Accuray Inc., specializing in advanced radiation therapy systems, has shown signs of operational leverage through a rebound in operating income despite ongoing net losses. Its growth drivers center on the dual-platform strategy leveraging CyberKnife and TomoTherapy systems combined with global service contracts that generate recurring revenues. The company navigates regulatory complexities and innovation challenges, especially around AI integration and evolving FDA clearances. Capital structure constraints from recent debt facilities underscore careful liquidity management. While free cash flow remains under pressure due to steady capex needs, early traction on buybacks has ceased as innovation and regulatory milestones take precedence. Investors should monitor upcoming refinancing events and clinical adoption progress as key future catalysts.