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ViewRay Announces Second Quarter 2022 Results

CLEVELAND, Aug. 2, 2022 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights

  • Total revenue for the second quarter 2022 was approximately $22.1 million, primarily from three revenue units and one upgrade, compared to approximately $15.0 million, primarily from two revenue units, in the second quarter of 2021.
  • Received eight new orders for MRIdian systems totaling $46.3 million, compared to seven new orders totaling $37.9 million in the second quarter 2021.
  • Total backlog increased to $352.8 million as of June 30, 2022, compared to approximately $278.4 million as of June 30, 2021.
  • Cash and cash equivalents, inclusive of a customer deposit reflected in restricted cash was $160.7 million as of June 30, 2022. Cash usage for the three months ended June 30, 2022 was approximately $22.5 million.

"Our clinical, innovation, and commercial pipelines have never been stronger and each are accelerating. Business momentum is increasing as rapid revenue growth is translating into significant gross margin expansion. With tight expense discipline, we believe that we have the balance sheet required to get to cash flow breakeven," said Scott Drake, President and CEO. "We also believe that our clinical data and our MRIdian footprint make this the right time to commence targeted market awareness efforts. We're excited to partner with Katie Couric and her team to spread awareness that short-course, non-invasive treatment with fewer side effects and better quality of life for cancer patients is available today at MRIdian centers." 

Three Months Ended June 30, 2022 Financial Results

Total revenue for the three months ended June 30, 2022 was $22.1 million compared to $15.0 million for the same period last year.

Total cost of revenue for the three months ended June 30, 2022 was $21.1 million compared to $16.7 million for the same period last year.

Total gross profit for the three months ended June 30, 2022 was $1.1 million, compared to a gross loss of $1.7 million for the same period last year.

Total operating expenses for the three months ended June 30, 2022 were $30.9 million, inclusive of a $1.8 million impairment charge, compared to $24.8 million for the same period last year.

Net loss for the three months ended June 30, 2022 was $27.6 million, or $(0.15) per share, compared to $31.0 million, or $(0.19) per share, for the same period last year.

ViewRay's total cash and cash equivalents, inclusive of a customer deposit reflected in restricted cash, was $160.7 million as of June 30, 2022.

Six Months Ended June 30, 2022 Financial Results

Total revenue for the six months ended June 30, 2022 was $41.0 million compared to $30.6 million for the same period last year.

Total gross profit for the six months ended June 30, 2022 was $1.2 million, compared to a gross loss of $1.4 million for the same period last year.

Total operating expenses for the six months ended June 30, 2022 were $58.4 million, inclusive of a $1.8 million impairment charge, compared to $49.8 million for the same period last year.

Net loss for the six months ended June 30, 2022 was $53.4 million, or $(0.30) per share, compared to $57.7 million, or $(0.36) per share, for the same period last year.

Financial Guidance

The Company updated its 2022 guidance of total revenue by raising the bottom end of the range from $84 million to $90 million, while reiterating the top end of the range of $104 million. The Company also reiterated 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 Tuesday, August 2, 2022 at 4:30 p.m. ET / 1:30 p.m. PT. The dial-in numbers are (646) 307-1952 for domestic callers and (888) 672-2415 for international callers. The conference ID number is 7750966. 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 August 16, 2022. (800) 770-2030 for domestic callers and (609) 800-9909 for international callers. Please use the conference ID number 7750966.

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
June 30,


Six Months Ended June 30,


2022


2021


2022


2021

Revenue:








Product

$        16,457


$        10,917


$        29,883


$        22,296

Service

5,573


3,994


10,904


8,021

Distribution rights

119


119


238


238

Total revenue

22,149


15,030


41,025


30,555

Cost of revenue:








Product

16,194


12,180


29,960


22,865

Service

4,864


4,522


9,880


9,040

Total cost of revenue

21,058


16,702


39,840


31,905

Gross profit (loss)

1,091


(1,672)


1,185


(1,350)

Operating expenses:








Research and development

8,412


7,903


16,281


14,413

Selling and marketing

7,545


3,052


14,429


5,900

General and administrative

13,108


13,858


25,923


29,497

Impairment charges

1,816



1,816


Total operating expenses

30,881


24,813


58,449


49,810

Loss from operations

(29,790)


(26,485)


(57,264)


(51,160)

Interest income

83


3


88


5

Interest expense

(192)


(1,060)


(1,256)


(2,118)

Other income (expense), net

2,266


(3,434)


5,025


(4,446)

Loss before provision for income taxes

$      (27,633)


$      (30,976)


$      (53,407)


$      (57,719)

Provision for income taxes




Net loss and comprehensive loss

$      (27,633)


$      (30,976)


$      (53,407)


$      (57,719)

Net loss per share, basic and diluted

$          (0.15)


$           (0.19)


$           (0.30)


$          (0.36)

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

180,551,041


162,238,348


180,150,867


161,217,083









Gross Orders

$        46,275


$        37,900


$        87,155


$        78,750

Backlog

$      352,809


$      278,434


$      352,809


$      278,434

 

VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)






June 30, 2022


December 31, 2021

ASSETS




Current assets:




Cash and cash equivalents

$              157,594


$              218,348

Accounts receivable

33,014


21,659

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

29,380


29,617

Deposits on purchased inventory

6,560


4,778

Deferred cost of revenue

1,568


3,342

Prepaid expenses and other current assets

5,294


5,803

Total current assets

233,410


283,547

Property and equipment, net

20,233


20,242

Restricted cash

4,596


1,460

Intangible assets, net

41


44

Right-of-use assets

7,006


9,661

Other assets

11,758


6,853

TOTAL ASSETS

$              277,044


$              321,807

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$                16,853


$                  9,199

Accrued liabilities

15,937


26,555

Customer deposits

24,950


20,784

Operating lease liability, current

2,708


2,561

Current portion of long-term debt


3,222

Deferred revenue, current

16,284


13,920

Total current liabilities

76,732


76,241

Deferred revenue, net of current portion

6,376


4,232

Long-term debt

58,507


54,031

Warrant liabilities

1,910


6,795

Operating lease liability, noncurrent

6,666


8,066

Other long-term liabilities

2,035


2,647

TOTAL LIABILITIES

152,226


152,012

Commitments and contingencies (Note 6)




Stockholders' equity:




Preferred stock, par value of $0.01 per share; 10,000,000 shares
  authorized at June 30, 2022 and December 31, 2021; no shares issued
  and outstanding at June 30, 2022 and December 31, 2021



Common stock, par value of 0.01 per share; 300,000,000 shares
authorized at June 30, 2022 and December 31, 2021; 180,997,543 and
179,206,456 shares issued and outstanding at June 30, 2022 and
December 31, 2021, respectively

1,800


1,782

Additional paid-in capital

913,557


905,145

Accumulated deficit

(790,539)


(737,132)

TOTAL STOCKHOLDERS' EQUITY

124,818


169,795

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$              277,044


$              321,807

 

Cision View original content:https://www.prnewswire.com/news-releases/viewray-announces-second-quarter-2022-results-301598299.html

SOURCE ViewRay, Inc.

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

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