Accuray Incorporated (ARAY)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Accuray Incorporated (ARAY) trades at $0.25 with AI Score 24/100 (Grade F). Accuray Incorporated develops and sells radiosurgery and radiation therapy systems for tumor treatment. Market cap: $29.53M, Sector: Healthcare.
Price live · AI analysis from May 10, 2026ARAY stock analysis for 2026: Analysts have set a consensus price target of $2.00 for Accuray Incorporated, suggesting 705.8% upside from the current price of $0.25. The AI MoonshotScore is 24/100, indicating a strong bearish outlook. Key factors: analyst coverage, AI-driven quantitative scoring.
ARAY: 1/1 perspectives are bearish.
How is this calculated? →Accuray Incorporated (ARAY) Healthcare & Pipeline Overview
Accuray Incorporated specializes in radiation therapy solutions, offering the CyberKnife and TomoTherapy systems for precise tumor treatment. With a global presence, the company caters to hospitals and treatment facilities, providing advanced technology for radiosurgery and radiation therapy, yet faces challenges in a competitive market.
What Is the Investment Thesis for ARAY?
Accuray Incorporated presents a focused investment opportunity within the radiation therapy sector. The company's innovative CyberKnife and TomoTherapy systems offer precise tumor treatment, potentially driving adoption and revenue growth. With a market capitalization of $29.53M and a negative profit margin of -10.8%, the company's financial performance requires careful monitoring. Key growth catalysts include expanding the installed base of Radixact systems and increasing utilization rates. The company's gross margin of 26.8% indicates potential for improved profitability through operational efficiencies and strategic pricing. However, investors may want to evaluate the competitive landscape and the company's ability to achieve sustainable profitability.
Based on FMP financials and quantitative analysis
ARAY Key Highlights
- Market Cap of $29.53M reflects the company's current valuation in the radiation therapy market.
- Gross Margin of 26.8% indicates the profitability of Accuray's core products and services.
- Profit Margin of -10.8% highlights the company's ongoing challenges in achieving profitability.
- Beta of 1.20 suggests that Accuray's stock is more volatile than the overall market.
- The company's focus on CyberKnife and TomoTherapy systems positions it in the advanced radiation therapy segment.
Who Are ARAY's Competitors?
ARAY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| VAR VAR | $177.07 | +0.00% | 46 | |
| DCTH Delcath Systems, Inc. | $13.48 | +0.00% | $465.35M | 73 |
| PYNKF Perimeter Medical Imaging AI, Inc. | $0.20 | +0.00% | $18.68M | 73 |
| SSII SS Innovations International, Inc. | $3.59 | -3.75% | $718.47M | 72 |
| RSHUF Respiri Limited | $0.06 | +0.00% | $91.52M | 68 |
| AXGN AxoGen, Inc. | $45.33 | -1.39% | $2.41B | 58 |
| AXNX Axonics, Inc. | $70.98 | +0.00% | $3.63B | 58 |
| OWLT Owlet, Inc. | $5.63 | -4.74% | $101.87M | 58 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are ARAY's Key Strengths?
- Innovative CyberKnife and TomoTherapy systems.
- Global presence and distribution network.
- Strong focus on precision radiation therapy.
- Comprehensive service and support offerings.
What Are ARAY's Weaknesses?
- Negative profit margin.
- Relatively small market capitalization.
- High dependence on capital equipment sales.
- Intense competition in the radiation therapy market.
What Could Drive ARAY Stock Higher?
- Expansion of Radixact system installations in key markets.
- Increasing utilization rates of existing CyberKnife and TomoTherapy systems.
- Development of new clinical applications for Accuray's systems.
- Strategic partnerships with healthcare providers and research institutions.
What Are the Key Risks for ARAY?
- Financial-distress signal — its Altman Z-Score of -0.65 sits in the distress zone (elevated bankruptcy risk).
- Negative return on equity (-77.5%) — the business is not currently generating profit on shareholder capital.
- Weak fundamentals — a Piotroski F-Score of 2/9 flags soft profitability, leverage or efficiency.
- Technological obsolescence due to rapid advancements in radiation therapy.
- Intense competition from established players in the market.
- Changes in healthcare regulations and reimbursement policies.
- Product liability claims and recalls.
- Economic downturns affecting capital equipment spending.
