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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) showcased its latest innovations in radiation therapy at the ASTRO Annual Meeting on Nov 10, 2020. The company emphasized the enhanced capabilities of its CyberKnife and TomoTherapy platforms, particularly the Radixact System, designed for hypofractionated treatments. Notable advancements include the Synchrony Motion Synchronization technology, enabling real-time adaptive therapy, and the CyberKnife S7 System, ensuring precision in delivering treatments. The introduction of ClearRT Helical kVCT Imaging further enhances patient care through improved imaging capabilities.
Accuray Incorporated (NASDAQ: ARAY) reported its Q1 fiscal 2021 results, ending September 30, 2020, with net revenue of $85.3 million and operating income of $5.5 million. Adjusted EBITDA increased to $9 million from a loss of $1 million year-over-year. Gross orders were $50.5 million, and the backlog rose to $597.3 million, marking a 21% increase compared to the previous year. Notably, revenue from products decreased from $37.6 million to $31.3 million, while service revenue grew slightly to $54.1 million. The company refrained from providing fiscal 2021 guidance due to COVID-19 uncertainty.
Accuray Incorporated (NASDAQ: ARAY) announced a collaboration with Brainlab to enhance the CyberKnife treatment platform for neuro-radiosurgery. This partnership will integrate Brainlab's Elements planning software, improving contouring capabilities for neurosurgeons. Additionally, interoperability with Brainlab's Snke OS will streamline patient data management and optimize treatment workflows. The CyberKnife S7 System utilizes advanced robotic technology for precise radiation therapy targeting tumors while preserving healthy tissue. The collaboration aims to elevate the standard of care in neurosurgery.
Accuray Incorporated (NASDAQ: ARAY) has appointed Mike Leischer as vice president and general manager of the Americas region, effective immediately. Leischer brings over 23 years of experience in sales and strategy from companies like Canon Medical Systems USA and GE Healthcare. His role will involve leading commercial teams and driving business strategy to meet the company's objectives. Leadership expressed confidence in his ability to enhance market share and build strategic partnerships, stating this is a pivotal time for Accuray due to its product portfolio.
Accuray Incorporated (NASDAQ: ARAY) will report its financial results for the first quarter of fiscal year 2021, ending September 30, 2020. The announcement will be made after the market closes on October 29, 2020. Management will conduct a conference call at 1:30 p.m. PT on the same day to discuss the results. Dial-in details are provided for both domestic and international participants. A live webcast will also be available on the company’s Investor Relations website, with a replay accessible until the next quarterly results are announced.
Accuray Incorporated (NASDAQ: ARAY) will host an Analyst & Investor Meeting on October 26, 2020, in conjunction with the ASTRO Annual Meeting. The virtual event will run from 1:00 pm ET to 3:00 pm ET. Management will discuss the company's growth strategies focused on advancing radiation therapy, featuring insights from physician guest speakers. Registration is required by October 20, 2020, and a replay will be available post-event on Accuray's website.
Accuray Incorporated (NASDAQ: ARAY) has announced that several leading hospitals in Japan are now utilizing its Radixact® System combined with Synchrony® Automatic, Real-time Motion Synchronization Technology for advanced cancer treatments. This technology allows more precise treatment of tumors that move, reducing radiation exposure to healthy tissue. Notably, Takarazuka City Hospital treated the first Synchrony patient in Asia and was the first globally to perform a liver treatment with this technology. The adoption of these systems in Japan, which has the highest penetration of such innovations, aims to enhance cancer care and treatment outcomes.
Accuray Incorporated (NASDAQ: ARAY) will present at the Lake Street Capital Markets Best Ideas Growth (BIG4) Conference on September 17, 2020. CEO Joshua H. Levine and CFO Shig Hamamatsu are set to share insights with institutional investors during this virtual event. Prior to the conference, management will engage in various one-on-one and group discussions throughout the day. For more information, visit Lake Street Capital Markets.
Accuray Incorporated (NASDAQ: ARAY) has announced a significant milestone with the University Hospital Città della Salute e della Scienza in Turin, Italy, successfully treating the first cancer patients in the EIMEA region using the Radixact® System featuring Synchrony® technology. This innovative approach allows for personalized cancer care by adapting treatment based on real-time patient movements, enhancing the precision of radiation therapy. The first patient treated was an 85-year-old man with early-stage lung cancer, benefiting from the system's ability to minimize harm to healthy tissues.
Accuray reported its Q4 and fiscal year 2020 results, highlighting gross orders of $94.3 million and a net revenue of $95.0 million. The company experienced a net loss of $0.8 million for Q4, while fiscal year net income reached $3.2 million. Notably, gross product orders increased by 10% to $377.3 million year-over-year, with an ending backlog of $602.7 million, up 22%. However, the company refrained from providing guidance for fiscal 2021 due to uncertainties surrounding COVID-19.
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