Major Estimate Revision • May 13
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$443.2m to US$406.8m. Losses expected to increase from US$0.28 per share to US$0.38. Medical Equipment industry in the US expected to see average net income growth of 13% next year. Consensus price target down from US$2.53 to US$0.35. Share price fell 37% to US$0.30 over the past week. Breakeven Date Change • May 11
No longer forecast to breakeven The 2 analysts covering Accuray no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$15.0m in 2028. New consensus forecast suggests the company will make a loss of US$17.3m in 2028. Announcement • Apr 23
Accuray Incorporated to Report Q3, 2026 Results on May 06, 2026 Accuray Incorporated announced that they will report Q3, 2026 results on May 06, 2026 Announcement • Apr 07
Accuray Incorporated Appoints Paul Miele As Senior Vice President And Chief Commercial Officer, Effective April 6, 2026 Accuray Incorporated announced the appointment of Paul Miele as Senior Vice President and Chief Commercial Officer, effective April 6, 2026. Mr. Miele is a seasoned commercial executive with nearly two decades of experience leading and scaling global capital medical device businesses across the Americas, EMEA, and APAC. Most recently, Mr. Miele served as Business Unit Leader and General Manager for the MONARCH robotic platform at Johnson & Johnson MedTech, where he was recruited to lead a commercial turnaround. In that role, he rebuilt the commercial operating model, reactivated the installed base, strengthened service and solutions monetization, and accelerated capital equipment sales, reversing a revenue decline trend and generating double digit percentage annual sales growth during his tenure. Prior to Monarch, Mr. Miele was similarly successful in senior commercial roles at Globus Medical and Intuitive Surgical. As Chief Commercial Officer, Mr. Miele will be responsible for defining and executing Accuray's global commercialization strategy across sales, marketing, pricing and market access, commercial partnerships, and launch excellence. Announcement • Feb 10
Accuray Incorporated announced delayed 10-Q filing On 02/09/2026, Accuray Incorporated announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Feb 07
Accuray Incorporated Receives Notice of Non-Compliance with Nasdaq Bid Price Rule On February 2, 2026, Accuray Incorporated (the Company) received a notice from the Nasdaq Listing Qualifications Department (the “Nasdaq Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price for the last 30 consecutive business days, the Company was no longer in compliance with Nasdaq Listing Rules 5550(a)(2) (the “Bid Price Rule”) which requires listed securities to maintain a minimum bid price of $1 per share. The notification has no immediate effect on the listing of the Company’s common stock, and its common stock will continue to trade on Nasdaq under the symbol “ARAY” at this time. Nasdaq has provided the Company with a 180 calendar days compliance period (the “Compliance Period”), or until August 3, 2026, in which to regain compliance with the Bid Price Rule. In order to regain compliance with Nasdaq’s Bid Price Rule, shares of the Company’s common stock must maintain a closing bid price of at least $1.00 for a minimum of ten consecutive business days during the Compliance Period, unless the Nasdaq Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). In the event that the Company does not regain compliance in the Compliance Period, the Company may be eligible for an additional 180 calendar days (the “Second Compliance Period”) pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(i) by transferring to the Nasdaq Capital Market. To qualify for the Second Compliance Period, the Company would need to submit a transfer application and pay an application fee. In addition, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Bid Price Rule, and would need to provide written notice of its intention to cure the deficiency during the Second Compliance period, by effecting a reverse stock split, if necessary. However, if it appears that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company’s securities will be subject to delisting. There can be no assurance that the Company will be eligible for the Second Compliance Period, if applicable, or that the Nasdaq Staff would grant the Company’s request for continued listing subsequent to any delisting notification. The Company is currently evaluating options to regain compliance and intends to timely regain compliance with the Bid Price Rule. Although the Company will use all reasonable efforts to achieve compliance with Rule 5550(a)(2), there can be no assurance that the Company will be able to regain compliance with the Bid Price Rule or will otherwise be in compliance with other Nasdaq continued listing requirements. Reported Earnings • Feb 05
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: US$0.11 loss per share (down from US$0.025 profit in 2Q 2025). Revenue: US$102.2m (down 12% from 2Q 2025). Net loss: US$13.8m (down US$16.3m from profit in 2Q 2025). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Announcement • Feb 05
Accuray Incorporated Updates Earnings Guidance for the Fiscal Year 2026 Accuray Incorporated update earnings guidance for the fiscal year 2026. For the period, the company expects total net revenue in the range of $440 million to $450 million. Announcement • Jan 22