What Are the Growth Opportunities for ARAY?
- Expanding the Installed Base of Radixact Systems: Accuray can drive growth by increasing the installed base of its Radixact System. This system offers integrated radiation treatment planning, delivery, and data management, enabling clinicians to deliver precise treatments. By targeting hospitals and treatment centers globally, Accuray can expand its market share and generate recurring revenue through service contracts. The market for advanced radiation therapy systems is projected to reach $6.8 billion by 2028, providing a significant opportunity for Accuray to capitalize on its technological advantages.
- Increasing Utilization Rates of Existing Systems: Accuray can focus on increasing the utilization rates of its existing CyberKnife and TomoTherapy systems. By providing comprehensive training and support to clinicians, Accuray can ensure that its systems are used to their full potential. This can lead to increased revenue per system and improved customer satisfaction. The company can also offer software upgrades and enhancements to further optimize system performance and expand clinical applications. Higher utilization rates will improve the return on investment for healthcare providers and drive demand for Accuray's solutions.
- Geographic Expansion into Emerging Markets: Accuray can pursue geographic expansion into emerging markets, such as China, India, and Latin America. These markets offer significant growth potential due to increasing healthcare spending and a growing demand for advanced cancer treatment solutions. By establishing partnerships with local distributors and healthcare providers, Accuray can gain access to these markets and establish a strong presence. The company can also tailor its products and services to meet the specific needs of these markets, such as offering more affordable and accessible solutions.
- Developing New Clinical Applications for CyberKnife and TomoTherapy Systems: Accuray can invest in research and development to develop new clinical applications for its CyberKnife and TomoTherapy systems. This can include expanding the use of these systems to treat new types of cancer and developing new treatment protocols. By demonstrating the clinical benefits of its systems, Accuray can drive adoption and increase its market share. The company can also collaborate with leading cancer centers and research institutions to conduct clinical trials and publish research papers.
- Enhancing Service and Support Offerings: Accuray can enhance its service and support offerings to provide customers with a comprehensive and seamless experience. This can include offering remote monitoring and diagnostics, proactive maintenance, and on-site support. By providing high-quality service and support, Accuray can build strong customer relationships and generate recurring revenue through service contracts. The company can also offer training and education programs to help clinicians stay up-to-date on the latest advances in radiation therapy.
What Opportunities Does ARAY Have?
- Expanding the installed base of Radixact systems.
- Increasing utilization rates of existing systems.
- Geographic expansion into emerging markets.
- Developing new clinical applications for CyberKnife and TomoTherapy systems.
What Threats Does ARAY Face?
- Technological advancements by competitors.
- Changes in healthcare regulations and reimbursement policies.
- Economic downturns affecting capital equipment spending.
- Product liability claims and recalls.
What Are ARAY's Competitive Advantages?
- Technological innovation in radiation therapy systems.
- Established reputation with CyberKnife and TomoTherapy systems.
- Global sales and service network.
- Proprietary technology and intellectual property.
What Does ARAY Do?
Accuray Incorporated, founded in 1990 and headquartered in Madison, Wisconsin, designs, develops, manufactures, and sells radiosurgery and radiation therapy systems. The company's flagship products include the CyberKnife System and the TomoTherapy System. The CyberKnife System is a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for treating tumors throughout the body, including those in the brain, spine, breast, kidney, liver, lung, pancreas, and prostate. The TomoTherapy System, including the Radixact System, allows for integrated radiation treatment planning, delivery, and data management, enabling clinicians to deliver precise treatments. Accuray's systems are designed to improve patient outcomes and enhance the efficiency of radiation therapy. The company also offers iDMS data management system, a fully integrated treatment planning and data management systems; and Accuray precision treatment planning system, a treatment planning and data management systems. Accuray markets its products directly to hospitals and stand-alone treatment facilities, as well as through sales agents and group purchasing organizations in the United States and internationally. The company also provides post-contract customer support, installation, training, and other professional services, ensuring comprehensive support for its customers.
What Products and Services Does ARAY Offer?
- Designs and manufactures radiosurgery and radiation therapy systems.
- Offers the CyberKnife System for stereotactic radiosurgery and stereotactic body radiation therapy.
- Provides the TomoTherapy System, including the Radixact System, for integrated radiation treatment.
- Develops iDMS data management system for treatment planning and data management.
