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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) reported strong financial results for Q3 fiscal 2023, ending March 31, 2023. Net revenue reached $118.1 million, a 22.8% increase year-over-year, while GAAP net income was $0.6 million, compared to a loss of $1.0 million in the prior year. Adjusted EBITDA surged to $8.3 million, up 53.5%. The company shipped a record 30 systems, marking a 67% growth from the previous year. However, gross product orders were $73.8 million, down from $88.6 million in the same quarter last year, and order backlog decreased by 12.7% to $506.6 million. Fiscal year guidance remains steady, with a focus on continued innovation and strategic partnerships.
Accuray Incorporated (NASDAQ: ARAY) will announce its third quarter fiscal 2023 financial results on April 26, 2023, following the quarter ending March 31, 2023. The company will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET. Interested parties can participate via dial-in or listen to a live webcast on the company's Investor Relations website.
Details for the conference call include dial-in numbers: 833-316-0563 (USA) and 412-317-5747 (international). A replay will be available shortly after the call, lasting for one week. Accuray is dedicated to advancing radiation therapy, aiming to enhance patient care.
Accuray Incorporated (NASDAQ: ARAY) will participate in the 33rd Annual Oppenheimer Healthcare Conference from March 13-15, 2023. The management team is scheduled for a fireside chat on March 14, 2023, at 1:00 PM PST / 4:00 PM EST. A live webcast will be available on the Accuray website, with a replay accessible for 90 days post-event. The Oppenheimer Conference aims to connect institutional investors with diverse healthcare companies across sectors. Accuray, headquartered in Sunnyvale, California, focuses on advancing radiation therapy to enhance patient outcomes.
Accuray Incorporated (NASDAQ: ARAY) will participate in the Cowen 43rd Annual Health Care Conference from March 6-8, 2023. The management team is scheduled for a Fireside Chat on March 6 at 10:30am PST (1:30pm EST). Interested parties can access a live webcast on the Accuray investor website, with a replay available afterward. Accuray is dedicated to advancing radiation therapy technologies to enhance patient care in oncology and neuro-radiosurgery. Based in Sunnyvale, California, the company focuses on innovative solutions to meet diverse patient needs.
Accuray (NASDAQ: ARAY) announced promising results from the PACE-A trial, demonstrating that stereotactic body radiation therapy (SBRT) offers better preservation of urinary continence and sexual function compared to surgery in men with localized prostate cancer. Conducted by The Royal Marsden NHS Foundation Trust and The Institute of Cancer Research, the trial involved 123 patients, with significantly fewer SBRT patients (4.5%) reporting the need for urinary pads than those who underwent surgery (47%). The findings were presented at the ASCO GU symposium, emphasizing SBRT's potential for lessening long-term side effects for patients.
Accuray Incorporated (NASDAQ: ARAY) announced its participation in the virtual BTIG MedTech, Digital Health, Life Science & Diagnostic Tools Conference from February 14-16, 2023. This event is designed exclusively for BTIG clients, offering opportunities for one-on-one meetings with management. Accuray focuses on advancing radiation therapy technologies to enhance patient care in oncology and neuro-radiosurgery. With a commitment to innovation, Accuray aims to improve treatment efficiency for complex cases while streamlining processes for more common conditions. For more information, visit www.accuray.com.
Accuray Incorporated (NASDAQ: ARAY) appointed Robert C. Kill to its Board of Directors, effective January 30, 2023. With over 30 years of experience in healthcare, Kill's previous role as CEO of Parata Systems saw revenue growth exceeding 5X before its sale for over $1.5 billion. His expertise in transforming healthcare companies aligns with Accuray’s strategic focus. Suzanne Winter, President and CEO, expressed enthusiasm about Kill's addition, highlighting his reputation for generating positive business outcomes. Kill aims to leverage Accuray’s radiation therapy technology to unlock its untapped potential.
Accuray reported its Q2 fiscal 2023 results, highlighting net revenue of $114.8 million, a 1.3% decrease year-over-year, impacted by supply chain issues and a $6.1 million foreign exchange loss. Gross orders totaled $79.0 million, down 7.4% YoY, yet improved 13.2% sequentially, with a book-to-bill ratio above 1.2. The company incurred a GAAP net loss of $1.9 million versus a profit of $0.2 million in the previous year. However, adjusted EBITDA rose 24.1% to $8.5 million. Accuray also achieved notable achievements including an IMV Award for Best in Service in Radiation Oncology, with strong order growth in the Americas.
Accuray Incorporated (NASDAQ: ARAY) announced that the European Radiosurgery Center Munich has selected the CyberKnife S7™ System. This decision aims to enhance the Center's capabilities to treat a higher volume of patients requiring advanced radiosurgery treatments.
With nearly 18 years of experience, the Center has treated over 10,000 patients, emphasizing the system's precision for delivering focused radiation. The new installation will allow for a broader range of tumor types to be treated, minimizing the time required compared to conventional therapies. Accuray expresses gratitude for the Center's long-term collaboration, aiming for improved patient outcomes.
Accuray Incorporated (NASDAQ: ARAY) is set to release its financial results for the second quarter of fiscal year 2023, which ended on December 31, 2022. This announcement will occur after the market closes on February 1, 2023. Following the results, management will conduct a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss the figures. Participants can join via provided dial-in numbers or listen in through a live webcast available on the Investor Relations section of their website.
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