Accuray Incorporated (NASDAQ:ARAY), company engaged in development, manufacturing as well as marketing of radiotherapy medical devices, works on treating cancer with radiation therapies. The available products include AI-driven precision radiation application device, CyberKnife Systems, which aims to target any part of a patient’s body.
Image-guided radiation therapy system that harnesses 3D images for guiding treatment, TomoTherapy Systems, as well as Radixact Delivery Treatment Platform, an
image-guided system shaping radiation application ensures normal tissues aren’t impacted.
The products are adding to the company’s revenues. In the recent quarter, its revenues touched $110.9 million, which was up 17% year-over-year. The company finished the financial year 2021 with backlog of $616.4 million, ensuring a bright prospect for future deliveries.
The company is expanding on global reach and made its debut in Japan Nagoya city university
hospital. It boasts of products being used in more than 50 countries and over 700 medical practices. Accuray is aiming to have more than 930 systems installed and being used. It is also expanding into the Chinese market.
Analyst Marie Thibault of BTIG states that including trade-ins/trade-ups making up 27% of global orders, the firm has robust orders from the Americas, and good revenue contribution from EMEA and APAC. Its imaging solutionRadixact brought in 30 orders in the quarter.
Market Reaction:
On Friday, ARAY stock jumped 2.37% at $3.89 with more than 1.91 million shares, compared to its average volume of 574K shares. The stock has moved within a range of $3.6502 – 3.9292 after opening the trade at $3.77