Accuray Incorporated to Report Q2, 2026 Results on Feb 04, 2026 Accuray Incorporated announced that they will report Q2, 2026 results at 4:00 PM, US Eastern Standard Time on Feb 04, 2026 Announcement • Jan 21
Accuray Incorporated Announces Resignation of Sandeep Chalke as Senior Vice President and Chief Commercial Officer, Effective March 31, 2026 Accuray Incorporated announced that on January 15, 2026, Sandeep Chalke provided notice of his intent to resign from his position as Senior Vice President and Chief Commercial Officer of the company, with the resignation effective on March 31, 2026. Mr. Chalke’s resignation was not a result of any disagreement with the Company or the Board of Directors of the Company, or any matter relating to the Company’s operations, policies or practices. Announcement • Jan 01
Accuray Incorporated Announces Retirement of Byron C. Scott as Class III Director and Including All Committees, Effective December 31, 2025 On December 27, 2025, Byron C. Scott, a Class II director of Accuray Incorporated, informed the company’s Board of Directors that he will retire from the Board, including all committees of the Board on which he sits, effective December 31, 2025. The decision by Mr. Scott to retire from the Board is not due to any disagreement with the Company or the Board, or any matter relating to the Company’s operations, policies or practices. New Risk • Dec 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.0m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$14m net loss in 2 years). Market cap is less than US$100m (US$97.0m market cap). Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 929% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$475.2m to US$466.7m. Losses expected to increase from US$0.035 per share to US$0.36. Medical Equipment industry in the US expected to see average net income growth of 17% next year. Consensus price target down from US$4.75 to US$3.88. Share price fell 11% to US$1.04 over the past week. Breakeven Date Change • Nov 14
Forecast breakeven date pushed back to 2028 The 2 analysts covering Accuray previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of US$8.60m in 2028. Average annual earnings growth of 42% is required to achieve expected profit on schedule. Reported Earnings • Nov 06
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: US$0.18 loss per share (further deteriorated from US$0.039 loss in 1Q 2025). Revenue: US$93.9m (down 7.5% from 1Q 2025). Net loss: US$21.7m (loss widened 448% from 1Q 2025). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Nov 06
Accuray Incorporated Reaffirms Earnings Guidance for the Fiscal Year 2026 Accuray Incorporated reaffirmed earnings guidance for the fiscal year 2026. The company expects total net revenue in the range of $471 million to $485 million. Announcement • Oct 29
Accuray Incorporated to Report Q1, 2026 Results on Nov 05, 2025 Accuray Incorporated announced that they will report Q1, 2026 results on Nov 05, 2025 Announcement • Oct 08
Accuray Incorporated Announces Milestone for Cancer Patients in Melbourne, Australia with First SBRT Treatments Using the CyberKnife® System Accuray Incorporated announced that 5D Clinics has treated the first patients in the city of Melbourne, Australia, using the CyberKnife S7™ System. 5D Clinics and joint venture partner Icon Group will open and operate CyberKnife System centers across Australia, with the goal of making it easier for cancer patients to obtain precision robotic stereotactic body radiation therapy (SBRT) and stereotactic radio surgery (SRS) treatments closer to home. With an initial focus on the East Coast of Australia, the new center in Melbourne is the first to be managed by the J. The number of new cancer cases diagnosed in Australia is projected to grow from 212,332 in 2022 to 318,285 in 20451, a nearly 50% increase. The rise in patient diagnoses reinforces the need for innovative new treatment options, such as the CyberKnife System, that can effectively manage the disease while improving the care journey and its impact on patients' quality of life. The CyberKnife S7™ System combines speed, precision, and artificial intelligence (AI) to track and automatically adapt for movement during treatment, delivering the radiation dose directly to the target anywhere in the body. The precision and accuracy of the system enables medical teams to deliver very high doses of radiation in a few days versus conventional fractionation which often require 30-40 sessions. The entire CyberKnife System procedure is typically completed in just 1 to 5 out-patient sessions, making radiation treatments delivered with sub-millimeter precision and accuracy an option for people unable to travel a month or more for care. alphaXRT is the exclusive distributor, installer and training partner for the Accuray CyberKnife and TomoTherapy® platform portfolios in Australasia. In close cooperation with the Accuray global team, 5D Clinics and Icon Group, they supported the entire CyberKnife System installation process through the first patient treatment, and will provide ongoing service and assistance. Announcement • Oct 02
