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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.
GE Healthcare and Accuray Incorporated (NASDAQ: ARAY) have signed a global commercial collaboration agreement aimed at enhancing personalized cancer treatment. The partnership will merge GE's advanced diagnostic tools with Accuray's radiation therapy technologies to improve patient care throughout the cancer journey, focusing initially on lung and brain cancers. This collaboration promotes early detection and precise treatment delivery, while also emphasizing digitalization and interoperability in healthcare systems. The companies aim to increase access to effective radiation therapy for cancer patients globally.
Accuray Incorporated (NASDAQ: ARAY) will announce its financial results for the first quarter of fiscal year 2023, which concludes on September 30, 2022, after market close on November 2, 2022. Following the release, management will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results. The call can be accessed via dial-in numbers or through a live webcast on their Investor Relations website.
Accuray is focused on innovative radiation therapy solutions for oncology and neuro-radiosurgery, aiming to enhance patient outcomes.
Accuray Incorporated (NASDAQ: ARAY) has partnered with C-RAD AB to introduce a new breast cancer treatment package for the Radixact® System, set to be unveiled at the ASTRO Annual Meeting in San Antonio, Texas, from October 23-26, 2022. This package features an integrated Deep Inspiration Breath Hold (DIBH) solution that enhances treatment precision and safety for breast cancer patients. Accuray's advancements in the Radixact System reflect their commitment to innovation in radiation therapy, particularly relevant during Breast Cancer Awareness Month.
Recent findings from the PACE-B trial published in The Lancet Oncology reveal that patients receiving CyberKnife SBRT for prostate cancer experience significantly fewer bladder side effects compared to those treated with conventional SBRT. The study's results, based on nearly 20 years of clinical data, suggest a notable reduction in late-grade bladder toxicities. This innovative treatment method, which administers high doses of radiation over fewer sessions, promises enhanced disease control with minimal long-term side effects, indicating a shift toward more patient-friendly radiation therapy options.
Accuray Incorporated (NASDAQ: ARAY) will host a key opinion leader (KOL) discussion for analysts and investors on October 24, 2022, during the American Society of Radiation Oncology (ASTRO) Annual Meeting. The event will be held both in-person and virtually, starting at 3:30 pm CT (4:30 pm ET). KOLs will discuss clinical innovation and share insights on Accuray’s technology. Attendees must register by October 18, 2022, with a replay available online after the event.
Accuray (NASDAQ: ARAY) has expanded its global presence by introducing the CyberKnife system in Africa, specifically at the Children's Cancer Hospital 57357 in Egypt and the Kenyatta University Teaching, Referral & Research Hospital in Kenya. This innovative robotic radiation therapy can treat various tumors in just 1 to 5 outpatient sessions, significantly reducing treatment time and improving patient quality of life. With cancer cases projected to rise sharply in these regions, this launch aims to enhance patient access to advanced radiation therapies and improve healthcare equity.
Accuray Incorporated (NASDAQ: ARAY) appointed Seth Blacksburg, M.D., MBA as the vice president and chief medical officer for the Americas on Sept. 14, 2022. Dr. Blacksburg will lead strategic clinical insights to enhance commercial growth in North and South America. He brings extensive expertise in radiation oncology and has a history of improving patient care while achieving hospital economic goals. Prior to Accuray, he led radiation medicine at Lenox Hill Hospital, achieving significant departmental growth. His appointment aims to expand access to Accuray's innovative radiation therapy solutions.
Accuray (ARAY) collaborates with Genolier Innovation Hub, a subsidiary of AEVIS Victoria SA, to enhance patient care through innovation in medical technology. The Hub, opening in early 2024 in Switzerland, aims to unite various sectors, including medtech and pharma, facilitating advancements in healthcare. It will provide training facilities for radiation therapy and promote collaborative research. Accuray's CyberKnife and Radixact Systems will be showcased, reinforcing their commitment to improving radiation therapy for cancer treatment.
Accuray Incorporated (NASDAQ: ARAY) reported FY22 revenue growth of 8.5%, totaling $429.9 million. The fourth quarter ended June 30, 2022, saw gross orders of $88.3 million and net revenue of $110.0 million. Despite a GAAP net loss of $3.5 million for Q4, there was an improved loss compared to last year. Adjusted EBITDA for FY22 was $22.8 million. The company’s ClearRT™ imaging technology won a prestigious award. However, the ending backlog decreased by 8.6% to $563.7 million.
Accuray Incorporated (NASDAQ: ARAY) will release its financial results for Q4 and fiscal year 2022, closing on June 30, 2022, on August 10, 2022, post-market. A conference call will follow at 1:30 p.m. PT/4:30 p.m. ET. Investors can access the call at (833) 316-0563 (USA) or (412) 317-5747 (International), with a replay available for one week. The webcast will be hosted on Accuray's Investor Relations website, remaining accessible until the Q1 results for fiscal year 2023 are announced. Accuray focuses on innovative radiation therapy solutions for oncology and neuro-radiosurgery.
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