StreetInsider.com  Sep 9  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Accuray+%28ARAY%29+Enters+Exclusing+Purchasing+Agreement+with+Premier+%28PINC%29/9816679.html for the full story.
SeekingAlpha  Aug 23  Comment 
By Stephen Simpson, CFA: The good news at Accuray (NASDAQ:ARAY) is that management has established a good track record for doing what they say they are going to do - the service operations are running much better, the multileaf collimator (or MLC)...
SeekingAlpha  Aug 22  Comment 
By SA Transcripts: Accuray, Inc. (NASDAQ:ARAY) Q4 2014 Earnings Conference Call August 21, 2014 16:30 ET Executives Jamar Ismail - IR, Westwicke Partners Josh Levine - President, CEO Greg Lichtwardt - CFO, EVP Analysts ...
SeekingAlpha  Aug 21  Comment 
By SA Transcripts: The following audio is from a conference call that will begin on August 21, 2014 at 16:30 PM ET. The audio will stream live while the call is active, and can be replayed upon its completion. Listen now Complete Story »
Benzinga  Jun 13  Comment 
Analysts at Roth Capital upgraded Intel (NASDAQ: INTC) from “neutral” to “buy.” The target price for Intel has been raised from $28 to $35. Intel's shares closed at $27.96 yesterday. Analysts at JP Morgan upgraded Accuray (NASDAQ: ARAY)...
Forbes  May 7  Comment 
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that...
SeekingAlpha  May 2  Comment 
By Stephen Simpson, CFA: What Accuray (ARAY) is attempting to do is not easy, and that at least partially explains why the company continues to see lumpy progress on its path toward becoming a fully-fledged growth med-tech. It's hard enough to...
TheStreet.com  May 1  Comment 
NEW YORK (TheStreet) -- Accuray shares are down -8.4% to $7.70 on Thursday following the release of its third quarter earnings results.The company reported a year over year quarterly revenue increase of 38% to $97.1 million, beating analysts...
SeekingAlpha  May 1  Comment 
Accuray Incorporated (ARAY) F3Q 2014 Results Earnings Conference Call April 30, 2014 04:30 PM ET Executives Lynn Pieper - Investor Relations Josh Levine - President and CEO Greg Lichtwardt - EVP and Chief Financial Officer ...
StreetInsider.com  Apr 30  Comment 
Weight Watchers Int'l (NYSE: WTW) 11.4% HIGHER; reported Q1 EPS of $0.38, $0.29 better than the analyst estimate of $0.09. Revenue for the quarter came in at $409.4 million versus the consensus estimate of $399.2 million. Weight Watchers...

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Accuray develops systems for radiation therapy to treat solid tumors. Its lead product is the CyberKnife® Robotic Radiosurgery System, the system has been used for the head and neck, outside of the brain for tumors on or near the spine and in the lung, liver, prostate and pancreasas, an alternative to traditional surgery. It is an intelligent robotic surgery system combining continuous image-guidance technology with a compact linear accelerator. The system uses a compact radiation treatment device to create high-energy X-ray beams to destroy tumors. The company has installed systems in the Americas, Asia, and Europe.[1]

Business Growth

In March 2011, Accuray announced the acquisition of TomoTherapy Incorporated (TOMO). TOMO develops advanced radiation therapy solutions for oncology care. Accuray and Tomotherapy serve complementary populations ranging from high-precision radiosurgery for early-stage and localized disease to image-guided, intensity-modulated radiation therapy for more advanced disease sites throughout the body.[2]

The acquisition of TOMO will broaden Accuray's global presence to include 32 countries and more than 550 units. Combination of the two companies 2010 revenues exceeded $400 million.[2]

Trends and Forces

Growing number of cancer patients drives demand for radiotherapy

The World Health Organization estimates that over 11 million people each year have new cases of cancer globally and predicted the annual number of new cancer patients to rise to 15.5 million by 2030.[3] Approximately 50% of cancer patients in the United States receive radiation therapy [4], and some doctors believe that this percentage will increase since the most precise, targeted radiation therapy in some case can replace surgery. [5] To prevent unreasonably long wait times for patients, more hospitals and clinics will need to install radiation treatment facilities. However, growing demand for radiotherapy equipment is also contingent on the availability (or lack thereof) of more effective technologies.

Hospitals and research institutions require large budgets and financing for products

Accuray's Cyberknife System alone is over $4 million with treatments ranging from $11,000 to $30,000. Equipment used for particle physics research varies from customer to customer, since most is highly specialized, but has costs starting in the billions of dollars. During years of low interest rates, US hospitals used auction-rate securities to raise capital, but these markets dried up when the credit crunch hit the global economy.


Accuray competes directly with large companies such as Varian Medical Systems (VAR), Siemens and Philips, and with smaller, more specialized radiation therapy equipment companies such as [[Elekta]. Indirectly, Accuray competes with all other cancer treatment equipment makers, since different cancer treatments are sometimes interchangeable or used in conjunction.

  • Elekta -B- FR (STO:EKTA B) produces versatile systems similar to Accuray, but its best-known product is the Leksell Gamma Knife, used to perform radiosurgery on brain tumors and eliminating the need for open brain surgery.
  • Varian Medical Systems (VAR)- is the world's largest producer of cutting-edge radiation therapy equipment used to treat cancerous tumors. Its other, significantly smaller businesses include X-ray tubes for scientific research and X-ray security equipment.[6]


  1. Accuray 2010 10k
  2. 2.0 2.1 Accuray to Acquire TomoTherapy for Approximately $277 Million in Cash and Stock Tmotherpay.com Company News, March 7, 2011
  3. "Are the number of cases of cancer increasing or decreasing in the world?," WHO, 1 April 2008
  4. "Radiation Therapy: Questions and Answers," National Cancer Institute
  5. "State calls for more cancer facilities," The Boston Globe, 18 September 2006
  6. VAR 2009 10-K "Overview" pg. 3-4
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