아큐레이(ARAY) 2026 회계연도 4분기 실적 발표회: 서비스 부문 성장, 제품 매출 감소

핵심 요약

• 2026 회계연도 4분기 매출은 전년 동기 대비 21% 감소한 1억 90만 달러를 기록했다. 연간 매출은 주로 제품 판매 감소로 인해 전년 대비 12% 줄어든 4억 200만 달러를 기록했다.
• 분기 서비스 매출은 가격 인상 정책, 설치 기반(installed base) 확대, 계약 외 청구 증가에 힘입어 6% 증가한 6,010만 달러를 기록했다. 서비스 매출총이익률은 34.4%에서 36.8%로 개선됐다.
• 4분기 제품 매출은 42% 감소한 4,080만 달러에 그쳤다. 2026 회계연도 전체 제품 매출은 27% 감소한 1억 7,300만 달러였으며, 이 중 약 5,800만 달러의 감소가 중국 시장 때문인 것으로 나타났다.
• 4분기 조정 EBITDA는 전년 동기 940만 달러에서 1,290만 달러로 증가한 반면, 연간 조정 EBITDA는 2,830만 달러에서 1,060만 달러로 감소했다.
• 어큐레이는 2026 회계연도에 목표치인 1,200만 달러를 상회하는 2,000만 달러 이상의 비용 절감 및 마진 개선을 이뤄냈다. 경영진은 수요, 비용, 거시경제 여건에 따라 달라질 수 있지만, 2027 회계연도에도 약 1,500만 달러의 추가 연간 개선이 이뤄질 것으로 전망하고 있다.
• 회사 측은 제품 수요, 관세, 중국 및 중동 정세, 전반적인 지정학적 불확실성 등을 이유로 공식적인 2027 회계연도 매출 및 조정 EBITDA 가이던스를 제시하지 않았다.

핵심 재무 데이터

어큐레이의 분기 말 기준 수주잔고는 30개월 미만의 수주만 포함해 약 3억 1,300만 달러를 기록했다. 현금, 현금성자산 및 제한된 현금은 총 4,880만 달러였으며, 순재고자산은 전 분기 대비 960만 달러 감소한 1억 4,710만 달러를 기록했다.

사업 및 영업 성과

서비스 사업은 여전히 어큐레이의 주요 성장 동력으로 작용했다. 4분기 서비스 매출은 계약 가격 인상으로 약 140만 달러, 설치 기반 확대 및 비계약성 유지보수(time-and-material) 청구 증가로 180만 달러의 수혜를 입었다. 가동 중인 시스템의 90% 가까이가 여전히 서비스 계약에 의해 유지되고 있다.

4분기 서비스 매출총이익률은 전년 동기 대비 2.4%포인트 상승한 36.8%를 기록했다. 관세와 원자재 및 운송비 인상 효과가 일부 상쇄되었으나, 가격 인상 효과가 2.3%포인트, 서비스 인건비 절감이 5.3%포인트의 상승 요인으로 작용했다. 전 분기 대비로는 가격 인상, 부품 소모 감소, 운송비 절감에 힘입어 서비스 마진이 10.7%포인트 개선됐다.

제품 부문의 실적은 부진을 이어갔다. 지정학적 긴장과 관세 불확실성 속에서 중국 매출이 약 5,800만 달러 감소한 것을 포함해 2026 회계연도 제품 매출은 6,500만 달러 감소했다. 4분기 보고 기준 제품 매출총이익률은 31.7%였으나, 경영진은 관세 관련 일회성 이익 580만 달러를 제외한 조정 제품 매출총이익률을 17.5%로 산출했다.

영업 구조조정의 영향으로 2026 회계연도 수주출하비율(book-to-bill)은 1.1을 기록해 경영진이 제시한 건전 수준인 1.2에 못 미쳤다. 어큐레이는 영업 지역 재편과 경영진 교체가 대부분 완료되었으며, 영업 조직 강화, 제품 개선, 유통업체와의 협력 확대 등을 통해 2027 회계연도에 수주 실적을 개선할 수 있을 것으로 보고 있다.

