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Accuray Incorporated (NASDAQ: ARAY) is a pioneering radiation oncology company dedicated to advancing precise, innovative tumor treatment solutions. Headquartered in Madison, Wisconsin, Accuray develops, manufactures, and markets cutting-edge technology designed to deliver a full spectrum of radiation therapy and radiosurgery treatments. Their flagship products, such as the CyberKnife® and Radixact® Systems, set new standards in cancer treatment by offering unparalleled precision and real-time tumor tracking capabilities.
The CyberKnife® System utilizes a non-invasive robotic platform to treat various types of cancer and tumors throughout the body. This system excels through its ability to track, detect, and correct for tumor and patient movement in real-time during procedures, enhancing the accuracy of radiation delivery. This unique approach ensures high-dose radiation is administered with sub-millimeter precision, allowing patients to breathe normally without manual intervention.
Accuray's recent achievements include significant milestones in product development and market expansion. In October 2023, the company announced the Chinese National Medical Products Administration's approval of the CNNC-Accuray joint venture Tomo® C radiation therapy system. This system, tailored for the Chinese Type B market, aims to expand access to radiotherapy treatments, addressing the country's growing demand for cancer care solutions.
Financially, Accuray has demonstrated robust performance. According to their first-quarter fiscal 2024 report, the company achieved a total net revenue of $103.9 million, reflecting a year-over-year increase. Despite a net loss of $3.0 million, the company reported a significant improvement in gross profit margins, emphasizing its strategic focus on revenue growth and operational efficiency.
Accuray remains committed to continuous innovation. The launch of the VitalHold™ package supporting surface-guided radiation therapy (SGRT) on the Radixact® System in Japan highlights their ongoing efforts to enhance treatment options. This feature enables deep inspiration breath hold (DIBH) treatments, particularly for breast cancer, thereby improving patient outcomes and reducing treatment-associated stress.
The company's dedication to excellence is further exemplified by its recent partnerships and educational initiatives. In April 2024, Accuray opened a new training center in Genolier, Switzerland, which serves as a European hub for advanced radiosurgery and radiotherapy training. This facility aims to elevate the skills and knowledge of medical professionals, ensuring the delivery of high-quality, precise treatments.
Accuray's vision of transforming patient care is evident in their continuous pursuit of technological advancements and strategic collaborations. Their products not only enhance the precision and effectiveness of cancer treatments but also contribute to improved patient quality of life post-treatment. With a strong commitment to innovation, Accuray is well-positioned to lead the radiation therapy industry into the future.
Accuray Incorporated (NASDAQ: ARAY) has appointed Byron C. Scott, M.D., MBA, to its Board of Directors as of February 12, 2021. Dr. Scott is a renowned physician executive with extensive experience in healthcare analytics and technology. Currently, he teaches at the University of Massachusetts and Jefferson University. His previous roles include Deputy Chief Health Officer at IBM Watson Health and leadership positions at Truven Health Analytics and EmCare. The appointment aims to strengthen Accuray's management team amid evolving radiation therapy market demands.
Accuray Incorporated (NASDAQ: ARAY) will participate in BTIG's Virtual MedTech Conference on February 18 at 12:30 PM Pacific time. The management team will engage in a Fireside Chat, which can be accessed live via the Accuray website. This event aims to connect more than 100 corporate management teams with institutional investors to discuss investment opportunities and sector trends in the healthcare space. Accuray is dedicated to improving lives through advanced radiation therapy solutions.
Accuray Incorporated (NASDAQ: ARAY) reported its fiscal Q2 2021 results, with net revenue of $97.5 million, slightly down from $98.8 million year-over-year. The company achieved gross orders of $75.4 million, increasing backlog by 11% to $596.2 million. GAAP net income was $4.8 million or $0.05 per share, a decline from $10.7 million in the prior year due to a non-cash gain. Adjusted EBITDA rose to $13.5 million from $7.1 million. The company did not provide fiscal 2021 guidance due to COVID-19 uncertainties.
Accuray Incorporated (NASDAQ: ARAY) announced promising results from a phase II trial involving 338 women with low-risk breast cancer. Seven years after receiving once-daily accelerated partial breast irradiation (APBI) with the TomoTherapy System, 98.8% achieved local disease control. The study, published in the International Journal of Radiation Oncology*Biology*Physics, found minimal acute and late toxicities. Key findings include 99.4% ipsilateral breast tumor recurrence-free control at 76 months and excellent patient-reported outcomes regarding breast appearance.
Accuray Incorporated (NASDAQ: ARAY) will announce its financial results for the second quarter of fiscal year 2021, ending December 31, 2020, on January 27, 2021, after market close. A conference call is scheduled for the same day at 1:30 p.m. PT / 4:30 p.m. ET to discuss these results. Investors can participate via dial-in or listen to a live webcast available on the Company's Investor Relations website. A replay of the call will also be accessible for one week following the event.
Accuray Incorporated (Nasdaq: ARAY) will participate in the 39th J.P. Morgan Annual Healthcare Conference on January 14, 2021, at 11:00 am Pacific / 2:00 pm Eastern. Josh Levine, President and CEO, is set to present. The presentation can be accessed on Accuray's official website post-event. Institutional investors are invited to arrange one-on-one virtual meetings with senior management during the conference. Accuray is dedicated to advancing radiation therapy solutions for complex medical cases.
Accuray Incorporated (NASDAQ: ARAY) has received 510(k) clearance from the FDA for its ClearRT™ Helical kVCT Imaging. Integrated with the Radixact® System, this advanced imaging solution enhances diagnostic quality, enabling faster patient setup and improved treatment accuracy. Scheduled for commercial release in Spring 2021, ClearRT offers superior image quality and versatility, providing essential support for radiation therapy. Accuray aims to meet the diverse needs of patients while maintaining a high standard of care with this innovative technology.
Accuray Incorporated (NASDAQ: ARAY) announced inducement awards for new Senior Vice President, Quality & Regulatory Affairs, Jim Dennison. Effective November 30, Dennison will receive 56,053 restricted stock units and a stock option for 105,485 shares at an exercise price of $4.46. The awards are not part of the current equity plan but follow guidelines similar to those in the 2016 Equity Incentive Plan. Restricted stock units will vest annually, while the stock option will vest 25% after one year and monthly thereafter, contingent on Dennison's ongoing service.
Accuray Incorporated (NASDAQ: ARAY) and DHL Supply Chain have formed a global service parts logistics partnership aimed at enhancing Accuray's supply chain and customer service capabilities. This collaboration, effective February 2021, will create a dedicated logistics network across 34 warehousing sites in 16 countries, ensuring medical teams have reliable access to critical radiotherapy technologies. DHL's Control Centers in Columbus, Budapest, and Singapore will provide 24/7 operational support, while advanced software tools will enhance inventory management.
Accuray has appointed Jim Dennison as senior vice president of global quality and regulatory affairs, effective immediately. Dennison, with nearly 15 years at GE Healthcare, will oversee quality, regulatory, and government affairs, reporting to Joshua H. Levine, CEO. His previous experience includes managing global design and manufacturing sites, standardizing quality systems, and improving FDA submission processes. Accuray expresses confidence in Dennison's ability to advance quality and regulatory functions to support R&D investments and market expansion.
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