When it comes to investing in top penny stocks, a word of caution.Always do your due diligence before buying. Make sure it has volume. Know upfront that you can lose a lot of money. And don’t get caught up in the promotional promises of turning $10,000 into millions without first doing your homework. As I’ll repeat below, penny stocks are frequently the playground for scam artists and market manipulators.Sure, some penny stocks turned out to be massive success stories, like Apple (NASDAQ:AAPL), Ford (NYSE:F ...

The Radixact System will be supplied with ClearRT®, Synchrony®, and the VOLO™ Ultra Optimizer to enhance radiation treatment delivery precision and speedHeidelberg University Hospital is recognized worldwide for excellence in patient care and practice changing researchMADISON, Wis., June 27, 2024 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) announced today that long-term customer Heidelberg University Hospital in Heidelberg, Germany, has selected the company's Radixact® System, equipped with its prop ...

Company Developments - Accuray Incorporated (ARAY) has entered into an agreement with TrueNorth Medical Physics LLC to enhance the capabilities of radiation oncology departments, providing supplementary services to hospitals [1][2] - TrueNorth will support the commissioning, physics, and dosimetry of Accuray's TomoTherapy, Radixact, and CyberKnife platforms, offering customized services tailored to hospital needs [2] - Accuray has been actively forming partnerships, including a collaboration with Oncopole Claudius Regaud and Airbus SAS to develop an AI-driven solution for predicting radiotherapy system performance [3] Industry Prospects - The global radiation therapy market, valued at $7.3 billion in 2022, is projected to grow at a rate of 8%, reaching over $14.9 billion by 2032, driven by increased efficiency and market demand [4] Notable Developments - In June, Accuray received approval from the Chinese National Medical Products Administration for its Precision Treatment Planning System, enhancing treatment accuracy and expanding access to care for cancer patients in China [5] - New data presented at the 2024 Radiosurgery Society Meeting supports the use of the CyberKnife System for treating high-risk and recurrent prostate cancer [5] Price Performance - Over the past six months, ARAY's shares have decreased by 34.5%, contrasting with a 5.8% increase in the industry and a 15.2% rise in the S&P 500 [6]

MADISON, Wis., June 20, 2024 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) announced today an agreement with TrueNorth Medical Physics LLC to provide radiation oncology departments with third-party support designed to enhance their department's capabilities. Under the terms of the agreement, TrueNorth Medical Physics will offer services that are complementary and supplementary to those supplied by Accuray, acting as an extension of the hospital team – on-site, remote or hybrid – to help ensure they ha ...

Accuray Incorporated (ARAY) recently announced that the Chinese National Medical Products Administration (NMPA) approved the registration dossier of the Accuray Precision Treatment Planning System (TPS).The CNNC-Accuray joint venture Tomo C radiation therapy system and the Accuray Precision TPS are now compatible. These are likely to provide medical teams with a new way to administer highly accurate and precise radiation treatments, as well as expand access to care for more cancer patients in China.More on ...

MADISON, Wis., June 12, 2024 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) announced today that the registration dossier for the Accuray Precision® Treatment Planning System (TPS) has been approved by the Chinese National Medical Products Administration (NMPA). The Accuray Precision TPS is now available for use with the CNNC-Accuray joint venture Tomo® C radiation therapy system and in combination, will provide medical care teams with a new option for delivering extremely precise and accurate radiothe ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:3D Systems Corporation (DDD) is 3D printing solutions company. The Zacks Consensus Estimate for its current year earnings has been revised 11.1% downward over the last 60 days.Accuray Incorporated (ARAY) is a radiation oncology company. The Zacks Consensus Estimate for its current year earnings has been revised 128.6% downward over the last 60 days.Brenntag SE (BNTGY) is a chemical distribution company.The Zacks Consensus Estimate for ...

MADISON, Wis., May 22, 2024 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) announced today its participation in the Jefferies Global Healthcare Conference 2024. The management team is scheduled to participate in a fireside chat on Wednesday, June 5, 2024 at 7:30am EDT/4:30am PDTA live webcast of the call will also be available from the Investor Relations section of the company's website at investors.accuray.com. A webcast replay can be accessed on the website and will remain available for 90 days.About ...