Accuray Incorporated, Annual General Meeting, Nov 13, 2025 Accuray Incorporated, Annual General Meeting, Nov 13, 2025. Announcement • Sep 26
Accuray Incorporated Launches All-In-One Radiotherapy Solution with Advanced Capabilities Designed to Set A New Standard in Cancer Care Accuray Incorporated announced that the company is advancing its legacy of leadership in adaptive radiotherapy with the introduction of the Accuray Stellar™? Solution. Initially for the U.S. market, the new Accuray technology is not just a system, it's a solution, comprised of a comprehensive tool set designed to empower clinical teams to address the evolving treatment needs of patients undergoing radiotherapy. The Accuray Stellar solution, a configuration of the Radixact®? Treatment Delivery System, will be featured at Accuray booth #525 during the 2025 American Society for Radiation Oncology (ASTRO) Annual Meeting in San Francisco, California, September 28 - 30, 2025. Meeting attendees are invited to attend the U.S. unveiling at the company's booth on September 28, at 11:30 am PT. To broaden the reach of transformative cancer care, Accuray Stellar easily integrates with the company's proprietary software and hardware solutions -- and vendor partner technologies -- expanding the range of available radiation delivery options and streamlining the treatment workflow for each patient. With Accuray Stellar, clinicians have access to a solution capable of the full range of delivery modalities, from image-guided radiation therapy (IMRT) to stereotactic body radiation therapy (SBRT) treatments and surface-guided ration therapy (SGRT), to optimize outcomes for standard radiation therapy indications including breast, prostate, lung, and head and neck cancers, in addition to complex treatments such as total marrow radiation. Accuray Stellar provides a unique option for accurately delivering radiation while correcting for changes in the size or shape of the tumor, and patient or tumor movement, that can occur while patients undergo care. The solution offers a versatile and simplified path to adaptive radiotherapy developed to provide the foundation for adaptive care that can evolve with each patient's needs. The adaptive suite ranges from real-time motion tracking and correction, with Synchrony®? technology, to offline adaptive protocols featuring PreciseART®?, as well as an online-adaptive ready interface (a prerequisite for OART), providing the foundation for adaptive care that evolves with each patient's needs. Medical care teams can also leverage one of the company's latest innovations, Adapt LTE powered by Accuray Cenos, only available on Accuray Stellar. Price Target Changed • Sep 23
Price target decreased by 8.1% to US$4.75 Down from US$5.17, the current price target is an average from 2 analysts. New target price is 176% above last closing price of US$1.72. Stock is down 2.8% over the past year. The company is forecast to post a net loss per share of US$0.035 next year compared to a net loss per share of US$0.015 last year. Announcement • Aug 23
Accuray Incorporated Announces Management Resignation On August 19, 2025, Robert C. Kill, a Class I director of Accuray Incorporated (the Company"), informed the Company's Board of Directors (the Board") of his intention not to stand for re-election at the Company's 2025 annual meeting of stockholders to be held in November 2025 (the Annual Meeting"). Mr. Kill will continue to serve as a director and member of the Compensation Committee of the Board until the conclusion of the Annual Meeting. The decision by Mr. Kill to not stand for re-election is not due to any disagreement with the Company or the Board, or any matter relating to the Company's operations, policies or practices. On August 19, 2025, Jesse Chew provided the Company with notice of his intent to resign from his position as Senior Vice President, Chief Legal Officer and Corporate Secretary of the Company, which resignation will be effective on September 19, 2025. Mr. Chew has agreed to consult with the Company through December 31, 2025, subject to terms to be agreed upon between the Company and Mr. Chew. Mr. Chew's resignation was not a result of any disagreement with the Company or the Board, or any matter relating to the Company's operations, policies or practices. Major Estimate Revision • Aug 20
Consensus estimates of losses per share improve by 36% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$445.1m to US$475.8m. EPS estimate increased from -US$0.047 per share to -US$0.03 per share. Medical Equipment industry in the US expected to see average net income growth of 17% next year. Consensus price target up from US$5.17 to US$5.50. Share price was steady at US$1.51 over the past week. Reported Earnings • Aug 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: US$0.015 loss per share (improved from US$0.16 loss in FY 2024). Revenue: US$458.5m (up 2.7% from FY 2024). Net loss: US$1.59m (loss narrowed 90% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Aug 14
Accuray Incorporated Provides Earnings Guidance for Fiscal Year Ending June 30, 2026 Accuray Incorporated provided earnings guidance for fiscal year ending June 30, 2026. For the year, the company expects total net revenue in the range of $471 million to $485 million. GAAP net loss expected to be $12,000,000 to $8,000,000. Announcement • Jul 31