어큐레이는 차별화된 기술, 추가 비용 절감, 시장 점유율 확대, 서비스 매출 및 마진 향상에 중점을 둔 변혁(transformation) 프로그램의 2단계를 진행 중이다. 기술적 우선순위로는 싱크로니(Synchrony) 호흡/동적 추적 관리, ClearRT 체적 영상 기술, 소프트웨어 기반의 치료 계획 및 워크플로, 적응형 치료 기능 등이 포함된다.

회사 측은 영상, 소프트웨어, 엔지니어링, AI, 고객 지원 역량을 확장하기 위한 파트너십도 강조했다. 여기에는 산소프트-HME 아메리카(Sansoft-HMEAmerica) 및 연구소들과 체결한 비구속적 의향서(LOI), 타타 컨설턴시 서비스(Tata Consultancy Services)와의 관계 확대, 위스콘신 대학교 의과 및 공중보건 대학원과의 10년 협력 협정이 포함된다.

자본 구조

어큐레이는 유동성을 강화하고 부채 비율(레버리지)을 낮추기 위해 TCW 자산운용(TCW Asset Management Company, LLC)과의 거래를 발표했다. 주주 승인 및 관례적인 종결 조건에 따라, TCW는 4,000만 달러의 정기 대출 채권을 전환우선주로 교환하고 1,500만 달러를 전환우선주에 추가 투자할 예정이다.

우선주는 연 8%의 배당금을 지급하며, 전환 가액은 발표 당시 주가보다 약 105% 높은 보통주 1주당 0.50달러다. TCW는 또한 최대 500만 달러 규모의 분할인출 조건부 정기대출(delayed-draw term loan)을 제공하기로 합의했다. 특정 재무약정(covenants)은 2027년 12월 31일까지 유예되며, 2028년 3월 31일에 검증이 재개될 예정이다.

어큐레이는 또한 주주 승인을 전제로 아직 결정되지 않은 비율의 주식 병합(reverse stock split)을 추진할 계획이다.

경영진 전망

경영진은 공식적인 2027 회계연도 매출 또는 조정 EBITDA 가이던스를 제시하지 않았다. 회사는 서비스 매출의 지속적인 성장, 가격 책정 및 영업 효율화를 통한 서비스 마진 개선, 절제된 영업비용 관리, 변혁 이니셔티브를 통한 추가적인 효과를 기대하고 있다.

어큐레이는 2027 회계연도에 연간 약 1,500만 달러의 추가적인 비용 절감 및 마진 개선을 기대하고 있다. 다만 경영진은 실제 실현되는 성과가 제품 수요, 비용 환경 및 전반적인 사업·거시경제 여건에 따라 달라질 수 있다고 당부했다.

리스크 및 주시 영역

• 특히 중국과 중동 지역의 제품 수요 및 마진 예측이 여전히 어려운 상황이다.
• 지정학적 상황 변화, 통상 정책 및 관세 불확실성이 수주, 비용 및 지역별 매출에 영향을 미칠 수 있다.
• 긴 판매 주기로 인해 수주, 설치 및 매출 인식 시점이 변동될 수 있다.
• 제품 및 지역 믹스, 비-EPA 관세, 부품 비용, 운송비 및 인플레이션이 마진을 압박할 수 있다.
• TCW 거래의 일부 내용과 추진 중인 주식 병합은 주주 승인 및 기타 종결 조건을 필요로 한다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day, and welcome to the Accuray Fourth Quarter Fiscal 2026 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Steve Monroe, Vice President of Corporate Financial Planning and Analysis. Please go ahead, sir.

Stephen Monroe

Thank you, operator, and good afternoon, everyone. Welcome to Accuray's conference call to review financial results for the fourth quarter of fiscal year 2026, which ended June 30, 2026. During our call this afternoon, management will review recent corporate developments. Joining us on today's call are Steve LaNeve, Accuray's President and Chief Executive Officer; and Ali Pervaiz, Accuray's Chief Financial Officer.

Before we begin, I would like to remind everyone that our discussion today includes forward-looking statements. Actual results may differ materially from those contemplated or implied by these forward-looking statements. Factors that could cause actual results to differ materially are outlined in today's earnings release and in our filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, except as required by law.

In addition, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are provided in today's earnings release. There is also a supplemental slide presentation available on the Investor Relations section of our website.

