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Accuray Incorporated ARAY recently received the CE Mark certification for its ClearRT helical fan-beam kVCT imaging capability. Following this, the proprietary ClearRT technology is now available in the European Union, United States and Japan. It is also available in countries across the world where either the CE Mark or FDA’s 510(k) clearance are necessary for commercial distribution.
Following the regulatory clearance, a larger number of patients will get expanded access to ClearRT, thereby benefiting from precise and accurate radiation treatments.
For investors’ note, the ClearRT imaging is available for the company’s Radixact System – Accuray’s next-generation TomoTherapy platform.
With the recent regulatory clearance and subsequent commercialization, the company is expected to strengthen its TomoTherapy Systems technology worldwide.
Significance of the Approval
Accuray’s Radixact System, based on its TomoTherapy platform, with ClearRT imaging, offers an integrated 360-degree helical radiation delivery and imaging system. This expands the flexibility and performance of image-guided stereotactic body radiation therapy (“SBRT”) and intensity-modulated radiation treatments (IG-IMRT).
The ClearRT imaging solution provides the widest and longest field of view, thus offering better precision and accuracy in the treatment of almost any indication that would benefit from radiation therapy.
Per management, with the use of SBRT growing rapidly, patients can now be offered the option of treating tumors in fewer visits unlike conventionally fractionated radiotherapy. Further, ClearRT is capable of delivering radiation doses with extreme accuracy and precision.
Moreover, the ClearRT diagnostic-like CT fan-beam imaging, along with Accuray’s Synchrony (technology that adapts treatment delivery to tumor motion in real time), provides a unique set of tools for delivering customized SBRT and IG-IMRT treatments.
Per a report by MarketsandMarkets, the global radiotherapy market is valued at $5.9 billion in 2021 and is expected to reach $7.3 billion by 2026 at a CAGR of 4.2%. Factors like technological advancements in radiotherapy and the rising incidence of cancer are likely to drive the market.
Given the market potential, the latest regulatory approval and subsequent commercialization is expected to provide a significant boost to Accuray’s business globally.
Of late, Accuray has witnessed a few notable developments across its business.
In May, the company announced that Geisinger has become the first hospital system in the United States to offer Accuray’s Synchrony technology on both the CyberKnife S7 and Radixact Systems to better aim radiation beams and minimize damage to non-cancerous tissue during treatment.
Accuray, during its fiscal 2021 third-quarter earnings call in April, confirmed that it witnessed excellent progress in the phased introduction of its ClearRT helical kVCT imaging upgrade on Radixact. The company also registered continued adoption of its latest innovations like Synchrony real-time motion tracking, and delivery adaptation on Radixact and its latest-generation Cyberknife S7 system.
Also in April, the company announced that its ClearRT helical fan-beam kVCT imaging capability has been in clinical use for over two months, and is on track to expand into other markets.
Shares of the company have gained 95.6% in the past year compared with the industry’s 19.2% growth and the S&P 500's 40.6% rise.
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Zacks Rank & Key Picks
Currently, Accuray carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Amedisys, Inc. AMED, AMN Healthcare Services Inc AMN and National Vision Holdings, Inc. EYE.
Amedisys’ long-term earnings growth rate is estimated at 12%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare’s long-term earnings growth rate is estimated at 6.5%. It currently carries a Zacks Rank #2.
National Vision’s long-term earnings growth rate is estimated at 23%. It currently sports a Zacks Rank #1.
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