Accuray Incorporated to Report Q4, 2025 Results on Aug 13, 2025 Accuray Incorporated announced that they will report Q4, 2025 results on Aug 13, 2025 Recent Insider Transactions • Jun 18
Independent Chairman of the Board recently bought US$62k worth of stock On the 13th of June, Joseph Whitters bought around 50k shares on-market at roughly US$1.25 per share. This transaction amounted to 8.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Joseph's only on-market trade for the last 12 months. Price Target Changed • Jun 12
Price target decreased by 8.1% to US$5.17 Down from US$5.63, the current price target is an average from 3 analysts. New target price is 313% above last closing price of US$1.25. Stock is down 29% over the past year. The company is forecast to post a net loss per share of US$0.0033 next year compared to a net loss per share of US$0.16 last year. Announcement • Jun 06
Accuray Incorporated Appoints Steven F. Mayer to Its Board Accuray Incorporated has entered into a governance agreement with TCW Asset Management Company LLC, which provides for the appointment of one director to Accuray's Board of Directors. TCW has designated, and Accuray has appointed, Steven F. Mayer to its Board. Mr. Mayer serves as Chairman of the Operations Advisory Council and senior advisor to the private credit group of TCW. Previously, Mr. Mayer was the Executive Chairman of Grifols, SA, a publicly traded global healthcare company, and Co-Head of Global Private Equity and Chairman of the Investment Committee of Cerberus Capital Management, L.P., a private investment firm with approximately $60 billion of capital under management. He has extensive governance experience, having served as a member of the Boards of Directors of more than 30 other public and private companies spanning a range of industries, including medical technology and biotherapeutics. Price Target Changed • May 07
Price target decreased by 8.2% to US$5.63 Down from US$6.13, the current price target is an average from 4 analysts. New target price is 314% above last closing price of US$1.36. Stock is down 19% over the past year. The company is forecast to post a net loss per share of US$0.0075 next year compared to a net loss per share of US$0.16 last year. Announcement • May 02
Accuray Incorporated Provides Earnings Guidance for the Fourth Quarter of 2025 Accuray Incorporated provided earnings guidance for the fourth quarter of 2025. For the quarter, the company expects revenues to be in the range of $121 million to $129 million. New Risk • May 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Large one-off items impacting financial results. Announcement • May 01
Accuray Incorporated Provides Earnings Guidance for the Full Year 2025 Accuray Incorporated provided earnings guidance for the full year 2025. For the period, the company's Total revenue is expected in the range of $452 millionto $460 million. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Independent Director Rob Kill was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 17
Accuray Incorporated to Report Q3, 2025 Results on Apr 30, 2025 Accuray Incorporated announced that they will report Q3, 2025 results on Apr 30, 2025 Announcement • Apr 03
Accuray Incorporated Announces New Data on the Clinical Use of the CyberKnife System Accuray Incorporated announced that new data on the clinical use of the CyberKnife® System reinforce the device's broad-based radiation treatment capabilities for central nervous system (CNS) tumors. Malignant brain and other CNS tumors are considered to be some of the most fatal types of cancer and contribute to significant morbidity and mortality in the United States1. The studies, involving the delivery of stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT), were presented at the recent 2025 Radiosurgery Society (RSS) Scientific Meeting in Tucson, Arizona. SRS and SBRT are non-surgical procedures that deliver precisely targeted doses of radiotherapy, typically in one to five treatment sessions, with the goal of ablating (destruction) the tumor or lesion. To achieve the accuracy and precision required, the CyberKnife System uses image guidance during treatment, and leverages potentially 1,000 different beam angles targeting the tumor as well as Synchrony® adaptive delivery, which adjusts the aim of the beam in real time to correct for tumor or patient motion. The studies presented at this year's Radiosurgery Society meeting underscore both the long-term efficacy and expanding applications of the CyberKnife System. Whether treating benign tumors like vestibular schwannoma or managing complex conditions such as spinal metastases and trigeminal neuralgia, the common thread is the need for precise, highly targeted radiation delivery -- a hallmark of the CyberKnife System; These new data not only reinforce its value in central nervous system treatments but also add to the growing body of evidence supporting its role in improving both the quality and longevity of patients' lives; 25-year data were reported for patients in a single institution study retrospectively evaluating SRS for the treatment of VS (also known as acoustic neuroma) using the CyberKnife System. A non-cancerous, usually slow-growing brain tumor, VS can cause hearing loss, ringing in the ear, and dizziness or loss