Market Overview - The veterinary stereotactic radiosurgery system market was valued at USD 3.29 billion in 2024 and is projected to reach USD 7.46 billion by 2032, with a compound annual growth rate (CAGR) of 10.78% from 2025 to 2032 [1][9] Growth Drivers - Key factors driving market growth include the increasing prevalence of cancer in pets, growing awareness among pet owners regarding advanced treatment options, and rapid technological advancements in precision radiation therapy [2] - The U.S. market is expected to grow from USD 1.23 billion in 2024 to USD 2.75 billion by 2032, with a CAGR of 10.65% during the same period [3][4] Market Trends - Major trends include the integration of advanced imaging technologies, improved treatment planning software, and collaborations between veterinary clinics and technology providers [5] - The rising humanization of pets and the willingness of owners to pursue premium treatment options are expected to further accelerate market growth [5] Market Segmentation - By Product: Linear Accelerators (LINAC) held a 52.28% market share in 2024, while Proton Beam Radiation Therapy (PBRT) is the fastest-growing segment with a CAGR of 11.28% [10] - By Application: Tumor treatment dominated the market in 2024, with Neurological Disorders emerging as the fastest-growing segment at a CAGR of 11.68% [11] - By Type: Dogs accounted for 72.94% of the market share in 2024, while small animals are the fastest-growing segment with a CAGR of 12.61% [12][13] - By End-User: Academic & Research Institutions are the largest segment, while Hospitals & Clinics are witnessing the highest growth due to rising pet cancer diagnoses [14] Regional Insights - North America held a dominant market share of 47.60% in 2024, supported by a mature veterinary healthcare system and increased pet ownership [15] - The Asia Pacific region is the fastest-growing area with a CAGR of 11.65%, driven by rising pet ownership and disposable income in countries like China, India, Japan, and South Korea [15] Major Players - Key players in the veterinary stereotactic radiosurgery system market include Xstrahl Ltd, Accuray Incorporated, Varian Medical Systems, and Elekta AB [8]

Financial Data and Key Metrics Changes - In Q2 2025, total revenue increased by 16% sequentially to $7.1 million compared to $6.1 million in Q1 2025 [17] - Adjusted EBITDA for Q2 2025 was $1.7 million, up from $949,000 in Q1 2025 [11][21] - Net loss for Q2 2025 was $280,000, an improvement from a net loss of $625,000 in Q1 2025 [21] Business Line Data and Key Metrics Changes - Revenue from the Direct Patient Services segment was $3.5 million in Q2 2025, a 12% increase from $3.1 million in Q2 2024 [18] - Revenue from the equipment leasing segment decreased to $3.6 million from $3.9 million in Q2 2024 [18] - Gamma Knife revenue increased by 25% from Q1 2025 to $2.6 million in Q2 2025, but was down about 5% compared to Q2 2024 [19] Market Data and Key Metrics Changes - The company continues to see growth in international markets, particularly with the Gamma Knife centers in Peru and Ecuador, and the new center in Puebla, Mexico [13] - The acquisition of Rhode Island cancer treatment centers has significantly contributed to revenue growth [10][12] Company Strategy and Development Direction - The company is transitioning from a cancer treatment equipment leasing focus to a more patient-centric service model, which is expected to drive long-term growth [6][7] - Plans to expand operations include building a fourth radiation therapy treatment center in Bristol, Rhode Island, and a proton beam radiation therapy center [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, emphasizing the importance of focusing on overall growth opportunities [8][16] - The company anticipates fluctuations in treatment volumes but remains optimistic about steady growth in the overall business [11][16] Other Important Information - The company ended Q2 2025 with cash and cash equivalents of $11.3 million, consistent with the end of 2024 [25] - Shareholders' equity was $24.5 million, down from $25.2 million at the end of 2024 [26] Q&A Session Summary Question: Are there any pre-opening activities for the new locations in Rhode Island? - Management confirmed the addition of three full-time radiation oncologists to support the new centers, which will enhance service delivery [30][31] Question: Will these activities benefit the new centers? - Management affirmed that there are economies of scale with the expansion within the Rhode Island marketplace [33]