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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 Incorporated (NASDAQ: ARAY) has appointed Mika Nishimura to its Board of Directors, effective August 17, 2021. Ms. Nishimura brings over 25 years of experience in the medical device industry and has held significant roles in product commercialization and strategic growth. Her previous positions include Vice President at nVision Medical Corporation and Auxogyn Incorporated. The addition of Nishimura aims to enhance Accuray's innovation and growth strategy in the radiation therapy sector, especially as the company seeks to expand its impact in oncology.
Accuray Incorporated (NASDAQ: ARAY) reported Q4 fiscal 2021 results with gross orders of $112.7 million, a 19% increase year-over-year. Net revenue reached $110.9 million, up 17%. Despite these gains, the company faced a net loss of $11.1 million due to a $9.9 million one-time refinancing charge. For the fiscal year, total revenue was $396.3 million, a 3.5% increase, with an ending backlog of $616.4 million. Looking ahead, Accuray forecasts fiscal year 2022 revenue between $410 million and $420 million.
Accuray (NASDAQ: ARAY) announced the first cancer treatment in Asia utilizing the Radixact® System with ClearRT™ imaging at Hong Kong Sanatorium & Hospital (HKSH). This advanced technology enhances imaging quality, enabling precise targeting of tumors while minimizing damage to healthy tissue. The initial case involved a 35-year-old patient with tongue cancer. ClearRT significantly reduced imaging and registration times by 77%, allowing for improved patient throughput and treatment accuracy. Accuray continues to emphasize innovation in cancer treatment solutions to enhance patient care.
Accuray Incorporated (NASDAQ: ARAY) announced it will report its financial results for Q4 and FY 2021, which ended on June 30, 2021, on August 11, 2021. The results will be shared after market close, with a conference call scheduled at 1:30 p.m. PT / 4:30 p.m. ET on the same day. Investors can access the call via dial-in numbers or through a live webcast available on the company's Investor Relations website. The replay of the call will be available for one week post-event.
Accuray announced the successful treatment of Mac, a Fox Terrier Mix, using the Radixact® System with Synchrony® technology for lung cancer. This treatment allowed for real-time tumor tracking during radiation therapy, ensuring minimal damage to healthy tissue. The procedure required only three hospital visits, emphasizing the efficiency and effectiveness of the new system. The clinical team at the University of Wisconsin-Madison, which has extensive experience with the TomoTherapy® platform, highlighted the potential for this system to expand treatment options for various cancers in pets.
Accuray (NASDAQ: ARAY) has announced the promotion of Suzanne Winter to president, effective July 1, 2021. With over 25 years in medical technology, Winter previously served as chief commercial officer. In her new role, she will oversee commercial operations, R&D, global manufacturing, service, and quality organizations. CEO Joshua Levine expressed confidence in Winter's leadership to drive revenue growth and manage day-to-day operations, allowing him to focus on strategic collaborations. Winter emphasized her commitment to innovation and improving patient outcomes.
Accuray Incorporated (NASDAQ: ARAY) launched RayStation treatment planning support for its CyberKnife M6 and S7 robotic systems, enhancing integration within radiation oncology departments. This system simplifies workflows, allowing clinicians to create treatment plans using various radiotherapy devices in one platform. Key features include advanced motion tracking, real-time dose adjustment, and a wide range of treatment angles. The update aims to improve operational efficiency and patient outcomes, solidifying Accuray's position in radiation oncology.
Accuray Incorporated (NASDAQ: ARAY) announced CE Mark certification for its ClearRT™ helical fan-beam kVCT imaging technology, enhancing the Radixact® System. This approval allows distribution in the EU, US, Japan, and other regions. ClearRT offers integrated imaging for precise radiation therapy, improving the treatment of tumors. It promises benefits like increased patient throughput and high-fidelity imaging. The technology is expected to support the growing demand for stereotactic body radiation therapy (SBRT), which requires advanced accuracy in treatment delivery.
Accuray Incorporated (NASDAQ: ARAY) announced a new five-year $80 million term loan and $40 million revolving credit facility with Silicon Valley Bank. The New Credit Facility aims to refinance existing debts and will provide working capital and operational flexibility. Borrowings will have a floating interest rate between 2.50% and 3.25%, significantly lower than previous margins. This move enhances their capital structure and reduces borrowing costs, allowing for better liquidity to support business growth.
Accuray Incorporated (NASDAQ: ARAY) announced a significant financial move on May 6, 2021, by entering into agreements to exchange $82.1 million of existing 3.75% senior convertible notes due 2022 for $97.1 million of new 3.75% senior convertible notes due 2026. Additionally, the company will sell $2.9 million of new notes for cash. The transactions, expected to close around May 13, 2021, will allow Accuray to repurchase approximately 3.1 million shares of its common stock at $4.51 per share. The new notes feature a conversion rate of 170.5611 shares per $1,000 principal, representing a 30% premium over the last stock price.
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