of balance. Pain improved or disappeared in 90% of those evaluated and only 3% developed paresthesia - a sensation of tingling, "pins and needs" or numbness - considered bothersome. Data indicate radiosurgery provides an option for a patient population that may have limited choices because health issues preclude surgery or they are unresponsive to medication4. An evaluation of SRS for occipital condyle metastasis (OCM) using the CyberKnife system found the treatment offers significant pain relief, excellent local control rates and improvement in neurological symptoms. A 93.8% local tumor control rate was achieved over three years. Reported Earnings • Feb 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.025 (up from US$0.098 loss in 2Q 2024). Revenue: US$116.2m (up 8.3% from 2Q 2024). Net income: US$2.54m (up US$12.2m from 2Q 2024). Profit margin: 2.2% (up from net loss in 2Q 2024). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Feb 06
Accuray Incorporated Raises Earnings Guidance for the Year 2025 Accuray Incorporated raising earnings guidance for the year 2025. For the year, the company expects total revenue is expected in the range of $463 million to $475 million. Announcement • Jan 23
Accuray Incorporated to Report Q2, 2025 Results on Feb 05, 2025 Accuray Incorporated announced that they will report Q2, 2025 results on Feb 05, 2025 Announcement • Jan 21
Accuray Incorporated Appoints Leonel Peralta as Senior Vice President, Chief Operations Officer, Effective February 3, 2025 Accuray Incorporated announced that Leonel Peralta is joining the company as Senior Vice President, Chief Operations Officer, effective February 3, 2025. Mr. Peralta will be responsible for leading worldwide manufacturing operations including driving alignment of operations with corporate business goals, maximizing supply chain profitability and efficiency, and ensuring processes support best-in-class customer service. He will report to Accuray President and Chief Executive Officer Suzanne Winter. Mr. Peralta has a proven work history in driving growth while improving productivity and bringing more than 25 years of leadership experience in supply chain, business process improvement, and manufacturing optimization. Most recently, Leonel was Vice President, Head of Global Operations for the ultrasound division at Siemens Healthineers where he led the transformation of supply chain processes, the manufacturing footprint and the organizational structure, for the ultrasound business unit within the company. Prior to this, Leonel held executive management positions at Medtronic Diabetes, Hill-Rom (Baxter), KCI Medical (3M), and GE Healthcare. Under his leadership his teams executed corporate growth and financial objectives, significantly reduced inventory levels, and transformed sourcing and supply chain operations. Announcement • Jan 15
Accuray Incorporated Announces China National Medical Products Administration Approval of Radixact SynC and CyberKnife S7 Systems Accuray Incorporated announced that the company's Radixact SynC System and CyberKnife S7 System have been approved by the Chinese National Medical Products Administration (NMPA). With these approvals medical care teams can provide patients in China the most advanced Accuray radiation therapy solutions. The CyberKnife S7 System is the latest generation CyberKnife platform and the introduction of the Radixact SynC System marks the first approval in the country for the ClearRT kVCT imaging and Synchrony real-time adaptive delivery technology on the Radixact System. The Radixact SynC and CyberKnife S7 Systems are designed to improve the radiation treatment experience while making high precision care available for more patients. Radixact SynC System: Cancer Treatment that Revolves Around the Patient: The Radixact SynC System's helical design enables the delivery of precise doses of radiation continuously from multiple 360-degree rotations around the patient, providing greater control of the radiation dose so it conforms precisely to the tumor and minimizes dose to healthy tissue. The Radixact SynC System is currently the only helical delivery device in China with Synchrony real-time target tracking and correction technology. The addition of Synchrony to the Radixact System is designed to facilitate more precise delivery of radiation to tumors that move as a result of bodily processes or patient movement. The Accuray proprietary Synchrony technology is unique in using image guidance during radiation treatment delivery to detect motion and automatically adapt and synchronize the radiation beam in real-time with the movement of the target. ClearRT is a helical kVCT fan-beam integrated imaging solution for the Radixact System, providing clinicians with an option for easily, quickly and cost effectively acquiring diagnostic-like quality CT images. These images enable high confidence in the patient set-up and registration steps that form the basis of radiation therapy treatment delivery and monitoring and are key to the successful treatment of organ-confined tumors, locally advanced tumors and metastatic tumors. The CyberKnife S7 System: Robotic Precision that Makes Treatment Possible in just 1 to 5 Out-Patient Sessions: The new generation CyberKnife platform delivers the extremely precise radiation treatments