[PART I. Financial Information](index=4&type=section&id=PART%20I.%20Financial%20Information) Provides a comprehensive overview of the company's financial performance, condition, and related disclosures [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for the period ended March 31, 2024, show decreased assets, net losses, and negative operating cash flow [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, detailing assets, liabilities, and equity as of March 31, 2024, and June 30, 2023 Condensed Consolidated Balance Sheet Data (in thousands) | Balance Sheet Item | March 31, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $60,450 | $89,402 | | Accounts receivable, net | $73,154 | $74,777 | | Inventories | $159,566 | $145,150 | | Total current assets | $313,910 | $338,033 | | Total assets | $462,527 | $479,214 | | **Liabilities & Equity** | | | | Total current liabilities | $198,390 | $198,637 | | Long-term debt | $166,246 | $171,562 | | Total liabilities | $421,446 | $425,555 | | Total stockholders' equity | $41,081 | $53,659 | - Total assets decreased from **$479.2 million** at June 30, 2023, to **$462.5 million** at March 31, 2024, primarily driven by a decrease in cash and cash equivalents[16](index=16&type=chunk) - Total liabilities saw a slight decrease to **$421.4 million** from **$425.6 million**, while stockholders' equity declined from **$53.7 million** to **$41.1 million** over the same period[16](index=16&type=chunk)[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Summarizes the company's revenues, expenses, and net income or loss for the three and nine months ended March 31, 2024 Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total net revenue | $101,132 | $118,060 | $312,262 | $329,313 | | Gross profit | $29,074 | $38,718 | $104,469 | $116,282 | | Income (loss) from operations | $(4,562) | $2,316 | $(6,313) | $2,839 | | Net income (loss) | $(6,342) | $599 | $(18,932) | $(6,724) | | Diluted EPS | $(0.06) | $0.01 | $(0.19) | $(0.07) | - Total net revenue decreased by **14%** for the three months and **5%** for the nine months ended March 31, 2024, compared to the same periods in the prior year[20](index=20&type=chunk) - The company reported a net loss of **$6.3 million** for the third quarter of fiscal 2024, a significant shift from a net income of **$0.6 million** in the prior-year quarter[20](index=20&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Details the cash inflows and outflows from operating, investing, and financing activities for the nine months ended March 31, 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(21,786) | $6,658 | | Net cash used in investing activities | $(3,136) | $(4,705) | | Net cash used in financing activities | $(3,257) | $(1,590) | | Net increase (decrease) in cash | $(29,048) | $696 | - Net cash used in operating activities was **$21.8 million** for the nine months ended March 31, 2024, a significant negative swing from the **$6.7 million** provided by operating activities in the prior-year period, primarily due to the net loss and a **$22.7 million** increase in inventories[25](index=25&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides additional details and explanations for the financial statements, including significant accounting policies and disclosures - The company faces risks from geopolitical and macroeconomic impacts, including inflation, rising interest rates, and supply chain challenges, which are expected to adversely affect gross margins and net income through at least the remainder of calendar year 2024[34](index=34&type=chunk)[35](index=35&type=chunk) - As of March 31, 2024, total remaining performance obligations amounted to **$959.9 million**, of which the company estimates **27% to 30%** of the **$896.1 million** related to open systems sales and upgrades will be recognized in the next 12 months[47](index=47&type=chunk)[49](index=49&type=chunk) - The company owns a **49%** interest in its China joint venture (JV), CNNC Accuray (Tianjin) Medical Technology Co. Ltd., which is accounted for using the equity method. The carrying value of this investment was **$13.6 million** as of March 31, 2024[116](index=116&type=chunk) - On October 25, 2023, the company initiated a cost savings plan, eliminating approximately **5.9%** of its global workforce and recording **$2.6 million** in restructuring charges for the nine months ended March 31, 2024[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant financial decline in Q3 and first nine months of fiscal 2024, highlighting revenue drops, margin contraction, and liquidity [Overview and Current Economic Conditions](index=36&type=section&id=Overview%20and%20Current%20Economic%20Conditions) Provides an overview of the company's business and the macroeconomic factors impacting its operations and financial performance - Accuray develops, manufactures, and sells advanced radiation therapy solutions, including the CyberKnife® and TomoTherapy® platforms, designed