- Offers Accuray precision treatment planning system.
- Provides post-contract customer support, installation, and training services.
How Does ARAY Make Money?
- Sells radiosurgery and radiation therapy systems to hospitals and treatment facilities.
- Generates revenue from post-contract customer support and service contracts.
- Offers training and professional services related to its systems.
What Industry Does ARAY Operate In?
Accuray operates in the medical devices industry, specifically within the radiation therapy segment. The market is characterized by technological advancements, increasing demand for non-invasive cancer treatments, and stringent regulatory requirements. Key competitors include Varian Medical Systems and Elekta. The industry is driven by an aging population and rising cancer incidence rates. Accuray's focus on precision radiation therapy positions it to capitalize on the growing demand for advanced cancer treatment solutions, but it faces competition from larger, more established players.
Who Are ARAY's Key Customers?
- Hospitals and stand-alone treatment facilities.
- Sales agents and group purchasing organizations in the United States.
- Distributors and sales agents internationally.
Accuray Incorporated (ARAY) Valuation Context
Valued at $29.53M, ARAY is classified as a micro-cap stock. Relative to its peer group, ARAY's quantitative score of 24/100 is below the peer average of 66/100.
ARAY Revenue & Earnings Trend
In Q1 2026, ARAY generated $104.8M in top-line revenue, marking a sequential increase of 2.5%. The company recorded a net loss of $11.8M, with diluted EPS of $-0.09. Revenue has increased across the last three reported quarters, suggesting sustained momentum for this micro-cap Healthcare company. Across the four most recent quarters, ARAY averaged $-0.09 in diluted EPS.
Company Profile
Accuray Incorporated operates in the Medical - Devices industry within the Healthcare sector. It is headquartered in Madison, US. The company is led by CEO Stephen R. LaNeve. ARAY has traded publicly since 2007.
ROE -77%Key Financial Metrics
Return on equity for Accuray Incorporated stands at -77.5%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -10.3%, showing how much profit it generates from its asset base. Its free cash flow yield is -66.4%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.42 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -101.3%, the inverse of the P/E and a quick read on earnings relative to price.
F-Score 2/9Financial Health
Accuray Incorporated's Piotroski F-Score is 2/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of -0.65 places it in the distress zone, a signal of elevated financial risk.
FY2026 estForward Outlook
Wall Street analysts project Accuray Incorporated revenue of about $406.8M for fiscal 2026, with EPS near $-0.41.
Net buyingInsider Activity
Over the past six months, Accuray Incorporated insiders filed 14 SEC Form 4 transactions — 3 sales and 11 purchases. On net that is roughly 4.3M shares acquired (about $3.7M) — insiders putting money in tends to read as conviction.
ARAY Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the company's future prospects, indicating that those closest to the business believe in its potential.
- Community sentiment has shifted positively, with discussions highlighting innovations in cancer treatment technology that Accuray is pioneering.
- Recent partnerships with healthcare providers have generated buzz, showcasing the company's commitment to expanding its market reach and improving patient outcomes.
- Analysts have noted an increased focus on precision medicine, aligning well with Accuray's product offerings and positioning them favorably in the evolving healthcare landscape.
Bear Case
- Concerns over competition in the medical technology space have been prevalent, with some investors wary of Accuray's ability to maintain market share.
- There has been a noticeable increase in bearish sentiment on social platforms, with discussions centered around potential regulatory hurdles affecting product launches.
- Recent earnings reports have raised questions about the company’s growth trajectory, leading to skepticism among some investors regarding its long-term viability.
- Market perception remains cautious as investors await clearer signs of revenue growth, with many feeling uncertain about the sustainability of recent positive trends.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $105M | -$12M | -$0.09 |
| Q4 2025 | $102M | -$14M | -$0.11 |
| Q3 2025 | $94M | -$22M | -$0.18 |
| Q2 2025 | $128M | $1M | $0.01 |
Based on FMP financials and quantitative analysis
ARAY Latest News
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Accuray Incorporated Reports Inducement Award Under NASDAQ Listing Rules
prnewswire.com · May 29, 2026
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12 Health Care Stocks Moving In Friday's After-Market Session
benzinga · May 15, 2026
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Accuray And The University of Wisconsin School of Medicine and Public Health Announce A New 10-Year Strategic Collaboration To Advance Personalized Cancer Treatments Using Accuray's Stellar Adaptive Radiation Therapy Platform
benzinga · May 15, 2026
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Accuray and the University of Wisconsin-Madison Announce Master Research Agreement to Improve Personalized Care for Patients with Cancer
prnewswire.com · May 15, 2026
ARAY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for ARAY.