clinicians have come to expect with the system, combined with the speed they need to support their busy practices. The CyberKnife S7 System is a robotic, non-invasive radiosurgery device capable of treating cancerous and benign tumors throughout the body with sub-millimetric accuracy in as little as 15 minutes, enabling medical care teams to provide highly precise radiation treatments to more patients, every day. The precision and accuracy of the CyberKnife System enables clinical teams to deliver ultra-hypofractionated radiation therapy ? very high doses of precisely targeted radiation are delivered in a few days versus conventional fractionation where treatments often require 30-40 sessions. The entire procedure with the CyberKnife System is typically completed in just 1 to 5 out-patient sessions, enabling those people who are unable to travel a month or more for care to receive radiation therapy treatments. Announcement • Dec 14
Accuray Incorporated Announces the Departure of Michael Hoge as Senior Vice President, Global Operations, Effective January 6, 2025 On December 6, 2024, Accuray Incorporated and Michael Hoge, the company’s Senior Vice President, Global Operations, mutually agreed to terms pursuant to which Mr. Hoge will depart the Company as an employee effective January 6, 2025. Mr. Hoge’s departure is not the result of any dispute or disagreement with the Company, its board of directors, or its management, or any matter relating to the Company’s operations, policies or practices. The Company has initiated a comprehensive search process to identify Mr. Hoge’s successor. Announcement • Nov 28
Accuray Incorporated Approves to Appoint Michael Murphy as the Principal Accounting Officer, Effective December 2, 2024 Accuray Incorporated approved the appointed Michael Murphy, 45, as the Company’s principal accounting officer, effective December 2, 2024. Mr. Murphy joined the Company in October 2024 as Vice President, Corporate Controller. Previously, from February 2024 to October 2024, he served as Vice President, Chief Accounting Officer and Treasury at Duluth Trading Company, an American workwear and accessories company, where he also served as Interim Chief Financial Officer, Vice President and Chief Accounting Officer from September 2023 to February 2024, Vice President and Chief Accounting Officer from September 2019 to August 2023 and Corporate Controller from December 2018 to September 2019. Prior to that, he served as Chief Accounting Officer at First Business Financial Services Inc., a financial services company, from September 2015 to December 2018. Mr. Murphy began his career at KPMG LLP. Mr. Murphy received a Bachelor of Business Administration, Accounting and Finance as well as a Master of Accountancy, both from the University of Wisconsin-Madison. Announcement • Nov 08
Accuray Incorporated Raises Financial Guidance for the Fiscal Year Ending June 30, 2025 Accuray Incorporated raised financial guidance for the fiscal year ending June 30, 2025. For the year, the company’s total revenue is expected in the range of $462 million to $472 million; GAAP net loss expected in the range of $4,500,000 to $2,500,000. Announcement • Oct 24
Accuray Incorporated to Report Q1, 2025 Results on Nov 06, 2024 Accuray Incorporated announced that they will report Q1, 2025 results on Nov 06, 2024 Announcement • Oct 15
Accuray Incorporated Announces CEO Changes Accuray Incorporated announced that, effective as of October 15, 2024, Suzanne Winter has returned from her temporary medical leave and assumed her full duties as President and Chief Executive Officer. Sandeep Chalke, who has served as interim CEO during Ms. Winter's absence, will continue in his position as Senior Vice President and Chief Commercial Officer. Announcement • Oct 07
Accuray Incorporated, Annual General Meeting, Nov 21, 2024 Accuray Incorporated, Annual General Meeting, Nov 21, 2024. Announcement • Sep 17
Accuray Incorporated announced delayed annual 10-K filing On 09/16/2024, Accuray Incorporated announced that they will be unable to file their next 10-K by the deadline required by the SEC. Breakeven Date Change • Aug 16
Forecast breakeven date pushed back to 2026 The 4 analysts covering Accuray previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 73% to 2025. The company is expected to make a profit of US$12.4m in 2026. Average annual earnings growth of 137% is required to achieve expected profit on schedule. New Risk • Aug 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Reported Earnings • Aug 15
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: US$0.16 loss per share (further deteriorated from US$0.098 loss in FY 2023). Revenue: US$446.6m (flat on FY 2023). Net loss: US$15.5m (loss widened 68% from FY 2023). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 5.9%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
Accuray Incorporated Provides Earnings Guidance for the Fiscal Year 2025 Accuray Incorporated provided earnings guidance for the fiscal year 2025. For the year, total revenue is expected in the range of $460 million to $470 million. Announcement • Aug 01
Accuray Incorporated to Report Q4, 2024 Results on Aug 14, 2024 Accuray Incorporated announced that they will report Q4, 2024 results on Aug 14, 2024 Announcement • Jun 15
