Accuray Incorporated (ARAY - Free Report) recently announced that Germany’s Technischen Universität München (TUM) hospital has treated cancer patients for the first time using the Radixact system. Accuray’s Radixact is fully-integrated with the Precision Treatment Planning System and the iDMS Data Management System.
Following the announcement, shares of Accuray rose 1% to $4.18 at close.
We believe positive developments such as these will provide cushion to the stock which has declined 1.6% against the industry's 21.3% rise in a year’s time. The current level is also lower than the S&P 500 index’s gain of 13.4%.
The stock currently has a Zacks Rank #3 (Hold).
Per management, the patients were treated for breast cancer, head and neck tumors, prostate cancer and spinal tumors. Notably, the Radixact system replaced the TomoTherapy System at TUM.
Clearly, this latest development is likely to fortify Accuray’s position in the radiotherapy market.
Medgadget opines that the global radiotherapy market is projected to see a CAGR of 7% between 2018 and 2023. It further states that the United States holds a large market share of the radiotherapy market.
Another key player in the radiotherapy market is Varian Medical Systems (VAR - Free Report) . The California-based MedTech giant’s flagship TrueBeam radiotherapy system deserves a special mention in this regard.
In fact, Accuray’s CyberKnife System is a robotic radiosurgery system that enables clinicians to make the most of their skills in treating cancer.
Radixact in Focus
Radixact is Accuray’s flagship radiotherapy product which has been consistently driving the top line.
Lately, the Healthcare Global Enterprises (HCG) EKO in Kolkata, India, treated the first patient in the country with the Radixact System.
In fact, in the last reported quarter, Accuray received regulatory approval from India to sell the Radixact X9 system. (Read More: Accuray's Radixact Gets AERB Nod in India, Prospects Solid)
Some better-ranked stocks in the Medical Instruments space are Intuitive Surgical (ISRG - Free Report) and Masimo Corporation (MASI - Free Report) .
Intuitive Surgical has an expected long-term earnings growth of 14.7%. The stock has a Zacks Rank #2 (Buy).
Masimo’s long-term earnings growth rate is estimated at 14.8%. The stock carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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