Financial News

<< Back
ViewRay Reports Third Quarter 2018 Results

CLEVELAND, Nov. 8, 2018 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) ("the Company") today announced financial results for the third quarter ended September 30, 2018.

(PRNewsfoto/ViewRay, Inc.)

Third Quarter 2018 Highlights:

  • Total revenue of $17.7 million, primarily from 3 revenue units.
  • Received new orders for MRIdian systems totaling $36.2 million. The backlog as of September 30, 2018 was $200.9 million.
  • The Company raised net proceeds of $161.9 million during the quarter from a common stock public offering.

"We have a tremendous opportunity to become the standard of care in radiation oncology. During the third quarter we made significant progress building our team and processes to capitalize, and much work lies ahead," said Scott Drake, President and CEO.

Third Quarter 2018 Results:
Total revenue for the three months, primarily from 3 MRIdian revenue units, was $17.7 million compared to $12.2 million for the same period last year.

Total cost of revenue was $17.3 million compared to $10.2 million for the same period last year.

Total gross profit was $0.4 million compared to $2.0 million for the same period last year.

Total operating expenses were $24.5 million, compared to $13.6 million for the same period last year. Operating expenses in 2018 include $5.0 million in severance expense for certain terminated executives.

Net loss was $(32.9) million, or $(0.39) per share, compared to $(11.2) million, or $($0.19) per share, for the same period last year. The net loss in 2018 includes $5.0 million of severance expense for certain terminated executives and $6.7 million related to a change in fair value of warrant liabilities.

Cash and cash equivalents were $201.5 million as of September 30, 2018, compared to $66.1 million as of June 30, 2018, primarily due to the equity financing in August of 2018.

Nine Month Results Ending September 30, 2018:
Total revenue for the nine months, primarily from 10 MRIdian revenue units, was $60.3 million compared to $14.1 million for the same period last year.

Total cost of revenue was $54.3 million compared to $12.1 million for the same period last year.

Total gross profit was $6.0 million compared to $2.0 million for the same period last year.

Total operating expenses were $59.6 million compared to $37.4 million for the same period last year.

Net loss was $(62.4) million, or $(0.82) per share, compared to $(47.5) million, or $(0.85) per share, for the same period last year.

Financial Guidance:
Due to an installation delay at a customer site, the Company now anticipates 2018 total revenue to be approximately $80 million.

Conference Call and Webcast

ViewRay will hold a conference call on Thursday, November 8, 2018 at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results. The dial-in numbers are (844) 277-1426 for domestic callers and (336) 525-7129 for international callers. The conference ID number is 6190699. A live webcast of the conference call will be available on the investor relations page of ViewRay's corporate website at www.viewray.com.

After the live webcast, a replay of the webcast will remain available online on the investor relations page of ViewRay's corporate website, www.viewray.com, for 14 days following the call. In addition, a telephonic replay of the call will be available until November 15, 2018. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use the conference ID number 6190699.

About ViewRay

ViewRay®, Inc. (Nasdaq: VRAY), designs, manufactures and markets the MRIdian® radiation therapy system. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purposely built to deliver high-precision radiation without unnecessary beam distortion, and consequently, help to mitigate skin toxicity and other safety concerns that may otherwise arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.

Forward Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the rate of new orders, upgrades and installations, ViewRay's financial guidance for the full year 2018 and ViewRay's conference call to discuss its third quarter and year to date results. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, and the timing of delivery of ViewRay's products, the timing, results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and its 2018 Quarterly Reports on Form 10-Q, as updated periodically with the company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

 

VIEWRAY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

(Unaudited)




Three Months Ended September 30,



Nine Months Ended September 30,




2018



2017



2018



2017


Gross Orders


$

36,209



$

29,850



$

92,017



$

79,460


Backlog


$

200,868



$

194,769



$

200,868



$

194,769



















Revenue:

















Product


$

16,492



$

11,358



$

57,237



$

11,358


Service



1,056




721




2,706




2,408


Distribution Rights



118




118




356




356


Total revenue



17,666




12,197




60,299




14,122


Cost of revenue:

















