QUOTE AND NEWS
SeekingAlpha  Feb 4  Comment 
By Stephen Simpson, CFA: After a few quarters of "are they or aren't they?" uncertainty about Accuray's (ARAY) turnaround, I think this quarter was a significant step forward for the company. Product revenue and orders have both recovered to...
StreetInsider.com  Jan 31  Comment 
52-Week High: The Manitowoc Company, Inc. (NYSE: MTW) $29.37. Manitowoc up over 18.6 percent after posting Q4 EPS of $0.47 and revs of $1.1 billion, versus consensus estimates looking for EPS of $0.47 and revs of $1.11 billion. Accuray Inc....
SeekingAlpha  Jan 31  Comment 
Accuray Incorporated (ARAY) F2Q 2014 Earnings Conference Call January 30, 2014 04:30 PM ET Executives Lynn Pieper - Investor Relations Counsel, Westwicke Partners Josh Levine - President and CEO Greg Lichtwardt - EVP and Chief...
SeekingAlpha  Jan 30  Comment 
Complete Story »
StreetInsider.com  Jan 30  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/Accuray+Inc.+%28ARAY%29+Tops+Q2+EPS+by+13c/9108092.html for the full story.
SeekingAlpha  Jan 28  Comment 
By Scott Matusow: Written by Scott Matusow and Kyle Dennis We typically cover developmental pharmaceutical companies, but this week we want to bring attention to a medical device company which has had recent unusual bullish options trading...
Benzinga  Dec 18  Comment 
Logitech International SA (NASDAQ: LOGI) shares touched a new 52-week high of $12.83. Logitech's PEG ratio is 1.32. Accuray (NASDAQ: ARAY) shares gained 1.72% to reach a new 52-week high of $8.56. Accuray's trailing-twelve-month revenue is...
StreetInsider.com  Nov 7  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/Accuray+Inc.+%28ARAY%29+Misses+Q1+EPS+by+1c%3B+Reaffirms/8861347.html for the full story.
Benzinga  Oct 8  Comment 
Hanwha SolarOne Co (NASDAQ: HSOL) shares jumped 12.18% to touch a new 52-week high of $5.62. Hanwha SolarOne shares have jumped 372.64% over the past 52 weeks, while the S&P 500 index has gained 16.28% in the same period. ORBCOMM (NASDAQ: ORBC)...
Stock Blog Hub  Oct 7  Comment 
Radiosurgery systems maker, Accuray Incorporated (ARAY) published encouraging data about its CyberKnife Robotic Radiosurgery System, which provides stereotactic body radiation therapy (SBRT) to treat prostrate cancer. Clinical findings from the...





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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.

Competition

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]




References

  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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