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Accuray Stock Rises After Helix System Wins CE Mark for Cancer Care
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Accuray Incorporated (ARAY - Free Report) has announced that its innovative CT-guided helical radiotherapy system, Accuray Helix, has received the CE Mark, signaling its readiness for deployment in global markets. Designed to meet the needs of emerging regions where access to advanced cancer care is limited, the Accuray Helix system offers a cost-effective solution for delivering high-performance, precise radiation treatments.
Radiotherapy is an essential part of cancer treatment, effective for both localized and advanced stages of the disease. ARAY’s new technology is particularly significant for non-urban communities where the availability of radiation therapy systems is far below the World Health Organization’s recommended guidelines. Accuray Helix is poised to transform cancer care delivery in these underserved areas by enabling clinics to provide state-of-the-art treatments efficiently, even with limited resources.
Significance of Accuray’s Helix System
With its focus on affordability, automation and high throughput, which enhances the speed of planning and delivery of radiation, Accuray's new system addresses the pressing need for efficient and effective cancer treatments. Its ability to deliver precise, targeted radiation therapy for a wide range of cancers, including breast, cervix, head and neck, gastrointestinal, lung, and prostate, makes it a versatile tool for clinical teams. By enhancing productivity and enabling the treatment of more patients each day, Accuray’s Helix is set to play a pivotal role in closing the global cancer care gap, offering hope and improved outcomes for patients in non-urban communities.
It is estimated that 50% of cancer patients could benefit from radiation therapy, either as a standalone treatment or in combination with surgery, chemotherapy, or immunotherapy
Accuray's latest radiotherapy system is specifically designed for regions like India, where access to cancer care is limited. Prioritizing versatility and ease of use, this system marks a key step in the company's strategy to expand its portfolio of helical radiation therapy solutions.
Industry Prospects
Per a report in Precedence Research, the global radiation therapy market size was worth $7.47 billion in 2023. It is anticipated to reach $16.3 billion by 2033, witnessing a CAGR of 8.58%.
The robust growth will be mainly driven by the increasing incidence of cancer, which is linked to lifestyle changes such as poor diet, lack of exercise, and obesity. This rise in cancer cases has heightened the demand for radiation therapy, leading to market expansion. Additionally, advancements in radiation therapy technology, such as improved ionizing radiation and enhanced treatment efficiency, have increased their effectiveness in killing cancerous cells and preventing the spread of malignancies. Moreover, growing awareness about the benefits of these advanced therapies, along with the integration of innovative software systems that improve connectivity and treatment outcomes, will further accelerate market growth during the forecast period.
ARAY Stock Price Performance
Shares of ARAY were up almost 1% in pre-market trading following the news. The company's shares have, however, plunged 17.3% so far this year against the industry’s 8.5% rise. The S&P 500 has witnessed a 17.8% rise in the same time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Accuray carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Services (UHS - Free Report) , Quest Diagnostics (DGX - Free Report) , and ABM Industries (ABM - Free Report) . While Universal Health Services sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Services has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Services has gained 41.1% compared with the industry's 34.8% growth so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 3.7% so far this year compared with the industry’s 10.2% growth.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.
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Accuray Stock Rises After Helix System Wins CE Mark for Cancer Care
Accuray Incorporated (ARAY - Free Report) has announced that its innovative CT-guided helical radiotherapy system, Accuray Helix, has received the CE Mark, signaling its readiness for deployment in global markets. Designed to meet the needs of emerging regions where access to advanced cancer care is limited, the Accuray Helix system offers a cost-effective solution for delivering high-performance, precise radiation treatments.
Radiotherapy is an essential part of cancer treatment, effective for both localized and advanced stages of the disease. ARAY’s new technology is particularly significant for non-urban communities where the availability of radiation therapy systems is far below the World Health Organization’s recommended guidelines. Accuray Helix is poised to transform cancer care delivery in these underserved areas by enabling clinics to provide state-of-the-art treatments efficiently, even with limited resources.
Significance of Accuray’s Helix System
With its focus on affordability, automation and high throughput, which enhances the speed of planning and delivery of radiation, Accuray's new system addresses the pressing need for efficient and effective cancer treatments. Its ability to deliver precise, targeted radiation therapy for a wide range of cancers, including breast, cervix, head and neck, gastrointestinal, lung, and prostate, makes it a versatile tool for clinical teams. By enhancing productivity and enabling the treatment of more patients each day, Accuray’s Helix is set to play a pivotal role in closing the global cancer care gap, offering hope and improved outcomes for patients in non-urban communities.
It is estimated that 50% of cancer patients could benefit from radiation therapy, either as a standalone treatment or in combination with surgery, chemotherapy, or immunotherapy
Accuray's latest radiotherapy system is specifically designed for regions like India, where access to cancer care is limited. Prioritizing versatility and ease of use, this system marks a key step in the company's strategy to expand its portfolio of helical radiation therapy solutions.
Industry Prospects
Per a report in Precedence Research, the global radiation therapy market size was worth $7.47 billion in 2023. It is anticipated to reach $16.3 billion by 2033, witnessing a CAGR of 8.58%.
The robust growth will be mainly driven by the increasing incidence of cancer, which is linked to lifestyle changes such as poor diet, lack of exercise, and obesity. This rise in cancer cases has heightened the demand for radiation therapy, leading to market expansion. Additionally, advancements in radiation therapy technology, such as improved ionizing radiation and enhanced treatment efficiency, have increased their effectiveness in killing cancerous cells and preventing the spread of malignancies. Moreover, growing awareness about the benefits of these advanced therapies, along with the integration of innovative software systems that improve connectivity and treatment outcomes, will further accelerate market growth during the forecast period.
ARAY Stock Price Performance
Shares of ARAY were up almost 1% in pre-market trading following the news. The company's shares have, however, plunged 17.3% so far this year against the industry’s 8.5% rise. The S&P 500 has witnessed a 17.8% rise in the same time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Accuray carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Services (UHS - Free Report) , Quest Diagnostics (DGX - Free Report) , and ABM Industries (ABM - Free Report) . While Universal Health Services sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Services has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Services has gained 41.1% compared with the industry's 34.8% growth so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 3.7% so far this year compared with the industry’s 10.2% growth.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.