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ViewRay Reports Third Quarter 2019 Results

CLEVELAND, Nov. 12, 2019 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) today announced financial results for the third quarter ended September 30, 2019.

(PRNewsfoto/ViewRay, Inc.)

Third Quarter 2019 Summary:

  • Total revenue was $20.9 million in the quarter, primarily from three revenue units, compared to $17.7 million, primarily from three revenue units, for the same period last year.
  • Received eight new orders for MRIdian systems, including three upgrades, totaling approximately $35 million in the third quarter of 2019, compared to orders totaling approximately $36 million for the same period last year.
  • Total backlog grew to $230.7 million as of September 30, 2019, compared to $200.9 million as of September 30, 2018.
  • Cash and cash equivalents were $90.8 million as of September 30, 2019.
  • The Company reaffirmed its full year 2019 guidance of revenue in the range of $80 million to $95 million, and cash use in the range of $80 million to $90 million.

"I am pleased with our Q3 results and the progress we are making across the organization," said Scott Drake, President and CEO. "Our differentiation in the market is rooted in unparalleled innovation and clinical data."

Three Month Results Ending September 30, 2019:

Total revenue for the three months ended September 30, 2019, was $20.9 million, compared to $17.7 million for the same period last year. 

Total cost of revenue was $20.3 million, compared to $17.3 million for the same period last year.

Total gross profit was $0.6 million, compared to $0.4 million for the same period last year. 

Total operating expenses were $32.3 million, compared to $24.5 million for the same period last year.

Net loss was $20.8 million, or $0.21 per share, compared to $32.9 million, or $0.39 per share, for the same period last year. 

ViewRay had total cash and cash equivalents of $90.8 million at September 30, 2019.

Nine Month Results Ending September 30, 2019:

Total revenue for the nine months, primarily from 11 MRIdian revenue units, was $71.3 million compared to $60.3 million for the same period last year.

Total cost of revenue was $72.9 million compared to $54.3 million for the same period last year.

Total gross profit was $(1.5) million compared to $6.0 million for the same period last year.

Total operating expenses were $86.9 million compared to $59.6 million for the same period last year.

Net loss was $(85.0) million, or $(0.87) per share, compared to $(59.7) million, or $(0.82) per share, for the same period last year.

Financial Guidance:

The Company reiterated its 2019 guidance of revenue in the range of $80 million to $95 million, and total cash usage to be in the range of $80 million to $90 million.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Tuesday, November 12, 2019 at 4:30 p.m. ET / 1:30 p.m. PT. The dial-in numbers are (844) 277-1426 for domestic callers and (336) 525-7129 for international callers. The conference ID number is 8250536. 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 19, 2019. 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 8250536.

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 purpose built to address specific challenges, including beam distortion, skin toxicity, and other concerns that potentially may 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 2019 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, 2018 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, as updated periodically by 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.


Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)




Three Months Ended
September
 30,



Nine Months Ended
September
 30,




2019



2018



2019



2018


Revenue:

















Product


$

18,696



$

16,492



$

65,475



$

57,237


Service



2,048




1,056




5,482




2,706


Distribution rights



118




118




356




356


Total revenue



20,862




17,666




71,313




60,299


Cost of revenue:

















Product



18,521




15,199




63,368




49,564


Service



1,767




2,103




9,489




4,732


Total cost of revenue



20,288




17,302




72,857




54,296


Gross margin



574




364




(1,544)




6,003


Operating expenses:

















Research and development



5,641




4,347




17,135




12,506


Selling and marketing



7,297




3,384




19,845




10,024


General and administrative



19,381




16,721




49,888




37,070


Total operating expenses



32,319




24,452




86,868




59,600


Loss from operations



(31,745)




(24,088)




(88,412)




(53,597)


Interest income



484




2




1,391




6


Interest expense



(1,069)




(1,974)




(2,902)




(5,758)


Other income (expense), net



11,499




(6,792)




4,933




(307)


Loss before provision for income taxes


$

(20,831)



$

(32,852)



$

(84,990)



$

(59,656)


Provision for income taxes













Net loss and comprehensive loss


$

(20,831)



$

(32,852)



$

(84,990)



$

(59,656)


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


$



$



$



$

(2,728)


Net loss attributable to common stockholders, basic and diluted


$

(20,831)



$

(32,852)



$

(84,990)



$

(62,384)


Net loss per share, basic and diluted


$

(0.21)



$

(0.39)



$

(0.87)



$

(0.82)


Weighted-average common shares used to compute net loss per

   share attributable to common stockholders, basic and diluted



99,039,789




84,920,996




97,763,964




76,185,346



 

VIEWRAY, INC.

Consolidated Balance Sheets

(In thousands, except share and per share data)





September 30,

2019



December 31,

2018


ASSETS









Current assets:









Cash and cash equivalents


$

90,756



$

167,432


Accounts receivable



33,301




36,867


Inventory



59,622




49,462


Deposits on purchased inventory



4,883




8,142


Deferred cost of revenue



3,056




9,736


Prepaid expenses and other current assets



4,672




6,045


Total current assets



196,290




277,684


Property and equipment, net



23,437




13,958


Restricted cash



1,442




1,933


Intangible assets, net



57





Right-of-use assets



12,254





Other assets



2,255




1,395


TOTAL ASSETS


$

235,735



$

294,970


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Accounts payable


$

11,648



$

10,207


Accrued liabilities



18,835




9,983


Customer deposits



10,746




19,968


Operating lease liability, current



2,139





Deferred revenue, current



9,644




13,731


Total current liabilities



53,012




53,889


Deferred revenue, net of current portion



4,516




5,744


Long-term debt



55,489




55,364


Warrant liabilities



3,194




11,844


Operating lease liability, noncurrent



11,067





Other long-term liabilities



562




820


TOTAL LIABILITIES



127,840




127,661


Commitments and contingencies (Note 6)









Stockholders' equity:









Convertible preferred stock, par value of $0.01 per share; 10,000,000 shares authorized
  
at September 30, 2019 and December 31, 2018; no shares issued and outstanding
   at September 30, 2019 and December 31, 2018







Common stock, par value of $0.01 per share; 300,000,000 shares authorized at
  
September 30, 2019 and December 31, 2018; 99,405,805 and 96,332,023 shares
  
issued and outstanding at September 30, 2019 and December 31, 2018



984




952


Additional paid-in capital



590,878




565,334


Accumulated deficit



(483,967)




(398,977)


TOTAL STOCKHOLDERS' EQUITY



107,895




167,309


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

235,735



$

294,970


 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/viewray-reports-third-quarter-2019-results-300956687.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: Karen Hackstaff, Vice President, Strategy and Brand, ViewRay, Inc., Phone: +1 408-242-2994, Email: media@viewray.com

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