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About Accuray Incorporated
Accuray Incorporated (NASDAQ: ARAY) is a global leader in radiation oncology, dedicated to advancing cancer care through cutting-edge radiation therapy and radiosurgery solutions. Headquartered in Madison, Wisconsin, the company develops, manufactures, and markets innovative technologies that enable healthcare providers to deliver precise, non-invasive treatments for a wide range of cancers and neurological conditions. With a focus on improving patient outcomes and expanding access to care, Accuray’s systems are designed to meet the diverse needs of clinicians and patients worldwide.
Core Technologies and Solutions
Accuray’s flagship products include the CyberKnife® System, a robotic radiosurgery platform, and the Radixact® System, an advanced helical radiation therapy device. These systems are equipped with proprietary features such as Synchrony® real-time motion tracking and ClearRT® imaging, enabling sub-millimeter accuracy in radiation delivery. The CyberKnife System is renowned for its ability to treat tumors in just 1 to 5 outpatient sessions, making it a preferred choice for patients requiring ultra-hypofractionated therapy. Similarly, the Radixact System’s continuous 360-degree helical delivery allows for precise dose conformity, minimizing radiation exposure to healthy tissues.
Market Position and Global Reach
Operating in the highly competitive radiation therapy market, Accuray distinguishes itself through its focus on robotic precision and adaptive technologies. The company has a strong presence in emerging markets, particularly in China, where its joint venture has facilitated the introduction of systems like the Tomo® C and Radixact SynC. Recent regulatory approvals for the CyberKnife S7™ and Radixact SynC Systems underscore Accuray’s commitment to addressing the growing demand for advanced cancer treatments in underserved regions.
Commitment to Innovation
Accuray’s 30-year legacy of innovation is exemplified by its continuous development of groundbreaking solutions, such as the recently launched Helix™ System, designed to improve access to radiotherapy in non-urban areas. The company also invests in clinical research, with studies like the PACE-B trial demonstrating the efficacy of its technologies in reducing treatment times while maintaining high rates of cancer control. These efforts align with Accuray’s mission to set new standards of care in radiation therapy.
Challenges and Opportunities
While Accuray faces challenges such as supply chain disruptions and competitive pressures, its strategic initiatives—such as expanding its service business and entering high-growth markets—position it for long-term success. The company’s focus on partnerships, like its collaboration with TrueNorth Medical Physics, further enhances its ability to support healthcare providers in delivering personalized, high-quality care.
Impact on Patients and Clinicians
Accuray’s technologies empower clinicians to treat complex cases with confidence, offering patients shorter treatment durations, reduced side effects, and improved quality of life. By combining precision, adaptability, and accessibility, Accuray is transforming the way cancer is managed, enabling more patients to benefit from life-saving radiation therapy.
Accuray (NASDAQ: ARAY) reported strong fiscal Q2 2025 results with total net revenue of $116.2 million, an 8% year-over-year increase. The company achieved a net income of $2.5 million compared to a $9.6 million loss in the prior year period. Product revenue increased 19% to $61.2 million, while service revenue slightly decreased by 1% to $55.0 million.
Gross profit improved to $41.9 million (36.1% of revenue) from $35.9 million (33.5%) year-over-year. Operating expenses decreased 7% to $37.2 million. The company's adjusted EBITDA reached $9.6 million, up from $2.0 million in the prior year. Based on strong performance, Accuray raised its fiscal year 2025 guidance, projecting revenue between $463-475 million and adjusted EBITDA of $28.5-31.0 million.
Accuray (NASDAQ: ARAY) announced a significant milestone as Shandong Cancer Hospital and Institute completed treatment for 100 patients using the Tomo® C Radiation Treatment Delivery System, a product built in China through the CNNC-Accuray joint venture. The hospital, which was the first in China to receive the system, can now treat an average of 95 patient treatment fractions daily.
This achievement is particularly significant given China's projected increase in cancer cases, with expectations of 7.1 million diagnoses by 2045, up from 4.8 million in 2022 - a 47% increase. The Tomo C System, based on the helical TomoTherapy® platform, is designed to provide ultra-precise treatments while enabling higher patient throughput, addressing the growing needs of China's underserved radiation therapy market.
Accuray (NASDAQ: ARAY) has announced it will release its second quarter fiscal 2025 financial results on February 5, 2025. The company will host a conference call at 1:30 p.m. PT/4:30 p.m. ET on the same day to discuss the results for the period ended December 31, 2024.
Investors can access the conference call via telephone at (833) 316-0563 (USA) or (412) 317-5747 (international). A replay will be available for one week at 1-877-344-7529 (USA) or 1-412-317-0088 (international) using conference ID 8496951. Additionally, a live webcast will be available through the company's Investor Relations website, with a replay accessible until the third quarter fiscal 2025 results announcement.
