Financial News

<< Back
ViewRay Announces First Quarter 2022 Results

CLEVELAND, May 5, 2022 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Highlights

  • Total revenue for the first quarter 2022 was approximately $18.9 million, primarily from three revenue units, compared to approximately $15.5 million, primarily from two revenue units, in the first quarter of 2021.
  • Received seven new orders for MRIdian systems totaling $40.9 million.
  • Total backlog increased to $330.9 million as of March 31, 2022, compared to approximately $264.3 million as of March 31, 2021.
  • Cash and cash equivalents, inclusive of a customer deposit reflected in restricted cash was $183.2 million as of March 31, 2022. Cash usage as of March 31, 2022 was approximately $35.2 million, consistent with historical seasonality trends.

"Our performance in the first quarter 2022 demonstrates strong customer demand and progress on our mission to improve the paradigm of care for cancer patients globally, despite the on-going macroeconomic challenges," said Scott Drake, President and CEO.  "MRIdian's clinical, strategic, and economic value propositions continue to gain momentum with customers. Our accelerating installation cycle also positions us well on our path to deliver industry-leading revenue growth, expand gross margin and achieve cash flow breakeven."

Financial Results

Total revenue for the three months ended March 31, 2022 was $18.9 million compared to $15.5 million for the same period last year.

Total cost of revenue for the three months ended March 31, 2022 was $18.8 million compared to $15.2 million for the same period last year.

Total gross profit  for the three months ended March 31, 2022 was $0.1, compared to $0.3 for the same period last year.

Total operating expenses for the three months ended March 31, 2022 were $27.6 million, compared to $25.0 million for the same period last year.

Net loss for the three months ended March 31, 2022 was $25.8 million, or $(0.14) per share, compared to $26.7 million, or $(0.17) per share, for the same period last year.

ViewRay had total cash and cash equivalents of $180.1 million at March 31, 2022.

Financial Guidance

The Company reiterated its 2022 guidance of total revenue in the range of $84 million to $104 million, and total cash usage to be in the range of $68 million to $83 million.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Thursday, May 5, 2022 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 9988699. A live webcast of the conference call will be available on the investor relations page of ViewRay's corporate website at http://investors.viewray.com/events-and-presentations/upcoming-events.

After the live webcast, a replay will remain available online on the investor relations page of ViewRay's website, under "Financial Events and Webinars", for 14 days following the call. In addition, a telephonic replay of the call will be available until May 12, 2022. 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 9988699.

About ViewRay®

ViewRay, Inc. (Nasdaq: VRAY), designs, manufactures, and markets the MRIdian® MR-Guided 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, ViewRay's financial guidance for the full year 2022, anticipated future orders, anticipated future operating and financial performance, treatment results, therapy adoption, innovation, and the performance of the MRIdian systems. 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 the MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length, and severity of the COVID-19 pandemic, including its impacts across our businesses on demand, our operations and global supply chains, disruptions in the supply or changes in costs of raw materials, labor, product components or transportation services as a result of inflation, the 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, 2021 and its 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.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share data)



Three Months Ended
March 31,


2022


2021

Revenue:




     Product

$              13,426


$              11,379

     Service

5,331


4,027

     Distribution rights

119


119

          Total revenue

18,876


15,525

Cost of revenue:




     Product

13,766


10,685

     Service

5,016


4,518

          Total cost of revenue

18,782


15,203

Gross profit

94


322

Operating expenses:




     Research and development

7,870


6,510

     Selling and marketing

6,884


2,848

     General and administrative

12,814


15,639

          Total operating expenses

27,568


24,997

Loss from operations

(27,474)


(24,675)

Interest income

5


2

Interest expense

(1,064)


(1,058)

Other (expense) income, net

2,759


(1,012)

Loss before provision for income taxes

$           (25,774)


$           (26,743)

     Provision for income taxes


Net loss and comprehensive loss

$           (25,774)


$           (26,743)

Net loss per share, basic and diluted

$               (0.14)


$               (0.17)

Weighted-average common shares used to compute net loss per share
     attributable to common stockholders, basic and diluted

179,740,732


160,138,327





Gross Orders

$              40,880


$              40,850

Backlog

$           330,894


$           264,284

 

VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)



March 31, 2022


December 31, 2021

ASSETS




Current assets:




     Cash and cash equivalents

$              180,061


$              218,348

     Accounts receivable

28,002


21,659

     Inventory, net of allowance of $1,676 and $3,071, respectively

26,080


29,617

     Deposits on purchased inventory

7,153


4,778

     Deferred cost of revenue

5,439


3,342

     Prepaid expenses and other current assets

5,285


5,803

          Total current assets

252,020


283,547

Property and equipment, net

20,357


20,242

Restricted cash

4,596


1,460

Intangible assets, net

43


44

Right-of-use assets

9,080


9,661

Other assets

11,991


6,853

TOTAL ASSETS

$              298,087


$              321,807

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




     Accounts payable

$                  9,252


$                  9,199

     Accrued liabilities

18,427


26,555

     Customer deposits

27,377


20,784

     Operating lease liability, current

2,633


2,561

     Current portion of long-term debt

8,056


3,222

     Deferred revenue, current

13,879


13,920

          Total current liabilities

79,624


76,241

Deferred revenue, net of current portion

7,507


4,232

Long-term debt

49,282


54,031

Warrant liabilities

3,965


6,795

Operating lease liability, noncurrent

7,373


8,066

Other long-term liabilities

2,831


2,647

TOTAL LIABILITIES

150,582


152,012

Commitments and contingencies




Stockholders' equity:




     Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at
      March 31, 2022 and December 31, 2021; no shares issued and outstanding at
      March 31, 2022 and December 31, 2021


     Common stock, par value of $0.01 per share; 300,000,000 shares authorized at
       March 31, 2022 and December 31, 2021; 180,442,026 and 179,206,456 shares
       issued and outstanding at March 31, 2022 and December 31, 2021

1,794


1,782

     Additional paid-in capital

908,617


905,145

     Accumulated deficit

(762,906)


(737,132)

TOTAL STOCKHOLDERS' EQUITY

147,505


169,795

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$              298,087


$              321,807

 

Cision View original content:https://www.prnewswire.com/news-releases/viewray-announces-first-quarter-2022-results-301541214.html

SOURCE ViewRay, Inc.

Investor Relations: Matt Harrison, Investor Relations, ViewRay, Inc., 1-844-MRIdian (674-3426), Email: investors@viewray.com, or Media Enquiries: Samantha Pfeil, Marketing Communications, ViewRay, Inc., Email: media@viewray.com

Stock Quote

Data Provided by Refinitiv. Minimum 15 minutes delayed.

Financial Events
More events are coming soon.

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