ARAY · CIK 1138723
What Accuray Inc. told the SEC could break it.
Accuray's disclosures cluster on a fragile, concentrated supply chain for its radiation-therapy systems. It makes unique components at just two facilities — Madison, Wisconsin and Chengdu, China — with no backup sites (Chengdu has had major earthquakes and carries no earthquake insurance), and it relies on single-source suppliers for critical CyberKnife and TomoTherapy parts like the robot, couch, magnetron, and solid-state modulator, while holding limited inventory. That China footprint also creates trade exposure: U.S. tariffs hit component parts including the linear accelerator it manufactures in China and imports into the U.S. Separately, it depends on one customer that was 10%+ of total net revenue in both fiscal 2025 and 2024.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- two manufacturing sites (Madison, WI and Chengdu, China) with no backupshigh
Accuray manufactures unique components at just two facilities — Madison, Wisconsin and Chengdu, China — with no backup manufacturing sites; Chengdu has experienced major earthquakes (no earthquake insurance), concentrating production risk.
“two manufacturing facilities in Madison, Wisconsin and Chengdu, China, each of which is equipped to manufacture unique components of our products. We do not maintain backup manufacturing facilities for any of our manufacturing facilities or for our IT facilities, so we depend on each of our current facilities for the continued operation of our business.”
SEC filing →As of 2025
Sole-source dependency
- single-source suppliers for critical CyberKnife/TomoTherapy componentshigh
Accuray depends on single-source suppliers for critical components — the robot, couch and magnetron for CyberKnife and the couch, solid-state modulator and magnetron for TomoTherapy — and holds limited inventory, so a supplier failure could halt production.
“We currently depend on single source suppliers for some of the critical components necessary to assemble the CyberKnife and TomoTherapy platforms, including, with respect to the CyberKnife platform, the robot, couch and magnetron and, with respect to the TomoTherapy platforms, the couch, solid state modulator and magnetro”
SEC filing →As of 2025
Customer concentration
- one customer >10% of revenue (substantial portion)medium
Accuray depends on one customer for a substantial portion of revenue — one customer represented 10%+ of total net revenue in both FY2025 and FY2024 — so loss or reduced orders from that customer would materially hurt results.
“We had one customer that represented 10% or more of total net revenue for the years ended June 30, 2025 and 2024, respectively.”
SEC filing →As of 2025
Regulatory & policy
- tariffs on China-manufactured CyberKnife components (linear accelerator)medium
U.S. tariffs (10% baseline plus higher China tariffs) affect component parts including the linear accelerator Accuray manufactures in China and imports into the U.S., potentially raising costs significantly, with retaliatory tariffs threatening exports.
“These tariffs affect component parts including the linear accelerator for our CyberKnife platforms, which we manufacture in China and import into the U.S., as well as other components that we import into the U.S. from other suppliers, which could significantly impact the cost of these parts.”
SEC filing →As of 2025
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