With that, let me turn the call over to Steve LaNeve.

Stephen LaNeve

Thank you, Steve. Good afternoon, and thank you for joining us. Fiscal 2026 was an important year for Accuray. Last October, we began a comprehensive effort to evaluate every aspect of our business, engage with customers around the world, improve accountability and operating discipline and position Accuray for sustainable long-term success. Over the last several quarters, we have streamlined our organization, strengthened commercial leadership, sharpened our strategic focus and our execution, reduce our cost structure, work towards expanding partnerships and taken significant steps to improve our financial position. These actions were all designed with a common objective in mind, building a stronger, more competitive and more profitable Accuray.

While the operating environment remained challenging throughout much of fiscal 2026 due to geopolitical uncertainty, tariff pressures and regional market volatility. We remain focused on the factors within our control and have executed well against the transformation plan we introduced in December of last year. As a result of these actions, Accuray is fundamentally stronger than it was a year ago. We have strengthened our financial foundation, upgraded our people and processes, focused on core competencies by expanding our ecosystem of strategic partners, advanced key technology platforms and service solutions, improved organizational discipline, increased our installed base and are now entering the next phase of our transformation. which consists of decisive steps to strengthen our competitive position, enhance customer value and drive long-term growth in revenues and margins.

One of the most encouraging developments has been the positive response we are seeing from customers, partners and the broader radiation oncology community. The exceptional engagement we experienced at ESTRO 2026 is illustrative of this response. Our booth remained highly active throughout the event. Our clinical symposium with standing room only and the quality of customer discussions was robust. Together, these interactions reinforced our belief that the market increasingly recognizes the value of Accuray's innovation in precision treatment delivery, adaptive therapy, real-time motion management and intelligent software solutions.

Importantly, clinical data presented at ESTRO by global clinical leaders reinforced the growing role of precision, short-course radiotherapy across multiple disease sites. in prostate cancer, presentations from SunrofIL Scientific Institute Italy and the European Institute of Oncology supported the feasibility and early safety of highly precise motion-managed ultra-hypofractionated treatment approaches using the CyberKnife platform. This data is built on broader published evidence space that includes randomized Phase III prostate SBRT data and mature long-term robotic SBRT outcomes showing favorable relapse-free survival with very low severe toxicity.

In breast cancer, investigators shared encouraging clinical global experience with the treatment delivery on both robotic and helical platforms. The National Institute of Oncology, Hungary, reported institutional experience with partial breast irradiation while researchers from the European Institute of Oncology, Italy, provided an update further supporting the feasibility and safety of this approach. Preliminary outcomes from patients treated on the Radixact platform, incorporating the recent introduced vital hold system represented by CHR Mette and bill frees. highlighting the potential of integrated surface-guided radiotherapy and automated breath hold delivery to support precision treatment delivery.

Additional data across kidney, lung, functional radio surgery and other precision radiotherapy use cases further reinforced the breadth of Accuray's clinical relevance across multiple disease sites. These Estro presentations built upon a broader and expanding body of published clinical evidence supporting Accuray technologies. This includes randomized Phase III prostate SBRT data and mature long-term robotic SBRT outcomes demonstrating favorable disease control and low rates of severe toxicity, further strengthening the evidence base that supports our differentiated approach to radiation therapy.

Lastly, ESTRO 2026 was not simply about visibility. It was about momentum. The event translated strong interest into measurable commercial activity which led to a meaningful increase in qualified leads year-over-year. We also saw encouraging traction from the European debut of Stellar as well as continued interest in the unique capabilities of the CyberKnife System. This engagement reinforces our confidence that the investments we have made in innovation, partnerships and commercial execution are gaining traction in the market and creating opportunities for future growth.

This afternoon, I will discuss our progress across 5 areas: number one, financial foundation; number two, strategic partnerships and our ecosystem; number three, differentiated technology; number four, transformation Phase 2 and number five, the FY '27 outlook. Our financial foundation. Let me begin with what I believe is 1 of the most important developments in the company's recent history. Last month, we announced a comprehensive transaction with TCW Asset Management Company, LLC. that fundamentally strengthens our financial position and enhances our ability to execute our strategy. The transaction includes a conversion of $40 million of existing debt in the preferred equity that is convertible into common shares of more than 100% premium to where the common stock was trading immediately prior to the announcement.