for precise cancer treatment[128](index=128&type=chunk)[129](index=129&type=chunk) - The company is navigating significant macroeconomic headwinds, including rising inflation, supply chain challenges, and adverse foreign currency fluctuations, which are negatively impacting results of operations[130](index=130&type=chunk) - Reduced budgets and longer customer installation timelines in the United States negatively impacted revenue in Q3 FY2024, with this trend expected to continue through at least fiscal year 2026[131](index=131&type=chunk) [Backlog and Orders](index=39&type=section&id=Backlog%20and%20Orders) Presents key metrics related to gross orders, net orders, and the order backlog, indicating future revenue potential Order and Backlog Summary (in thousands) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Gross orders | $89,086 | $73,764 | $246,676 | $222,647 | | Net orders | $60,795 | $54,737 | $147,141 | $115,176 | | Order backlog at end of period | $503,220 | $506,587 | $503,220 | $506,587 | - Gross orders increased by **$15.3 million (21%)** in Q3 FY2024 compared to the prior year, driven by a **$28.1 million** increase in CyberKnife System orders, primarily from the EIMEA and Asia Pacific regions[142](index=142&type=chunk) - The book-to-bill ratio was **1.8** for the third quarter of fiscal 2024, up from **1.2** in the prior-year period, indicating strong demand for the company's products relative to current product revenue[144](index=144&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Analyzes the company's net revenue, gross profit, operating expenses, and net income (loss) for the reporting periods Net Revenue by Sales Classification (in thousands) | Revenue Type | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | % Change | | :--- | :--- | :--- | :--- | | Products | $49,603 | $62,846 | (21)% | | Services | $51,529 | $55,214 | (7)% | | **Total Net Revenue** | **$101,132** | **$118,060** | **(14)%** | Net Revenue by Geographic Region (in thousands) | Region | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | % Change | | :--- | :--- | :--- | :--- | | Americas | $21,270 | $34,160 | (38)% | | EIMEA | $37,858 | $37,983 | (0)% | | China | $19,125 | $22,165 | (14)% | | Japan | $15,200 | $16,524 | (8)% | | Asia Pacific (ex-China) | $7,679 | $7,228 | 6% | - Gross profit margin decreased to **28.7%** in Q3 FY2024 from **32.8%** in Q3 FY2023, primarily due to the lower volume of shipments[154](index=154&type=chunk) - Total operating expenses decreased by **8%** in Q3 FY2024, mainly due to a **23%** reduction in R&D expenses resulting from lower headcount after the 2024 restructuring initiative[155](index=155&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's cash position, debt facilities, and ability to fund operations, including recent credit agreement amendments - As of March 31, 2024, the company had **$60.5 million** in cash and cash equivalents. Management believes this, along with available debt facilities and anticipated cash flows, is sufficient to fund operations for at least the next 12 months[162](index=162&type=chunk) - Net cash used in operating activities was **$21.8 million** for the nine months ended March 31, 2024, a sharp decline from **$6.7 million** in cash provided by operations in the prior-year period, driven by the net loss and an increase in inventory[169](index=169&type=chunk)[170](index=170&type=chunk) - On April 25, 2024, the company amended its Credit Agreement to update the calculation of Consolidated EBITDA to maintain compliance with debt covenants as of March 31, 2024[166](index=166&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to foreign currency, interest rate, and equity price risks, with strategies to mitigate these financial exposures - The company is exposed to foreign currency risk as a majority of its sales are in foreign currencies, notably the Euro and Japanese Yen. It uses forward contracts, with a notional value of **$80.5 million** as of March 31, 2024, to manage this exposure[184](index=184&type=chunk)[185](index=185&type=chunk) - The company has variable-rate debt under its Credit Facilities. As of March 31, 2024, a **50 basis point (0.50%)** change in interest rates would result in an approximate **$0.4 million** change in annual interest expense on its outstanding **$75.5 million** balance[186](index=186&type=chunk) - Equity price risk exists due to the **3.75%** Convertible Notes due 2026. If the stock price exceeds the conversion price of approximately **$5.86 per share** upon conversion, the company may need to issue additional cash or shares[187](index=187&type=chunk) [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated disclosure controls as effective, noting the new ERP system's impact on internal controls over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[189](index=189&type=chunk) - The company implemented a new enterprise resource planning (ERP) system, SAP, in August 2023. This is expected to change certain processes and internal controls over financial reporting, which management will continue to evaluate[190](index=190&type=chunk) [PART II. Other Information](index=54&type=section&id=PART%20II.