ARAY - Advanced Product Mix Gives Accuray A Shot At Success In US & Overseas

• Accuray has a portfolio of radiotherapy products that are generating revenues of ~$380m per annum.
• The company is one of only a few competitors in an exciting growth space and area of unmet need, although its competitors are far bigger and better resourced.
• Its sales have been flat for 2-3 years and share price stagnant for longer, but the stock has been on a bull run over the past 6 months.
• Accuray is pursuing a first-to-market opportunity in China where there is a shortage of radiotherapy treatments, albeit progress has been subject to delays.
• Its fundamentals - i.e. P/S ratio of 1.3x - point to the company being undervalued and its products capable of challenging for a growing market share, in my view.

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