A $15 million cash investment in additional convertible preferred equity, additional liquidity available through a delayed broad facility, a covenant holiday through December 2027 and several governance and capital structure enhancements. I will add that certain elements of the transaction, such as the issuance of convertible preferred equity remains subject to shareholder approval and other customary closing conditions, as fairly described in our related Form 8-K filing.

Collectively, these actions would improve liquidity, reduce leverage, enhance financial flexibility and provide a greater runway to execute our strategic priorities. We appreciate the continued support and confidence demonstrated by our partners at TCW. Importantly, these steps allow us to spend less time managing capital constraints and more time investing in our customers, innovation, commercial execution and profitable growth. This transaction was not simply a financing exercise. It was designed to create a stronger foundation for the next phase of Accuray evolution and beyond.

Strategic partnerships and our ecosystem. The second area I would like to discuss is partnerships in our expanding clinical ecosystem. One of the key conclusions that emerge from our transformation work is an actuation to one's resources to the areas where we create the greatest valve by focusing on core competencies and competitive differentiators while partnering with world-class organizations to further accelerate innovation and execution. We have taken important steps to build exactly that type of ecosystem.

Recently, we entered into nonbinding letters of intent with Sansoft-HMEAmerica and research laboratories while continuing to expand our relationship with Tata Consultancy Services. These relationships are intended to strengthen our capabilities across volumetric imaging, software development, adaptive therapy, engineering and customer support while simultaneously producing operational efficiencies that we could not capture on our own.

Additionally, we announced in May, a landmark 10-year strategic collaboration with the University of Wisconsin School of Medicine and Public Health. This relationship is especially meaningful because it builds upon decades of shared innovation. Many of the technologies that helped establish Accuray's helical platform originated from groundbreaking work conducted at the University of Wisconsin.

Today, we are extending that legacy by creating a framework designed to advance adaptive radiation therapy research, education, training, and the next generation of personalized cancer treatment using our stellar adaptive radiation therapy platform. Together, these relationships are allowing us to build an ecosystem that extends our capabilities while enabling Accuray to remain sharply focused on our core competencies. radiation therapy innovation, clinical excellence, treatment delivery, patient outcomes and customer solutions.

By partnering with world-class organizations across imaging, software, engineering, AI and services, we can accelerate innovation, improve execution and increase efficiency [Audio Gap] without having to build every capability internally ourselves. We believe this approach can accelerate innovation while also improving efficiency and scalability across the business over time. Importantly, this is not a onetime effort. We view strategic partnerships as a key pillar of our operating model going forward. We expect to continue expanding our ecosystem with additional partnerships that further enhance our capabilities and create value for customers and shareholders.

Differentiated technology. Innovation remains central to our strategy. As we look ahead, our product road map, including the CyberKnife and Radixact Systems, is increasingly centered around 3 areas of differentiated technology. First is motion management. Synchrony remains 1 of the most differentiated capabilities in radiation therapy and enables clinicians to track and adapt to patient and tumor motion in real time during treatment. Leveraging Accuray's proprietary software and AI-enabled algorithms, Synchrony helps predict, track and compensate for motion throughout treatment. positioning Accuray at the forefront of Intelligent Motion Management.

As precision medicine continues to evolve, we believe the importance of motion management will only increase. Second is imaging. ClearRT continues to provide high-quality volumetric imaging that supports treatment planning, patient positioning, adaptive workflows and clinical decision-making on our Radixact platform. As the field increasingly emphasizes precision and adaptation, Accuray's innovation road map will continue to prioritize enhanced imaging on the Ratings Act and CyberKnife Systems.

Third is software. In response to our voice of customer findings, we continue to invest in precision. VOLO, workflow enhancements and software-enabled treatment optimization capabilities. We believe software will play an increasingly important role in driving both clinical and operational value. Bolo's advanced optimization engine enables faster, high-quality treatment planning while ongoing investments in workflow automation and adaptive treatment capabilities help improve efficiency, support clinician productivity and further differentiate the Accuray treatment platform.

