Brainfuck-C transpiler in Ruby

bf.rb

#!/usr/bin/env ruby -w

program = ARGF.read.tr('^[],.<>+-', '')

c_program = []

label_counter = -1
labels = []

program.each_char do |c|
  c_program <<
    case c
      when '+'
        '  memory[index]++;'
      when '-'
        '  memory[index]--;'
      when '<'
        '  index--;'
      when '>'
        '  index++;'
      when ','
        '  memory[index] = fgetc(stdin);'
      when '.'
        '  fputc(memory[index], stdout);'
      when '['
        label_counter += 1
        labels << label_counter
        <<~CODE
          A#{label_counter}:
          if (!memory[index])
            goto B#{label_counter};
        CODE
      when ']'
        label = labels.pop
        <<~CODE
          goto A#{label};
          B#{label}:;
        CODE
    end
end

print <<~OUTPUT
  #include <stdint.h>
  #include <stdio.h>

  #define MEMORY_SIZE (1<<16)

  static uint16_t index;
  static uint8_t memory[MEMORY_SIZE];

  int main() {
  #{c_program.join("\n")}
  }
OUTPUT

What it does is it parses a brainfuck source file and it transpiles to C, correct? Similar to https://github.com/prophittcorey/bft then?