Price Targets
Consensus target: $2.00
ARAY MoonshotScore
What does this score mean?
The MoonshotScore rates ARAY's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Latest News
Accuray Incorporated Reports Inducement Award Under NASDAQ Listing Rules
12 Health Care Stocks Moving In Friday's After-Market Session
Accuray And The University of Wisconsin School of Medicine and Public Health Announce A New 10-Year Strategic Collaboration To Advance Personalized Cancer Treatments Using Accuray's Stellar Adaptive Radiation Therapy Platform
Accuray and the University of Wisconsin-Madison Announce Master Research Agreement to Improve Personalized Care for Patients with Cancer
Leadership: Stephen R. LaNeve
CEO
Stephen R. LaNeve serves as the Chief Executive Officer of Accuray Incorporated. His extensive background in the medical device industry includes leadership roles focused on driving growth and innovation. Prior to joining Accuray, LaNeve held key positions at various healthcare companies, where he was responsible for strategic planning, product development, and commercial execution. His experience spans across multiple therapeutic areas and technologies, providing him with a broad perspective on the healthcare landscape. LaNeve's expertise in market development and sales management is expected to drive Accuray's growth strategy.
Track Record: Since assuming the role of CEO, Stephen R. LaNeve has focused on enhancing Accuray's market position and improving its financial performance. Key initiatives include expanding the installed base of Radixact systems and increasing utilization rates of existing systems. LaNeve has also emphasized the importance of innovation and customer satisfaction, driving the development of new clinical applications and enhancing service and support offerings. His leadership is aimed at achieving sustainable growth and profitability for Accuray.
Accuray Incorporated Healthcare Stock: Key Questions Answered
What does Accuray Incorporated do?
Accuray Incorporated specializes in the design, development, manufacture, and sale of radiosurgery and radiation therapy systems. Their primary products include the CyberKnife System and the TomoTherapy System, including the Radixact System. These systems are used for the treatment of tumors throughout the body, offering precise radiation delivery to minimize damage to surrounding healthy tissue. Accuray's business model revolves around selling these systems to hospitals and treatment centers, as well as providing ongoing service, support, and training. The company operates globally, serving customers through direct sales and distribution partnerships.
What do analysts say about ARAY stock?
Analyst coverage of Accuray Incorporated (ARAY) typically focuses on the company's growth potential within the radiation therapy market. Key valuation metrics often include revenue growth, gross margin, and profitability. Analysts consider the company's innovative technology, such as the CyberKnife and TomoTherapy systems, as potential growth drivers. However, they also acknowledge the competitive landscape and the company's need to achieve sustainable profitability. Analyst consensus is influenced by factors such as new product launches, regulatory approvals, and market expansion efforts. Investors should review multiple sources and conduct their own due diligence.
What are the main risks for ARAY?
Accuray Incorporated faces several risks inherent to the medical device industry. Intense competition from larger, more established players like Varian Medical Systems and Elekta poses a significant threat. Technological advancements by competitors could render Accuray's products obsolete. Changes in healthcare regulations and reimbursement policies could negatively impact sales and profitability. Product liability claims and recalls are also potential risks. Additionally, economic downturns could affect capital equipment spending by hospitals and treatment centers, reducing demand for Accuray's systems. The company's ability to manage these risks will be crucial to its long-term success.
What are the key factors to evaluate for ARAY?
Accuray Incorporated (ARAY) holds an AI score of 24/100 (low). Analysts target $2.00 (+706%). Not financial advice.
How frequently does ARAY data refresh on this page?
ARAY prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven ARAY's recent stock price performance?
Accuray Incorporated (ARAY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Innovative CyberKnife and TomoTherapy systems. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider ARAY overvalued or undervalued right now?
Valuing Accuray Incorporated (ARAY) requires multiple metrics. Analysts target $2.00 (+706%) — upside seen. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying ARAY?
Before investing in Accuray Incorporated (ARAY), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on available data and may be subject to change.
- Financial metrics are as of the latest available reporting period.