What gives us confidence is not only the technology itself, but also the growing body of supporting clinical evidence. At ESTRO 2026, data presented by key opinion leaders highlighted compelling outcomes across multiple indications, including impressive kidney treatment results and long-term prostate cancer outcomes demonstrating excellent disease control with low toxicity profiles. These clinical findings reinforce our belief that Accuray's differentiated technology platform remains well positioned as radiation oncology increasingly shifts towards adaptive, precise and personalized treatment approaches.

Our transformation Phase II. The first phase of our transformation program focused primarily on creating a more efficient and competitive operating model and a more agile, responsive and accountable enterprise. We streamlined our organization, simplified decision-making, improved accountability, reduce costs, strengthen commercial focus and improved operational discipline. With the incredible efforts of our team, we were able to exceed the financial benefits of our transformation actions.

As we had previously communicated, we were expecting approximately $12 million of cost and margin improvement in fiscal 2026, which represented roughly $25 million of annualized benefit. Through disciplined execution, we ultimately realized more than $20 million of cost and margin improvement during fiscal 2026 versus a target of $12 million. These realized improvements are expected to support approximately $15 million of incremental annualized cost and margin improvement in fiscal 2027. With the degree of contribution depending on product demand levels, the cost environment and broader business and macro conditions.

Now we are entering transformation Phase II. This next stage of Accuray's transformation focuses on the following priorities: differentiated innovation, investing in technologies and capabilities where Accuray possess unique competitive advantages, continuing to lower our cost structure, driving further efficiency, leveraging technology and partnerships and removing complexity throughout the organization. expanded market reach improving commercial execution, strengthening distributor performance, growing customer and channel partner engagement and expanding market penetration globally.

Service revenue and margin expansion, driving growth in service revenues and margins through price optimization more efficient parts and personnel utilization using remote diagnostics and introduction of value-added solutions our customers have been asking for. We believe these initiatives help position us to improve both revenue growth and profitability over time.

As we enter fiscal 2027, we are doing so from a position of greater strength than a year ago. Our priorities remain clear: executing on our transformation initiatives, improving profitability, expanding recurring revenue and creating long-term shareholder value. At the same time, geopolitical developments, trade policy uncertainty, tariff impacts, conditions in China and the Middle East and broader macroeconomic factors continue to create significant uncertainty around product demand and margins.

Given the long sales cycle inherent in our business, these factors can also affect the timing of orders, installations and revenue recognition. As a result, we are not providing formal revenue or adjusted EBITDA guidance for fiscal 2027. Instead, we expect continued growth in service revenue, improved service margins driven primarily by pricing optimization and operational efficiencies, ongoing operating expense discipline and continued benefits from our transformation initiatives. We also expect strategic partnerships to play an increasingly important role in expanding our capabilities while allowing us to remain focused on our core competencies.

While product revenue and margin performance remain difficult to predict, we believe the actions taken over the past year have strengthened the business and improved our ability to execute in fiscal 2027.

With that, I'll turn the call over to Ali.

Ali Pervaiz

Thank you, Steve, and good afternoon, everyone. I would like to begin by thanking our global teams for their focus, commitment and execution throughout this transformational year. Turning to the financial results for fiscal year 2026, fourth quarter and full fiscal year.

Net revenue for the quarter was $100.9 million, which was down 21% versus the prior year on both a reported and constant currency basis. For the full fiscal year, total revenue was $402 million, down 12% from last year and down 14% on a constant currency basis. The decreases for both periods were driven by lower product revenues partially offset by higher service revenue.

Service revenue for the fourth quarter was $60.1 million, up $3.2 million or 6% from the prior year and up 5% on a constant currency basis. Approximately $1.4 million of that increase was attributable to service contract pricing actions, while the remaining $1.8 million increase was driven by an increase in our global installed base and higher out-of-contract time and material billings.

Full year service revenue was $229 million, up $8.3 million or 4% from last year and up 2% on a constant currency basis. The increase was driven by approximately $5.4 million related to service contract pricing actions, while the remaining $2.9 million increase was driven by an increase in our global installed base and higher out-of-contract time and material billings.

The company's contract capture rate defined as a percentage of active systems covered by a service agreement continues to be at nearly 90% across our active installed base.

