Accuray Incorporated

Good day and welcome to the Accuray First Quarter Fiscal 2026 Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Steve Monroe, Vice President of Corporate Financial Planning and Analysis. Please go ahead.

Thank you, and good afternoon, everyone. Welcome to ACCURE's conference call to review financial results for the first quarter of fiscal year 2026, which ended September 30th, 2025. During our call this afternoon, management will review recent corporate developments, Joining us on today's call are Steve Leneve, Accurate's President and Chief Executive Officer, and Ali Pervez, Accurate's Chief Financial Officer. Before we begin, I would like to remind you that our call today includes forward-looking statements. Actual results may differ materially from those contemplated or implied by these forward-looking statements. Factors that could cause these results to differ materially are outlined in the press release we just issued after the market closed this afternoon, as well as in our filings with the Securities and Exchange Commission. We base the forward-looking statements on this call on the information available to us as of today's date. We assume no obligation to update any forward-looking statements as a result of new information or future events except to the extent required by applicable securities laws. Accordingly, you should not put undue reliance on any forward-looking statements. A few housekeeping items for today's call. All references to a specific quarter in the prepared remarks are to our fiscal year quarters. For example, statements regarding our first quarter refer to our fiscal first quarter ended September 30th, 2025. Additionally, there will be a supplemental slide deck to accompany this call, which you can access by going directly to Accuray's investor relations page at investors.accuray.com. With that, let me turn the call over to Accuray's Chief Executive Officer, Steve Leneve. Steve?

Thank you, Steve. Good afternoon, everyone, and thank you for joining us today. It's a privilege to address you on my first earnings call as Accuray's CEO. I want to begin by recognizing the remarkable dedication and expertise of the entire Accurate team, whose commitment and innovative technologies have made a meaningful difference in patients' lives around the world. I have also genuinely appreciated the transition time that Suzanne is making for me as I onboard. Today, I'm excited to share why I chose to join Accuray and my high level of conviction in Accuray's success as we enter the next phase of transformational growth. Accuray is one of just a few companies operating at the intersection of technical sophistication and human impact. I have a tremendous amount of respect for what the Accuray radiation delivery systems can do to prolong life and for being indispensable in treating malignant and non-malignant disease. I've spent my first several weeks at the company listening to and learning from many different stakeholders, and I continue to be incredibly impressed with Accurate's foundation and technology. This makes me more confident than ever about the potential to enhance our performance, market position, and our long-term growth prospects. Here's why I have this belief. I've come to Accuray with over 40 years of global experience in med tech and biotech, including capital equipment. I've held executive leadership and CEO roles at high-performing, well-differentiated, and impactful publicly-traded companies, including Roche Diagnostics, Becton Dickinson, Medtronic, E-Tex, Bone Biologics Corporation, and most recently at Globus Medical. The common thread across my experience was driving top-line growth profitably while meaningfully improving patients' lives with innovative technology. This was achieved by creating clear strategic and financial goals, solid execution against these goals, consistently identifying avenues to optimize operations and grow margins, and disciplined cost management. I am encouraged by what I've seen so far at Accuray, I'm even more optimistic about the tremendous opportunities ahead. This is where our transformation plan comes in. Our immediate goal was to identify key strategic, operational, and financial areas that we believe are necessary to position Accurate to compete more effectively, drive margin expansion, enhance organizational responsiveness and agility, and ultimately position Accurate for sustainable, profitable growth. In short, continue to build a performance-based culture. As mentioned in our news release a couple weeks ago, Stephen Mayer, one of AccuRAID's board members and our transformation board sponsor, will support us with this set of initiatives. Stephen brings extensive experience leading complex corporate transformations and will be instrumental in helping us to prioritize our resources, sharpen our focus, and reinforce our culture of continuous improvement. The management team and I look forward to working closely with Stephen to execute on these goals. In the near term, as we implement key changes during the current fiscal year, we expect to reach a high single-digit adjusted EBITDA margin as a percentage of revenue on a run rate basis within 12 months. Furthermore, we are confident that our transformation efforts will enable us to expand our adjusted EBITDA margin as a percentage of revenue to double digits over the medium to long term and drive sustained and profitable growth for our company. We look forward to presenting more details on our transformation plan in early 2026, and we'll be updating you on the progress being made toward our goals on a regular cadence. I will now turn the call over to Ali to review the first quarter results.