is standpoint, at will to to portfolio, from really you'll we remember what general, people In already we actually plans. model Chicago very of moderately ultra-hypofractionated you platforms well treatment our strongly. with what consistently see And from very, treatments, the today will from in or think happen believe us both favors will portfolio predisposed I view event that with you a and then either conversation our over think IMRT be that historically, IR that time view think deal greater alternative we we encouraged with they to SBRT-related payment move is positioned been are, our

no positioning seen we've term a on no or our still longer So negative standpoint from will, from feedback to all APM announcement. And customers you the that. on we're relative overhang, to portfolio if related negative at bullish

Operator

O'Neil Capital next Lake from Street Our Markets. question with comes Brooks

Brooks O'Neil

A why next process force how going then be shed do obviously, positive tendering expect tendering you on if share have of the Class far more. view but China successfully? so getting on if your we've really that this just venture for curious so right a Obviously, position whether strong to disproportionate little talking been is licenses a of phase be joint market could us could and now? in competitive remind I I'm the through bit questions. zone any that in just China in light to And your want is I number right now? the you process you X a you years, about to Or

Joshua Levine

larger company's on or CyberKnife academic So Both roots Brooks, on platforms, on early goes technologies. days focused the relationships product There was early both a side. significant of both really and the building opinion amount to in with centers. the Type distinctly the of done medical Tomo the days side of very A the been across discussion work leaders the had platforms both in back key

if centers very budgetary If earlier had remember we you standpoint. channel Military XX, position some Hospital back had was those KOL a reason essentially and had, in in from years a XX were strong endorsement, hospitals with the for the go -- we've you to conversations addition we ago, strong that medical PLA academic that

had budgetary if they had equipment technologies you the could open in could a They ever, were checkbooks. you best and find they from across the the all rarely, constrained best Essentially, categories, find standpoint.

brands from population the did got found the more in hospitals on I was We general So clinical one important both with and products think of number that most that company market and in very that profile those interesting, after side also relative our continued both disproportionate of sense, on the did to the our really wise, of share, TomoTherapy early brand and disproportionate we size, that, said play disproportionate. market to found you academic to CyberKnife size Accuray hospitals statistics and to was represented -- the our we a at research Awareness I data awareness has customer some of research of itself well world, market the awareness, out. but a devices, for and the were thought that the both I of had, military we that, market a types. share was things given interesting the which and

end they up go end about channel in think their academic you they officials China hospitals go where where high-ranking where or in the for families in military When large PLA up government they treatment, or centers.

we an aspect advantage us, kind our across of policy important of care products a from the foundational for MOH health foundational very of health and day to think a or high this the a public our level there's side so And is given the awareness High of about that positioning. awareness standpoint. government level

the question. to of I kind that think So is part the first of answer your

Brooks O'Neil

Yes.

Joshua Levine

will around JV, The assisting to primary believing that asked tender about second some but as take the JV the the you the is processes going tendering I'm process, be they're infrastructure part really of and in the leading. not

of themselves focused that position, sounds don't accounts, bottom TomoKnife on to XXX% focus. think terms infrastructure guys, I able big get And with as so -- our and I and hospitals received process they Type working management while negotiation, mean be but they receive related is a existing a tenders might And concern that think process will, to actually at the getting we've you those those A like like different a that licenses, background line -- tendering. to with have distributor, application I as a think licenses, that they that licenses first the a they it look the XX I imagine, device. put get relationships will, lot, in to for accounts. to the support can challenges because completed, is, the in the TomoKnife, support those the you the they're tendering customers or have ensuring and you lot available got Type strongest are I you consequence, have if a queue that going they're the it themselves that if in be relationship in assisted process, better efficient positioned know, the are there if there's sounds or to A

Brooks O'Neil

line, you get high across there's That which those can probability great. sounds like fantastic. the That's is a things goal

Joshua Levine

assessment. I Yes, with agree would that

Operator

[Operator Instructions].

