Accuray Incorporated (ARAY)

Over the past six months, Accuray's stock price has experienced fluctuations, with a decline of 3.73% to $1.550 as of October 27, 2025. In Q4 Fiscal Year 2025, Accuray reported an EPS of $0.01, missing analysts' expectations by 50.00%, but revenue exceeded estimates. In Q2 Fiscal Year 2025, Accuray reported strong performance, with total net revenue increasing 8% year-over-year. Steve La Neve was appointed as Chief Executive Officer, effective October 20, 2025. Accuray announced the first SBRT treatments using the CyberKnife® System in Melbourne, Australia. Analysts have provided a future price forecast for ARAY, with a maximum estimate of $5.00 USD and a minimum estimate of $4.50 USD.

The underlying demand for cancer treatment is generally consistent throughout the year, suggesting a relatively stable baseline demand for Accuray's core products and services. The sale of large medical equipment often involves lengthy sales cycles, budget approvals, and capital expenditure planning by hospitals and cancer centers. Service revenue is typically more stable and recurring than product sales. Demand can be influenced by market expansion efforts in key regions like China. The introduction of new systems or upgrades can create spikes in demand. Accuray's financial reports indicate variations in product and service revenue across fiscal quarters, suggesting that while overall demand for cancer treatment is steady, the timing of equipment sales and revenue recognition can fluctuate.

Accuray, Inc. is a global medical device company specializing in radiation oncology systems for cancer treatment, operating within the health technology sector. The company designs, develops, manufactures, sells, and supports systems that deliver precise radiation treatments for various cancers, aiming to improve patient outcomes and quality of life. Accuray's major products include the CyberKnife System, a robotic radiosurgery platform; the TomoTherapy Platform (including Radixact System), which offers helical treatment delivery; Accuray Precision Treatment Planning software; iDMS Data Management solutions; Veterinary Oncology products and services; and comprehensive services, including post-contract customer support, installation, training, and other professional services.

Accuray has a significant global market presence, with systems installed in approximately 50 countries. The company sells its products in the US and through distributors in Latin America, Europe, and Asia. Accuray has manufacturing facilities in the U.S. and China. Its corporate headquarters are located in Madison, Wisconsin, USA, with additional offices in Santa Clara and Sunnyvale, California. International locations include Morges, Switzerland (Europe), Tokyo, Japan, and Hong Kong, China (Asia), and Chengdu, China (manufacturing).

Accuray maintains its position as a significant innovator in the precision radiation oncology market, focusing on expanding the adoption of its CyberKnife and Radixact systems globally. The company's brand reputation is built on its commitment to advancing cancer treatment through precise, effective, and personalized solutions. The company's ongoing development and launch of systems like Radixact, coupled with software innovations like Synchrony, signal a shift towards more integrated and versatile treatment platforms. Announcing milestones such as the first SBRT treatments using the CyberKnife® System in Melbourne, Australia, reinforces its clinical impact and commitment to patient care. Accuray's reported net loss for fiscal year 2024 also indicates challenges in achieving bottom-line profitability. The appointment of a new CEO, Steve La Neve, in October 2025, could be seen as a strategic move to accelerate transformation and improve performance.

Accuray Incorporated's ownership structure reflects significant institutional confidence, with institutional investors holding approximately 65.52% of Accuray's shares. Major institutional owners include BlackRock, Inc., The Vanguard Group, Inc., Neuberger Berman Group LLC, Dimensional Fund Advisors, and State Street Global Advisors. Individual insider ownership is also present, with insiders collectively owning 4.36% of the stock. The general public, including retail investors, owns approximately 21% of the company.