EKTAY - Accuray Once Again Hits The Reset Button On Its Progress

• Accuray had a good quarter with respect to product revenue and orders, but gross margins were weak on supply chain issues.
• Supply chain issues led management to halve near-term EBITDA guidance, with margins and profits likely to retreat to multiyear lows.
• The financial shortfall masks real progress underway in terms of product capabilities and order/market share momentum in multiple markets.
• I believe the Street is tired of the ongoing disappointments from Accuray, leaving the shares at a low valuation provided that execution improves as supply pressures ease.

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