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ViewRay Announces Fourth Quarter and Full Year 2021 Results

CLEVELAND, Feb. 24, 2022 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the fourth quarter and full fiscal year ended December 31, 2021.

Full Year 2021 Highlights

  • Total revenue of $70.1 million primarily from ten revenue units, compared to 2020 revenue of approximately $57.0 million, primarily from nine revenue units, including two system upgrades.
  • Received a total of 28 orders for the twelve months ended December 31, 2021, totaling $158.9 million, compared to 17 total orders, including two upgrades, totaling $94.6 million in 2020.
  • Total backlog increased to $313.4 million as of December 31, 2021, compared to approximately $241.3 million as of December 31, 2020.
  • Cash and cash equivalents was $218.3 million as of December 31, 2021. Cash usage in 2021 was approximately $66.9 million excluding net aggregate proceeds from the January and November 2021 public offerings of approximately $128.5 million.

Fourth Quarter 2021 Highlights

  • Total revenue for the fourth quarter 2021 was approximately $20.4 million, primarily from three revenue units, compared to approximately $18.5 million, primarily from three revenue units including one system upgrade, in the fourth quarter of 2020.
  • Received seven new orders for MRIdian systems totaling $40.7 million, compared to five new orders, including one upgrade, totaling approximately $24.0 million in the fourth quarter of 2020.  

"Our launch of MRIdian A3i and our upcoming clinical data readouts are exciting catalysts for our business," said Scott Drake, President and CEO. "The interim MIRAGE data show just how different MRIdian therapy is versus conventional therapy - MRIdian cuts toxicity in half, treats approximately 30% less volume, has half the treatment margins, and patients feel better throughout the course of treatment. As UCLA said, these outcomes have changed how they treat patients."

Financial Results

Total revenue for the three months ended December 31, 2021 was $20.4 million compared to $18.5 million for the same period last year. Total revenue for the full year 2021 was $70.1 million compared to $57.0 million for the full year 2020.

Total cost of revenue for the three months ended December 31, 2021 was $20.6 million compared to $18.3 million for the same period last year. Total cost of revenue was $69.8 million for the full year 2021 compared to $61.1 million for the full year 2020.

Total gross loss for the three months ended December 31, 2021 was $0.2 million, compared to a gross profit of $0.2 million for the same period last year. Total gross profit for the full year 2021 was $0.3 million compared to gross loss of $4.1 million for the full year 2020.

Total operating expenses for the three months ended December 31, 2021 were $29.0 million, compared to $25.5 million for the same period last year. Total operating expenses for the full year 2021 were $104.0 million compared to $101.9 million for the full year 2020.

Net loss for the three months ended December 31, 2021 was $27.1 million, or $(0.16) per share, compared to $26.1 million, or $(0.18) per share, for the same period last year. Net loss for the full year 2021 was $110.0 million, or $(0.67) per share, compared to $107.9 million, or $(0.73) per share, for the full year 2020.

ViewRay had total cash and cash equivalents of $218.3 million at December 31, 2021.

Financial Guidance

For the full year 2022, ViewRay anticipates total revenue to be 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, February 24, 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 March 3, 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, 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 December 31,


Year Ended December 31,


2021


2020


2021


2020

Revenue:








Product

$        15,443


$        14,447


$        51,865


$        42,742

Service

4,825


3,891


17,779


13,800

Distribution rights

119


119


475


475

Total revenue

20,387


18,457


70,119


57,017

Cost of revenue:








Product

16,208


14,954


51,780


49,347

Service

4,388


3,349


18,004


11,729

Total cost of revenue

20,596


18,303


69,784


61,076

Gross profit (loss)

(209)


154


335


(4,059)

Operating expenses:








Research and development

9,066


7,215


31,849


25,008

Selling and marketing

5,848


3,596


16,044


15,181

General and administrative

14,075


14,683


56,091


61,729

Total operating expenses

28,989


25,494


103,984


101,918

Loss from operations

(29,198)


(25,340)


(103,649)


(105,977)

Interest income

4


4


13


791

Interest expense

(1,062)


(124)


(4,241)


(3,307)

Other income (expense), net

3,188


(639)


(2,171)


585

Loss before provision for income taxes

$       (27,068)


$       (26,099)


$    (110,048)


$    (107,908)

Provision for income taxes





Net loss attributable to common stockholders, basic and diluted

$       (27,068)


$       (26,099)


$    (110,048)


$    (107,908)

Net loss per share, basic and diluted

$           (0.16)


$           (0.18)


$           (0.67)


$           (0.73)

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

171,221,797


148,530,746


164,521,064


147,895,561









Gross orders

$        40,700


$        24,000


$      158,850


$        94,604

Backlog

$      313,354


$      241,334


$      313,354


$      241,334




VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)



December 31,


2021


2020

ASSETS




Current assets:




Cash and cash equivalents

$        218,348


$        156,720

Accounts receivable

21,659


11,769

Inventory, net of allowance of $3,071 and $2,286, respectively

29,617


46,641

Deposits on purchased inventory

4,778


2,084

Deferred cost of revenue

3,342


1,954

Prepaid expenses and other current assets

5,803


5,257

Total current assets

283,547


224,425

Property and equipment, net

20,242


24,062

Restricted cash

1,460


1,460

Intangible assets, net

44


50

Right-of-use assets

9,661


10,129

Other assets

6,853


1,426

TOTAL ASSETS

$        321,807


$        261,552

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$            9,199


$            9,984

Accrued liabilities

26,555


19,281

Customer deposits

20,784


15,463

Operating lease liability, current

2,561


2,089

Current portion of long-term debt

3,222


Deferred revenue, current portion

13,920


10,094

Total current liabilities

76,241


56,911

Deferred revenue, net of current portion

4,232


2,572

Long-term debt

54,031


56,940

Warrant liability

6,795


4,864

Operating lease liability, noncurrent

8,066


9,043

Other long-term liabilities

2,647


956

TOTAL LIABILITIES

$        152,012


$        131,286

Commitments and contingencies




Stockholders' equity:




Preferred stock, par value $0.01 per share; 10,000,000 shares authorized at December 31, 2021 and 2020; no shares issued and outstanding at December 31, 2021 and 2020


Common stock, par value of $0.01 per share; 300,000,000 shares authorized at December 31, 2020 and 2019; 179,206,456 and 148,615,351 shares issued and outstanding at December 31, 2021 and 2020

1,782


1,476

Additional paid-in capital

905,145


755,874

Accumulated deficit

(737,132)


(627,084)

TOTAL STOCKHOLDERS' EQUITY

169,795


130,266

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$        321,807


$        261,552

 

Cision View original content:https://www.prnewswire.com/news-releases/viewray-announces-fourth-quarter-and-full-year-2021-results-301489455.html

SOURCE ViewRay, Inc.

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

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