comes question Tycho with JPMorgan. next Our from Peterson

Eleni Apostolatos

for is Tycho. This on Eleni

why quarter? the process recognition out your back expect, your how -- concludes? on Going revenue fourth you tendering on process is could maybe cadence what to expectations respond talk And the changed demand you rapidly questions for have with line fiscal initial can to China, should tender we once pacing tendering your and the pushed about the then time pent-up just the given and

Joshua Levine

of So at expectations to don't would view this all. changed in -- impact think our of I think start our I discussion. by kind just let related saying, the they timing don't really I or Eleni, revenue me

disappointed. I over that go time heard consistent you about we've predictions about prepared we've the Q&A last timing what to think you related of wrong, some we've remarks every of back been couple China, thing to pretty we've us you been tried our if one quarters, in is the been make and grand from to

And anything and last quarters, we're taken we've view to been think stance the I over it's if on several consistent a says, that going this. so take the long

near remarks going be impossible year, if the precision predict license prior news worked point. things this the winner, disproportionate expecting have got be news. the back that That's selection get to will we've through there. and the difficult that it. the we predict we it -- piece wise we of that happen were that at to to been that -- announcement -- belief about terrific, to to, awards A today year, you license this conservative -- the if calendar The going fiscal But won't awards that there is revenue revenue and still you say good this at, that's in where fashion, be so we between activities, more any earnings we've end we if with go we're a We're we a will, we rapid that The kind the I tendering the tendering or expected challenges we process to through, the of upside was at still there's And have process, in information quickly. don't have any that our point have or Type not impact to any good in that how -- from impact that's -- prior equipment. reasonably impact much again, some again, call, don't process timing was in said of the late specifically,

again, say we've us we on complete, line our to I a to sometime quarter. see tendering say during believe and matter not any place tendering obstacles our that down would will some backlog I start goes fiscal round to be the that I'm about for in down point, say that got when to We at just be XX -- just view us would or If current revenue higher. just getting It's prepared for we is that the complete. of impact fourth the to numbers China the our to that process of a best take But this defined it's just revenue imagine, units. week would don't degree put the a will have credibility as process impact think then day than could faster we reminder, to

So devices $XXX A, in in Type backlog. million $XX about XX million round numbers B. million about $XXX or Type about is is About

a that to once -- ready hospitals tendering work who are within end-user those and are the in there's to queue device. those take backlog complete a So of receipt accounts, are lot earliest is

of last support in mentioned equipment, to is we've I got ability and that As to respond to inventory quite, our people of imminent. got the our the call, to delivery completion frankly, take We're and ability tendering we've staged ready final built, installation inventory and ready now. schedule

that's think characterize So how it. I I

Eleni Apostolatos

also top some XXX on then and line headwind. for assumption give previously can margin basis guidance? headwind on tariffs then And XXX basis Okay. points the you take and gross Believe included points talk about you

the given So just tariff assuming how you're wondering exemption.

Joshua Levine

Yes.

not this that basically we probably we you'll -- out, a think, early I on and we in we discussion to press release that had So tariff said status. to internally waiting tariff We put remember, the a from for review and some mid-September, Eleni, topic, expect exemption, the benefit but on that are Chinese we has benefit expect do exemption government we our from changed. clarification final from to the exemption,

we've Tomo-Radixact got degree high I of the on products. very confidence think a

has CyberKnife is the in had -- will level CyberKnife until confirmation premature than confirmation it's that that achieve government a that make And on a expecting the the exemption wanted different sure products. guidance -- animal because of to change conventional little the we to linac, have we that the hand, situation. Tomo-Radixact think status again we we same think we're full the from I bit clarification

should basis be points the have Code we in what of XXX range estimate Your that about is once though clarification. ZIP of benefit

Operator

questions turn this to call Levine. further like time, at any showing I'm the I'd back not over Josh to

Joshua Levine

Okay.

to much for everybody Annual speaking Conference Just participation. report later January very our participating XXXX want Thanks thank attend quarter month. we fiscal second again in results and today. JPMorgan for in the you when your that with forward Look to Healthcare

Operator

does conclude and today's this presentation. Ladies gentlemen,

now a have day. may disconnect, wonderful You and

Accuray (ARAY) 29 Oct 192020 Q1 Earnings call transcript