Accuray Incorporated Announces Approval of the Accuray Precision Treatment Planning System by China's National Medical Products Administration Accuray Incorporated announced that the registration dossier for the AccurayPrecision® Treatment Planning System (TPS) has been approved by the Chinese National Medical Products Administration (NMPA). The Accuray Precision TPS is now available for use with the CNNC-Accuray joint venture Tomo® C radiation therapy system and in combination, will provide medical care teams with a new option for delivering extremely precise and accurate radiotherapy treatments, ultimately expanding access to care for more cancer patients in China. The Accuray Precision TPS was developed to facilitate the creation and adaptation of precise treatment plans in less time. The planning solution enables clinicians to routinely incorporate modifications to treatment planning into the course of treatment to account for changes in tumor size, shape and location – as well as subtle changes in the location of organs and other healthy tissue – thereby increasing treatment precision. The Tomo C platform features helical imaging and radiation delivery. With fully-integrated treatment planning, centralized data management and ultra-precise treatment delivery using patented beam-shaping technology, the system enables greater control of the radiation dose so it conforms precisely to the tumor and helps minimize dose to healthy tissue. The system is designed to enable medical care teams to optimize outcomes for standard radiation therapy indications including breast, prostate, lung, and head and neck cancers, in addition to complex treatments such as total marrow irradiation. Breakeven Date Change • Jun 06
Forecast breakeven date pushed back to 2026 The 4 analysts covering Accuray previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$15.5m in 2026. Average annual earnings growth of 123% is required to achieve expected profit on schedule. Recent Insider Transactions • Jun 02
Independent Chairman of the Board recently bought US$156k worth of stock On the 29th of May, Joseph Whitters bought around 100k shares on-market at roughly US$1.56 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Joseph's only on-market trade for the last 12 months. Announcement • May 11
Accuray Incorporated Announces Executive Changes, Effective May 17, 2024 On May 6, 2024, Gina Corradetti provided Accuray Incorporated with notice of her intent to resign from her position as Chief Accounting Officer and principal accounting officer, which resignation will be effective May 17, 2024, to pursue other opportunities. On May 9, 2024, the Company’s Board of Directors appointed Ali Pervaiz, the Company’s Senior Vice President, Chief Financial Officer, to serve as the Company’s interim principal accounting officer, effective May 17, 2024 until a permanent successor is appointed. Mr. Pervaiz, age 44, will continue to serve as the Company’s Senior Vice President and Chief Financial Officer, a position he has held since May 2022. Previously, Mr. Pervaiz served as the Company’s Vice President, Global Commercial Operations beginning August 2020. Prior to joining the Company, Mr. Pervaiz was with General Electric Healthcare (“GE Healthcare”), a global medical technology, pharmaceutical diagnostics, and digital solutions innovator and subsidiary of General Electric Company, for over 15 years in senior financial and operating leadership roles, most recently as Executive – Margin Growth PMO Leader focused on Margin Expansion for the Global Imaging business from September 2018 to January 2020 and Executive – Advance Leader focused on Commercial Strategy & Finance Transformation from January 2017 to September 2018. During his tenure at GE Healthcare, Mr. Pervaiz, who was selected for and graduated from the Corporate Audit Staff program, also previously held business unit Chief Financial officer roles at GE Healthcare for the US Commercial Diagnostic Imaging Equipment and US Commercial Life Support Solutions businesses. Mr. Pervaiz received an M.B.A. from the University of Chicago Booth School of Business with focus on finance and operations, an M.S. in healthcare technologies management from the Medical College of Wisconsin and a B.S. from Marquette University. Price Target Changed • May 03
Price target decreased by 11% to US$7.75 Down from US$8.75, the current price target is an average from 4 analysts. New target price is 378% above last closing price of US$1.62. Stock is down 54% over the past year. The company is forecast to post a net loss per share of US$0.14 next year compared to a net loss per share of US$0.098 last year. Announcement • May 03
Accuray Incorporated Provides Earnings Guidance for the Year 2024 Accuray Incorporated provided earnings guidance for the year 2024. The company is adjusting its guidance for fiscal year 2024 as follows: Total revenue is expected in the range of $432 million to $437 million. Reported Earnings • May 02
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.064 loss per share (down from US$0.006 profit in 3Q 2023). Revenue: US$101.1m (down 14% from 3Q 2023). Net loss: US$6.34m (down US$6.94m from profit in 3Q 2023). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 02
