Accuray Inc (NASDAQ: ARAY) is a radiation oncology company that designs, manufactures, and sells radiation therapy systems for the treatment of cancer. Revenue comes from two streams: capital equipment sales of its systems and recurring service contracts attached to installed systems. The company's primary products are the CyberKnife platform, a robotic radiosurgery system, and the TomoTherapy platform, which includes the Radixact treatment delivery system and the Radixact SynC variant. Because the CyberKnife and TomoTherapy platforms together account for substantially all product revenue (per the FY2025 10-K filed 2025-08-28), the business is highly concentrated in two product lines. Sales cycles are long, as these are major capital equipment purchases requiring senior management approval at buying institutions and often competitive bidding processes. Accuray sells into China through a joint venture that also manufactures a locally branded Tomo C system under a Class B license from China's National Medical Products Administration. Suzanne Winter serves as President and CEO, and Ali Pervaiz serves as Senior Vice President and CFO.

Revenue model

Two revenue streams: (1) capital equipment sales of CyberKnife and TomoTherapy/Radixact systems to hospitals and cancer treatment centers, and (2) recurring service contracts on the installed base. Substantially all product revenue is derived from the CyberKnife and TomoTherapy platforms (per FY2025 10-K).

Products and services

CyberKnife platform (robotic radiosurgery), TomoTherapy platform, Radixact treatment delivery system, Radixact SynC system, CyberKnife S7 system, Tomo C (locally branded Class B device manufactured and sold in China through a joint venture), Accuray Precision Treatment Planning System.

Customers and end markets

Hospitals, cancer treatment centers, and other radiation oncology facilities. Orders are subject to cancellation due to changes in customers' financial condition, government or health insurance reimbursement policy changes, or regulatory changes. Customers are also subject to competitive bidding and public tender processes for capital purchases.

Value-chain role

Original equipment manufacturer and service provider. Manufactures radiation therapy hardware and software systems, sells capital equipment directly and through a joint venture distributor in China, and provides ongoing service contracts on installed systems.

Geographic exposure

International operations include China, where Accuray sells through a joint venture that distributes Radixact, CyberKnife, and related systems (including NMPA-approved Radixact SynC and CyberKnife S7 as of January 2025) and manufactures the locally branded Tomo C Class B device. U.S.-China tariff uncertainty is cited as a risk expected to adversely impact China sales through at least the first half of a future fiscal year (per FY2025 10-K).

Source: SEC 10-K, filed 2025-08-28

Industry: Surgical & Medical Instruments & Apparatus Peers: Abbott Laboratories Accelerate Diagnostics, Inc Apyx Medical Inc Apollo Endosurgery, Inc. CVRx, Inc. SeaSpine Holdings Corp Sensus Healthcare Inc Tactile Systems Technology Inc Zomedica Corp