Accuray (NASDAQ: ARAY) has announced the appointment of Leonel Peralta as Senior Vice President and Chief Operations Officer, effective February 3, 2025. Peralta will oversee worldwide manufacturing operations, focusing on aligning operations with corporate goals, optimizing supply chain efficiency, and maintaining superior customer service.
With over 25 years of leadership experience, Peralta joins from Siemens Healthineers' ultrasound division, where he served as Vice President and Head of Global Operations. His track record includes successful transformations in supply chain processes and manufacturing operations at companies including Medtronic Diabetes, Hill-Rom, KCI Medical, and GE Healthcare.
The appointment comes at a strategic time for Accuray, following the company's recent expansion of its radiation therapy system portfolio. CEO Suzanne Winter emphasized that Peralta's expertise will be important in driving business growth while maintaining operational efficiency and customer satisfaction.
Accuray (NASDAQ: ARAY) announced the Chinese National Medical Products Administration (NMPA) approval of its Radixact SynC™ System and CyberKnife® S7™ System. This follows the recent approval of their Tomo C System in China. The approvals are strategically significant as China needs approximately 2,000 radiation therapy systems over the next five years.
The Radixact SynC System is the first helical delivery device in China featuring Synchrony real-time target tracking and ClearRT kVCT imaging technology. It delivers precise radiation doses through 360-degree rotations, with automatic adaptation to tumor movement. The CyberKnife S7 System provides sub-millimetric accuracy radiation treatments in just 1-5 outpatient sessions, completing procedures in as little as 15 minutes, compared to conventional 30-40 session treatments.
Accuray (NASDAQ: ARAY) announced positive results from a nine-institution international study on treating brainstem metastases (BSM) using their CyberKnife® System. The study, published in the International Journal of Cancer, analyzed 136 patients with 144 BSM treated between 2005-2022 using radiosurgery (SRS) and fractionated stereotactic radiotherapy (FSRT).
The results demonstrated impressive outcomes with one-year, two-year, and three-year local BSM control rates of 82.9%, 71.4%, and 61.2% respectively. Nearly 70% of patients received treatment in just one session. The treatment showed a robust safety profile with low incidence of side effects, despite targeting the delicate brainstem area.
Accuray (NASDAQ: ARAY) has granted equity inducement awards to Mike Murphy, their new Vice President, Corporate Controller. The awards consist of 150,000 restricted stock units of company common stock, effective November 29, 2024. The Inducement Awards were granted outside the company's current equity plan but follow similar terms to their 2016 Equity Incentive Plan. The restricted stock units will vest at 25% annually over four years, starting from October 31, 2024, contingent on Murphy's continued employment.
Accuray reported its fiscal 2025 Q1 financial results, showing a mixed performance. Total net revenue was $101.5 million, slightly down from $103.9 million in the prior year. Product revenue decreased to $48.4 million from $53.4 million, while service revenue rose to $53.2 million from $50.5 million. Total gross profit was $34.5 million, or 33.9% of total net revenue, compared to $39.5 million or 38.0% last year. Operating expenses were $36.6 million, a slight decrease from $37.3 million the previous year. The company reported a net loss of $4.0 million or $0.04 per share, compared to a net loss of $3.0 million or $0.03 per share last year. Adjusted EBITDA was $3.1 million, down from $6.5 million. Gross product orders totaled $55.4 million, down from $63.7 million. Cash reserves stood at $59.7 million, a decrease of $9.4 million from June 30, 2024.
Accuray (NASDAQ: ARAY) has announced it will release its first quarter fiscal 2025 financial results on November 6, 2024. The company will host a conference call at 1:30 p.m. PT/4:30 p.m. ET on the same day. Investors can access the call via USA dial-in (833) 316-0563 or international dial-in (412) 317-5747. A replay will be available for one week. Additionally, a live webcast will be accessible through the company's Investor Relations website, with the replay available until Q2 FY2025 results announcement.
Accuray Incorporated (NASDAQ: ARAY) has announced the appointment of Michael Murphy, CPA as Vice President, Corporate Controller. Murphy will lead the global accounting function, including corporate tax, regulatory reporting, accounting policies, and risk management. He brings over 15 years of finance and accounting expertise to Accuray, most recently serving as VP, Chief Accounting Officer and Treasury at Duluth Holdings Inc.
Murphy is expected to be appointed as principal accounting officer following the filing of the company's quarterly report for the period ended September 30, 2024. He will report to Accuray's Senior VP & CFO Ali Pervaiz. Accuray's leadership expressed confidence in Murphy's ability to support the company's revenue and profitability goals, citing his experience and business acumen.
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