Now 35% undervalued after recent price drop Over the last 90 days, the stock has fallen 38% to US$1.53. The fair value is estimated to be US$2.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company became loss making. Announcement • Apr 26
Accuray Incorporated Showcases Advances in Radiation Therapy Solutions Designed to Improve the Cancer Treatment Experience at ESTRO 2024 Accuray Incorporated announced that the company is showcasing advances in hardware and software designed to improve the cancer treatment experience, at ESTRO 2024. The latest generation CyberKnife®? and Radixact®? platforms provide medical care teams with the technology necessary for expanding the curative power of radiation therapy and delivering on the focus of this year's congress, bridging the care gap. The European Society for Radiotherapy and Oncology's (ESTRO) annual meeting will take place May 3 to May 7, 2024, in Glasgow, Scotland. Accuray is a wellness focused organization, taking into account the patient's health and well-being throughout their treatment when prioritizing product enhancements. The solutions featured at ESTRO represent a few of the most recent innovations introduced over a 30 year history of invention and disruption that has led to new standards in care for the radiation therapy industry. The company invent unique, market-changing solutions designed to deliver radiation treatments for even the most complex cases-- while making commonly treatable cases even easier--to meet the full spectrum of patient needs. Announcement • Apr 19
Accuray Incorporated to Report Q3, 2024 Results on May 01, 2024 Accuray Incorporated announced that they will report Q3, 2024 results at 4:00 PM, US Eastern Standard Time on May 01, 2024 Announcement • Mar 26
Accuray Incorporated Announces New Data from Two Clinical Studies Indicate High-Risk and Recurrent Prostate Cancers Can Be Effectively Treated in 5 Days Using the Accuray CyberKnife System Accuray Incorporated announced that new data presented at the 2024 Radiosurgery Society Meeting in Chicago, Illinois support the use of the CyberKnife® System in the treatment of high-risk and recurrent prostate cancer. The studies expand on years of published clinical follow-up with a large number of prostate cancer patients with various stages of disease, as well as with those who were previously treated with radiotherapy - supporting the system's versatility and value to medical care teams. The CyberKnife System enables treatment of prostate cancer using a form of radiation therapy called stereotactic body radiation therapy (SBRT) - very precise, high doses of radiation are delivered over a shorter duration than traditional treatments. The system's precision enables clinicians to confidently treat the prostate gland, which is situated near the sensitive bladder and rectum, with SBRT. CyberKnife Platform for Prostate Cancer: The CyberKnife platform offers an effective treatment option for prostate tumors in 4-5 sessions, compared to conventional radiation therapy that usually requires approximately 30-40 sessions over 8-10 weeks. Data presented at the RSS meeting showed its ability to: Effectively treat high-risk disease while preserving quality of life. Study authors concluded, "At the 3-year follow-up mark, favorable biochemical control was achieved, and patients had largely recovered to near baseline urinary and bowel function. These findings underscore the potential of SBRT as a convenient treatment option for high-risk prostate cancer, offering promising outcomes and preserving patient quality of life. Provide a viable option with "a low incidence of short-term genitourinary (GU) and gastrointestinal (GI) toxicities" for reirradiation of locally recurrent prostate cancer. The prostate gland can move unpredictably throughout the course of treatment. In fact, the prostate has been documented to move as much as 10 mm in as little as 30 seconds due to normal patient bodily functions – such as filling of the bladder, gas in the bowel, or even slight patient movement during the procedure making the ability to track, detect and correct for motion critically important. The CyberKnife System, using advanced imaging and real-time artificial intelligence (AI)-driven motion tracking and synchronization treatment delivery, with the Accuray proprietary Synchrony® technology, can track the tumor and continually verify its position, automatically correcting and adapting the radiation beam position for even the slightest movement. For example, if the prostate moves during treatment the CyberKnife® System detects this movement and synchronizes the treatment delivery beam to the tumor's new position in real-time. New Risk • Feb 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Significant insider selling over the past 3 months (US$433k sold). Reported Earnings • Feb 02
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: US$0.098 loss per share (further deteriorated from US$0.02 loss in 2Q 2023). Revenue: US$107.2m (down 6.6% from 2Q 2023). Net loss: US$9.62m (loss widened 413% from 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Feb 01 The 3 analysts covering Accuray previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 45% to 2024. The company is expected to make a profit of US$14.8m in 2025. Average annual earnings growth of 1.1% is required to achieve expected profit on schedule.