Product revenue for the fourth quarter was $40.8 million, down $29.9 million or 42% versus the prior year on both a reported and constant currency basis. For the full year, product revenue was $173 million, down $65 million or 27% as compared to the prior year and down 28% on a constant currency basis. Approximately $58 million of that decline was attributable to lower revenue in China versus prior year, resulting from a sustained geopolitical tension and ongoing tariff uncertainty.

Product gross orders for the fourth quarter were approximately $38 million and represented a book-to-bill ratio of 0.9x. For the full year, gross orders totaled $192 million representing a trailing 12-month book-to-bill ratio of 1.1. We ended the fourth quarter with a reported order backlog of approximately $313 million defined to include only orders younger than 30 months.

As we previously stated, we consider our book-to-bill ratio of 1.2 to be a healthy level for our growing backlog. While we fell short of that target in fiscal 2026 as we implemented significant commercial transformation initiatives, including sales region realignment and leadership changes, those foundational actions are now largely complete.

We have strengthened our commercial organization and developing a healthier pipeline, have introduced product improvements and are improving engagement with our distribution partners. We believe these actions position us to improve order intake as we move through fiscal 2027.

Overall, gross profit for the quarter was $35.1 million, representing gross margin of 34.8% compared to gross margins of 30.6% in the prior year. In the fourth quarter, the company recorded favorability of $5.8 million or 5.7 points related to EPA tariff expenses incurred prior to those tariffs being invalidated by the Supreme Court earlier this year.

Additionally, a nonrecurring write-down of an obsolete component unfavorably impacted fiscal 2026 fourth quarter gross margins by 30.5%. For the full year, overall gross profit was $111 million, representing gross margins of 27.7% compared to gross margins of 32.1% in the prior fiscal year. Note that $5.5 million or 95% of the EPA tariff favorability was related to tariff expense that was recognized in fiscal year 2026.

Service gross profit for the quarter was $22.1 million, representing gross margins of 36.8% compared to gross margins of 34.4% in the prior year. Service contract pricing actions drove margins higher by $1.4 million or 2.3 points and lower overall service labor cost structure improved margins by $3.2 million or 5.3 points as compared to the prior year. Offsetting these items was primarily the impact of tariffs as well as inflationary pressures on materials and freight, which had an unfavorable impact of $2.4 million or 4 points.

On a sequential basis, service gross margins were 10.7 points higher than the third quarter of fiscal 2026 driven by favorable pricing, lower parts consumption and lower freight costs. The fourth quarter improvement reflects the benefits of pricing actions and operational initiatives implemented throughout fiscal 2026, which gained momentum during the second half of the year. For the full year, service gross profit was $71 million, representing gross margins of 31% compared to gross margins of 32.6% in the prior year. Service contract pricing actions drove margins higher by $5.4 million or 2.4 points and lower overall service labor cost structure improved margins by $8.3 million or 3.6 points as compared to prior year.

This favorability was primarily offset by higher net parts consumption of approximately $11.2 million or 4.9 points. Product gross profit in the quarter was $12.9 million, representing 31.7% of gross margins compared to 27.5% in the prior year. As noted above, the EPA tariff favorability of $5.8 million or 1.2 points were recorded in the fourth quarter drove product margins higher. Excluding this favorability, pro forma product gross profit was approximately $7.1 million, representing adjusted product gross margins of 17.5%.

The lower product gross margins were also impacted by the unfavorable obsolete inventory impact, higher non-EPA tariff expense and unfavorable product and region mix of product shipments. For the full year, product gross profit was $40.4 million, representing 23.4% of gross margins compared to 31.6% in the prior year. Excluding the $0.3 million EPA tariff favorability related to prior periods to fiscal year 2026, adjusted product gross profit was approximately $40.1 million representing adjusted product gross margins of 23.2%.

The year-over-year decrease was driven by non-iEPtariff expense and unfavorable product and region mix in particular, significantly fewer CyberKnife system shipments to China. Operating expenses in the fourth quarter were $29.6 million compared to $34.7 million in the prior fiscal year. The current year fourth quarter includes $0.7 million of nonrecurring restructuring expenses, which includes severance costs and other costs directly related to our restructuring and transformation plans.

