Accuray Incorporated

Accuray Incorporated is a medical device company that develops, manufactures, and sells advanced radiation therapy systems for cancer treatment. Headquartered in Madison, Wisconsin, the company is best known for its CyberKnife and TomoTherapy platforms, which deliver highly precise stereotactic radiosurgery and radiation therapy. Accuray serves hospitals and standalone oncology treatment facilities worldwide.

Financials

Earnings Transcripts

Leadership & board

Acquisitions

Accuray does not operate a common-stock repurchase program. The company's capital allocation is focused on debt reduction and liquidity following its June 2025 refinancing, under which it entered a new senior secured credit agreement with TCW providing $190 million across a $150 million term loan, a $20 million delayed-draw term loan and a $20 million revolving facility, and exchanged approximately $82 million of its 3.75% convertible notes. (The only repurchase reference in the filings is a customary fundamental-change repurchase right held by convertible noteholders, which is not a share-buyback program.)

For the fiscal years ended June 30, 2025 and June 30, 2024, one customer represented 10% or more of Accuray's total net revenue, and one customer accounted for more than 10% of net accounts receivable in each of those years. Accuray generates more than 80% of product sales outside the United States and relies significantly on distributors and joint-venture partners across Europe, Russia, the Middle East, Africa, the Asia-Pacific region and Latin America. In China -- a key growth market -- it sells through its joint venture, CNNC Accuray (Tianjin) Medical Technology Co. Ltd. (with a subsidiary of China Isotope & Radiation Corporation), which exposes the company to concentrated geographic and geopolitical risk, including tariffs and regional trade disruptions.

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