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Accuray (ARAY) Gets 510(k) Nod for ClearRT in TomoTherapy

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Accuray Inc. (ARAY - Free Report) recently announced the receipt of 510(k) clearance for its ClearRT Helical kVCT imaging for the Radixact treatment delivery system from the FDA. This latest development is expected to broaden the company’s next generation TomoTherapy line and address the untapped radiotherapy market.

The ClearRT imaging solution is integrated into the Radixact system, enabling providers in the treatment of the simplest to most complex pathologies by offering a new level of precision and accuracy.

ClearRT Helical kVCT Imaging for the Radixact Treatment Delivery System availability may vary according to geographical location, subject to international regulatory approval or licensing processes. Notably, Accuray is planning the commercial launch of the ClearRT Helical kVCT Imaging for the Radixact System in the spring of 2021.

Significance of the Approval

ClearRT is designed to deliver advanced imaging capabilities compared to conventional linear accelerator systems. The new solution is intended to enhance the versatility and efficiency of the Radixact System in the radiation therapy by offering excellent uniformity and low noise across the entire image and improved soft tissue visualization.

The ClearRT imaging solution features cost effective, clear, high-fidelity images to reduce the time required for patient imaging and registration, enabling healthcare professionals to serve more patients.

The new imaging solution will facilitate fast and easy set-up of radiation treatment by offering clinicians a more versatile range of treatment, enabling personalized patient treatment.

Industry Prospect

Per the report by Markets and Markets, the global radiotherapy market was valued at $ 5.6 billion in 2018 and is expected to see a CAGR of 4.1% by 2023. Rising incidence of cancer, increasing awareness and acceptance of radiotherapy and technological advancements are driving the market.

Recent Developments

During the pandemic, Accuray positioned itself as a pioneer in precise image-guided tomotherapy platforms that safely deliver hypofractionated treatments with excellent long-term results. In the last-reported quarter, the Tomotherapy platform alone accounted for 85% of the company’s revenue unit volume. In the same context, at the ASTRO (American Society for Radiation Oncology) conference last December, a number of clinical abstracts shared by Accuray users reinforced the clinical value of Tomotherapy for delivering ultra-hypofractionated treatments.

In terms of other major developments, in November 2020, Accuray partnered with DHL Supply Chain to strengthen its aftermarket supply chain and expand the company's high-quality customer service globally. The agreement is intended to provide medical care teams with continual access to the radiotherapy technologies delivery for personalized and effective treatments to patients with cancerous or benign tumors, or neurologic disorders.

In the same month, Accuray announced that the ASTRO study focused on (Ultra) hypofractionated treatments, highlighting experience of >1,400 patients showed that Accuray radiotherapy provides an efficient and effective treatment option and improve patients' clinical and financial experiences.

Price Performance

Shares of the company have gained 56.8% in a year’s time compared with the industry’s growth of 22.2%.

Zacks Rank and Key Picks

Currently, Accuray carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space include Cantel Medical Corp. (CMD - Free Report) , Hologic Inc. HOLX and Mesa Laboratories Inc. MLAB, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of Zacks #1 Rank stocks here.

Cantel Medical has a projected long-term earnings growth rate of 19%.

Hologic has a projected long-term earnings growth rate of 17.40%.

Mesa Laboratories has an estimated long-term earnings growth rate of 5.26%.

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