Product



15,199




9,728




49,564




10,322


Service



2,103




484




4,732




1,758


Total cost of revenue



17,302




10,212




54,296




12,080


Gross margin



364




1,985




6,003




2,042


Operating expenses:

















Research and development



4,347




3,616




12,506




9,781


Selling and marketing



3,384




2,510




10,024




5,453


General and administrative



16,721




7,502




37,070




22,116


Total operating expenses



24,452




13,628




59,600




37,350


Loss from operations



(24,088)




(11,643)




(53,597)




(35,308)


Interest income



2




1




6




3


Interest expense



(1,974)




(1,843)




(5,758)




(5,372)


Other (expense) income, net



(6,792)




2,269




(307)




(6,853)


Loss before provision for income taxes


$

(32,852)



$

(11,216)



$

(59,656)



$

(47,530)


Provision for income taxes













Net loss and comprehensive loss


$

(32,852)



$

(11,216)



$

(59,656)



$

(47,530)


Amortization of beneficial conversion feature related to Series A
convertible preferred stock


$



$



$

(2,728)



$


Net loss attributable to common stockholders, basic and diluted


$

(32,852)



$

(11,216)



$

(62,384)



$

(47,530)


Net loss per share, basic and diluted


$

(0.39)



$

(0.19)



$

(0.82)



$

(0.85)


Weighted-average common shares used to compute net loss per

   share attributable to common stockholders, basic and diluted



84,920,996




59,061,149




76,185,346




56,064,562


 

 

VIEWRAY, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)




September 30,

2018



December 31,

2017(1)




(Unaudited)






ASSETS









Current assets:









Cash and cash equivalents


$

201,543



$

57,389


Accounts receivable



22,677




20,326


Inventory



40,547




19,375


Deposits on purchased inventory



5,565




7,043


Deferred cost of revenue



10,909




13,696


Prepaid expenses and other current assets



6,174




4,862


Total current assets



287,415




122,691


Property and equipment, net



13,452




11,564


Restricted cash



1,381




1,143


Intangible assets, net



-




78


Other assets



1,185




235


TOTAL ASSETS


$

303,433



$

135,711


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Accounts payable


$

6,964



$

11,014


Accrued liabilities



13,880




7,207


Customer deposits



12,243




17,820


Deferred revenue, current portion



11,315




20,151


Total current liabilities



44,402




56,192


Deferred revenue, net of current portion



5,206




3,238


Long-term debt



44,649




44,504


Warrant liabilities



21,962




22,420


Other long-term liabilities



9,854




7,370


TOTAL LIABILITIES



126,073




133,724


Commitments and contingencies









Stockholders' equity:









Convertible Preferred stock, par value $0.01 per share; 10,000,000 
     
shares authorized at September 30, 2018 (unaudited) and December 31, 2017; no shares 
     
issued and outstanding at September 30, 2018 (unaudited) and December 31, 2017







Common stock, par value of $0.01 per share; 300,000,000 shares 
     
authorized at September 30, 2018 (unaudited) and December 31, 2017; 95,195,872 and 
     
67,653,974 shares issued and outstanding at September 30, 2018 (unaudited) and 
     
December 31, 2017



941




666


Additional paid-in capital



558,656




321,174


Accumulated deficit



(382,237)




(319,853)


TOTAL STOCKHOLDERS' EQUITY



177,360




1,987


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

303,433



$

135,711



(1) The consolidated balance sheet as of December 31, 2017 was derived from audited financial statements as of that date. 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/viewray-reports-third-quarter-2018-results-300747017.html

SOURCE ViewRay, Inc.

Investor Relations: Michaella Gallina, Sr. Director, Investor Relations and Communications, ViewRay, Inc., 1-844-MRIdian (674-3426), Email: investors@viewray.com, Media Enquiries: Michael Saracen, Vice President, Marketing, ViewRay, Inc., Phone: +1 408-242-2994, Email: media@viewray.com

Stock Quote

Copyright West LLC. Minimum 15 minutes delayed.

Featured Items

E-mail Alerts

Alerts are e-mailed to you whenever certain new company information is posted to this site. Sign-up Now!
Click here for E-mail Alerts

Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
(800) 937-5449
Website: www.amstock.com
Email: info@amstock.com

In Need of Customer Support? Contact

  Language Select