Excluding these restructuring expenses, fourth quarter 2026 operating expenses decreased $5.9 million or 17% versus the prior year. For the full year, operating expenses were $137.9 million compared to $139.1 million in the prior year, excluding restructuring expenses of $16.2 million operating expenses decreased to $121.7 million, a decrease of 13% year-over-year.

As Steve mentioned earlier, our transformation initiatives continue to deliver measurable results in fiscal 2026 generating more than $20 million in bottom line improvements realized during the fiscal year compared to our previously communicated target of $12 million. These benefits are translating into a higher long-term savings opportunity and are expected to support approximately $15 million of incremental annualized cost and margin improvement in fiscal 2027 with the degree of contribution depending upon product demand levels, the cost environment and broader business and macro conditions.

As noted earlier, we recognized $16.2 million of nonrecurring restructuring expenses in fiscal year 2026. As our transformation plan has progressed over the second half of fiscal 2026, we expect restructuring costs related to our transformation plan to be substantially complete. Operating income for the quarter was $5.5 million compared to $4.2 million in the prior year. Operating income for the full year was a loss of $26.4 million compared to income of $7.8 million in the prior year.

Adjusted EBITDA for the quarter was $12.9 million compared to $9.4 million in the prior year. Adjusted EBITDA for the full year was $10.6 million compared to $28.3 million in the prior year. We described the reconciliation between GAAP net income and adjusted EBITDA in our earnings release issued today.

Turning to the balance sheet. Total cash, cash equivalents and restricted cash as of quarter end amounted to $48.8 million compared to $44.4 million at the end of last quarter. The restricted cash is related to required postings for cash flow hedging and tariffs amounting to $8.1 million in the current quarter as compared to $6.4 million at the end of last quarter. Net accounts receivable were $67.4 million, up $2.8 million from the prior quarter.

Our net inventory balance was $147.1 million, down $9.6 million from the prior quarter as finished goods inventory built early in the second half of fiscal 2026 was monetized in the fourth quarter. At the end of the fourth quarter, we had $5 million outstanding on our revolving credit facility. In May, the company drew the full $18 million under its prior preexisting delayed draw term loan facility and used the proceeds to pay off $18 million of outstanding convertible notes that matured on June 1.

We also recently announced a comprehensive transaction with TCW that will significantly strengthen our balance sheet and liquidity position. Under the agreement, TCW will exchange $40 million of existing term debt for convertible preferred equity with an equivalent liquidation preference. The preferred shares will accrue dividends at 8% annually and are convertible into common stock at a conversion price of $0.50 per share, representing an approximately 105% premium to our share price at announcement.

In addition, TCW has made a $15 million convertible preferred equity investment and has agreed to make available a delayed draw term loan of up to $5 million, providing additional liquidity and financial flexibility. The transaction also includes a covenant holiday with certain financial covenants waived through December 31, 2027, and the first covenant testing date set for March 31, 2028, giving us additional runway to execute our strategic priorities and planned investments.

As Steve mentioned earlier, portions of the TCW transaction remains subject to shareholder approval and other customary closing conditions. We look forward to engaging with shareholders as we move through that process. We're excited to continue our partnership with TCW and appreciate their confidence in our transformation plan and long-term opportunity. In addition, we plan to implement a reverse stock split at a ratio still to be determined and subject to stockholder approval, which we believe will better position the company moving forward.

Collectively, these actions would strengthen our capital structure, improve financial flexibility and support our focus on driving sustainable profitability and long-term shareholder value.

Stephen LaNeve

Thank you, Ali. Fiscal 2026 was a year of transformation. Fiscal 2027 is a year of execution. We are strengthening our financial foundation. We are expanding our partnership ecosystem. We sharpened our focus on differentiated technology, we improve the way we operate, and we established the framework for transformation Phase I.

Most importantly, we remain focused on helping customers deliver exceptional patient care while positioning Accuray to generate sustainable long-term value for shareholders.

I will now turn it back over to the operator For Q&A.

Operator

[Operator Instructions] As there are no questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Steve LaNeve, President and CEO, for any closing remarks. Please go ahead.

Stephen LaNeve

Thank you all for joining our call today. We look forward to speaking with you again later this fall when we report our fiscal 2027 first quarter results. This concludes our earnings call. Thank you.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.