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MADISON, Wis. - Accuray Incorporated (NASDAQ:ARAY), a $184 million market cap radiation therapy technology company with annual revenues of $458.5 million, and the University of Wisconsin School of Medicine and Public Health have signed a memorandum of understanding to advance online adaptive radiotherapy on Accuray’s helical radiation treatment delivery platform, according to a press release issued Tuesday.
The collaboration aims to focus on clinical research, education and training, and adaptive technology development for cancer treatment. The partnership builds on historical connections, as University of Wisconsin-Madison researchers originally invented the TomoTherapy System, the first helical radiation delivery platform. According to InvestingPro data, Accuray maintains a GOOD financial health score, reflecting its stable position in the medical technology sector.
"The proposed collaboration aims to leverage our respective strengths to reshape the overall OART experience for providers so that ultimately, clinical departments of all sizes can find it feasible to incorporate this advanced treatment option into their practice," said Mu Young Lee, SVP of Research & Product Development at Accuray.
The memorandum outlines intentions to enhance personalization and precision in cancer care through online adaptive radiotherapy, which allows for real-time adjustments to treatment plans.
Nita Ahuja, Dean of the school and Vice Chancellor for Medical Affairs at the University of Wisconsin-Madison, noted that the collaboration "signifies our commitment to keeping patients at the center of our research efforts, while also allowing important translational medicine training opportunities."
Accuray, headquartered in Madison, Wisconsin, specializes in radiation therapy technologies for oncology and neuro-radiosurgery. The University of Wisconsin School of Medicine and Public Health ranks ninth among public medical schools for NIH funding according to the Blue Ridge Institute for Medical Research.
The press release indicated that the formal collaboration agreement has not yet been finalized. Wall Street appears optimistic about Accuray’s prospects, with analyst price targets ranging from $4.50 to $5.00, significantly above the current trading price of $1.63. For deeper insights into Accuray’s financial health and growth potential, investors can access the comprehensive Pro Research Report available on InvestingPro, which offers detailed analysis of the company’s performance metrics and future outlook.
In other recent news, Accuray Incorporated has unveiled its new Accuray Stellar Solution, a technology aimed at enhancing adaptive radiotherapy for cancer treatment. This new solution will be showcased at the American Society for Radiation Oncology Annual Meeting in San Francisco. Accuray’s fiscal fourth-quarter earnings report revealed revenue of $127.5 million, slightly down 5% year-over-year but surpassing consensus estimates of $123.8 million. The company’s earnings per share remained stable at $0.01, meeting expectations, while revenue of $128 million exceeded forecasts by 3.01%.
BTIG responded to these results by raising its price target for Accuray from $4 to $5, maintaining a Buy rating due to the strong outlook. The sales beat was largely driven by product revenue, which reached $70.7 million, nearly $4 million above consensus expectations. Services revenue aligned with predictions at $56.8 million. These developments reflect a positive trajectory for Accuray, with the new product launch and financial performance contributing to investor confidence.
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