%20Other%20Information) Details legal proceedings, significant risk factors, and other pertinent disclosures impacting operations and outlook [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, with no expected material adverse financial impact - The company is involved in legal proceedings from time to time in the ordinary course of business. Management does not currently believe any of these proceedings will have a material adverse effect on its financial condition or results of operations[90](index=90&type=chunk)[193](index=193&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) Outlines numerous significant risks, including business, regulatory, and financial factors, that could adversely affect the company's operations and stock [Risks related to our business and results of operations](index=58&type=section&id=Risks%20related%20to%20our%20business%20and%20results%20of%20operations) Identifies key risks impacting the company's core business, including economic conditions, competition, and supply chain dependencies - The business is materially affected by the global economic environment, including inflation, rising interest rates, and potential recession, which could delay customer purchases and negatively impact revenues and gross margins[205](index=205&type=chunk)[206](index=206&type=chunk) - The industry is subject to intense competition from large, well-capitalized companies like Varian (a Siemens Healthineers company) and Elekta, which have greater market share and resources[227](index=227&type=chunk)[229](index=229&type=chunk) - Reliance on single-source suppliers for critical components (e.g., robot, couch, magnetron) exposes the company to supply chain disruptions, which could harm its ability to meet product demand and has already adversely affected gross margins[259](index=259&type=chunk)[260](index=260&type=chunk) - Cybersecurity risks are significant, as a breach could lead to loss of data, business disruptions, and liability. The increasing use of AI and remote work may heighten these risks[265](index=265&type=chunk)[266](index=266&type=chunk) [Risks related to the regulation of our products and business](index=102&type=section&id=Risks%20related%20to%20the%20regulation%20of%20our%20products%20and%20business) Highlights regulatory challenges, including FDA approvals, compliance with healthcare laws, and reimbursement policy changes - The company's products are subject to extensive regulation by the FDA in the U.S. and similar agencies internationally. Product modifications or new products may require new, lengthy, and unpredictable 510(k) clearances or premarket approvals[330](index=330&type=chunk)[332](index=332&type=chunk)[333](index=333&type=chunk) - The company is subject to various federal, state, and foreign laws, including anti-kickback statutes, false claims acts, and anti-corruption laws like the FCPA, violations of which could result in substantial penalties[339](index=339&type=chunk)[340](index=340&type=chunk)[345](index=345&type=chunk) - Changes in healthcare reimbursement policies, such as those from Medicare (CMS) or private payors, could reduce demand for the company's products if coverage and payment for procedures are reduced[284](index=284&type=chunk)[285](index=285&type=chunk) [Risks related to our common stock](index=112&type=section&id=Risks%20related%20to%20our%20common%20stock) Addresses risks specific to the company's common stock, such as price volatility and potential dilution from convertible notes - The company's common stock price is volatile and subject to significant fluctuations due to factors like variations in operating results, regulatory developments, and broader market conditions[360](index=360&type=chunk)[361](index=361&type=chunk) - The conditional conversion features of the company's Convertible Senior Notes, if triggered, could require cash payments or result in the reclassification of debt to a current liability, adversely affecting financial condition[363](index=363&type=chunk)[364](index=364&type=chunk) - Provisions in the company's debt agreements, certificate of incorporation, and bylaws could discourage or prevent a takeover, even if an acquisition would be beneficial to stockholders[365](index=365&type=chunk)

Accuray Incorporated (ARAY) reported a loss per share of 6 cents for the third quarter of fiscal 2024 against the year-ago period’s earnings per share (EPS) of a penny. The metric was also wider than the Zacks Consensus Estimate of a loss of a penny per share.Revenues in DetailAccuray registered revenues of $101.1 million in the third quarter of fiscal 2024, down 14.3% year over year. The figure lagged the Zacks Consensus Estimate by 11.8%.The overall top-line growth was dampened by lower revenues from both ...