Accuray and TrueNorth Medical Physics Sign Agreement to Provide Radiation Oncology Support Intended to Advance Cancer Care for More Patients
Accuray (NASDAQ: ARAY) has signed an agreement with TrueNorth Medical Physics to enhance radiation oncology departments' capabilities. TrueNorth will provide third-party support services, including physics, dosimetry, and commissioning for Accuray's TomoTherapy, Radixact, and CyberKnife systems. This partnership aims to assist hospitals with staffing, technology adoption, and the achievement of patient treatment goals. TrueNorth's team brings over 125 combined clinical years of experience to the table, offering services on-site, remotely, or in hybrid formats. This collaboration underscores Accuray's commitment to innovation and improving patient care in radiation therapy.
- Accuray's partnership with TrueNorth Medical Physics enhances its service offerings.
- TrueNorth provides experienced third-party support for TomoTherapy, Radixact, and CyberKnife systems.
- The agreement aims to address staffing shortages and operational challenges in hospitals.
- Services offered include on-site, remote, and hybrid support, tailored to hospital needs.
- No specific financial metrics or potential revenue impact from the partnership were disclosed.
- The agreement may lead to increased operational costs for Accuray.
Insights
This agreement between Accuray and TrueNorth Medical Physics is strategically significant as it aims to address a critical issue in the healthcare sector: labor shortages. By enabling hospitals to augment their staff with experienced professionals, Accuray can potentially increase the utilization of its systems like TomoTherapy®, Radixact® and CyberKnife®. This could lead to higher service revenues and, in turn,
From a financial perspective, this agreement could improve revenue visibility and stability, especially if hospitals opt for long-term contracts for these support services. Investors should monitor if this partnership translates into higher recurring revenues and improved customer retention rates, which will be critical for Accuray's long-term growth and profitability.
This collaboration is particularly noteworthy from a medical research standpoint because it aims to bridge gaps in clinical staffing and skill sets. TrueNorth Medical Physics’ extensive experience with Accuray’s platforms can potentially lead to more efficient and effective treatments for patients. As labor shortages and operational challenges are prevalent issues in healthcare, this partnership could facilitate more consistent and advanced cancer care. This is especially important in radiation therapy, where precision and expertise significantly impact patient outcomes.
Furthermore, the integration of supplementary support services can help in the faster adoption of new technologies and treatment techniques, which might lead to improved clinical outcomes and wider acceptance of Accuray's systems in the medical community. Tracking the clinical outcomes and patient satisfaction metrics post-implementation of this agreement will provide insights into its effectiveness and broader impact on cancer care.
From a market perspective, this agreement enhances Accuray's value proposition by addressing a important pain point: staffing shortages. In the competitive field of radiation oncology, offering such comprehensive and adaptable support services can serve as a compelling differentiator. This strategic move can help attract not only new customers but also retain existing ones by providing an additional layer of reliability and expertise.
Moreover, TrueNorth's ability to provide independent, unbiased feedback across multiple platforms can help hospitals optimize their use of Accuray's technology, increasing customer satisfaction and loyalty. For investors, this agreement signifies Accuray's commitment to long-term partnerships and customer-centric solutions, which are likely to enhance its market position and drive sustainable growth.
As the field of radiation medicine has evolved since the X-ray was discovered 125+ years ago, so too has the TrueNorth team which now has an equivalent number of combined clinical years of experience. They will leverage this vast knowledge base to provide physics, dosimetry and commissioning support for the Accuray TomoTherapy®, Radixact® and CyberKnife® Systems. TrueNorth offers specialized services that help augment a hospital's team and are tailored to their specific requirements. From providing additional staff while the site recruits new personnel or when only part-time assistance is desired, to sharing expertise that facilitates adoption of new technology and techniques, the company is equipped to meet these needs.
"We are excited about the opportunity to partner with Accuray and assist their customers. We have extensive experience working with Accuray's Radixact, TomoTherapy and CyberKnife platforms and are impressed with the unique features and associated benefits they provide," said Matt Daniels, Ph.D., DABR, one of the TrueNorth Managing Partners. "Nevertheless, we are an independent company with expertise across multiple industry platforms. Our organization is dedicated to providing unbiased feedback and support that improves the practice of radiation therapy medicine and enhances a team's ability to deliver care."
The addition of the TrueNorth offerings signifies a commitment from Accuray to provide an expanded range of solutions to help empower medical professionals from day one and throughout their tenure using the company's technology. The assistance they require will vary based on their clinical and economic goals, experience, and equipment age. Accuray offers a combination of standard and customizable services to align with differing preferences and circumstances, aimed at helping clinicians to deliver the best possible outcomes for patients.
"Accuray is committed to innovation in every aspect of our business, whether it be the radiotherapy technology we develop or the support we provide to customers to help them achieve their patient-focused treatment objectives," said Suzanne Winter, president and CEO of Accuray. "In today's dynamic and evolving healthcare environment, labor shortages and operational challenges may hinder hospitals from maintaining the staffing levels needed to meet their clinical demands and standards. We partnered with TrueNorth Medical Physics to provide care teams with another option for obtaining the resources they require to advance the treatment of cancer for more patients within their facilities."
About Accuray
Accuray is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in
Safe Harbor Statement
Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited to, expectations regarding the offerings provided by TrueNorth and the partnership with TrueNorth. These risks and uncertainties include, but are not limited to, the effect of the current global economic environment, including in connection to the COVID-19 pandemic, on the operations of the company and those of its customers and suppliers; the company's ability to achieve widespread market acceptance of its products and offerings; the company's ability to develop new products and offerings or improve existing products and offerings to meet customers' needs; the company's ability to anticipate or keep pace with changes in the marketplace and the direction of technological innovation and customer demands; reliance on third party collaborators, partnerships, strategic alliances and joint ventures; and such other risks identified under the heading "Risk Factors" in the company's quarterly report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on May 8, 2024, and as updated periodically with the company's other filings with the SEC.
Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements.
Media Contact
Beth Kaplan
Public Relations Director, Accuray
Phone +1 (408) 789-4426
Email: bkaplan@accuray.com
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SOURCE Accuray Incorporated
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