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ViewRay Reports First Quarter 2021 Results

CLEVELAND, May 6, 2021 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights

  • Received seven new orders for MRIdian systems totaling $40.9 million, compared to four new orders totaling $22.6 million in the first quarter of 2020.
  • Total backlog increased to $264.3 million as of March 31, 2021, compared to $230.8 million as of March 31, 2020.
  • Total revenue of $15.5 million primarily from two revenue units, compared to $14.3 million primarily from three revenue units, including one system upgrade, in the first quarter of 2020.
  • Cash burn in the first quarter of 2021 was approximately $28 million, excluding the net proceeds from the January 2021 public offering, compared to approximately $36 million in the first quarter of 2020.
  • Cash and cash equivalents were $182.0 million as of March 31, 2021.

2021 Public Offering of Common Stock

  • As previously disclosed, in January 2021, the Company raised aggregate net proceeds of approximately $53.5 million after deducting the underwriting discounts, commissions, and estimated offering expenses via a public offering in which 11,856,500 shares of our common stock were issued and sold, including the full exercise of the underwriters' option to purchase additional shares, at a price to the public of $4.85 per share.

"Our performance in the first quarter 2021 represents a solid step forward and progress on our mission to improve the paradigm of care for cancer patients globally," said Scott Drake, President and CEO.  "Our clinical and innovation pipelines are driving commercial traction.  We look forward to upcoming clinical trial data and advancements in our product pipeline which we expect will fuel future growth."

Financial Results

Total revenue for the three months ended March 31, 2021 was $15.5 million compared to $14.3 million for the same period last year.

Total gross profit for the three months ended March 31, 2021 was $0.3 million, compared to ($2.1) million for the same period last year.

Total operating expenses for the three months ended March 31, 2021 were $25.0 million, compared to $27.9 million for the same period last year.

Net loss for the three months ended March 31, 2021 was $26.7 million, or $0.17 per share, compared to $27.5 million, or $0.19 per share, for the same period last year.

ViewRay had total cash and cash equivalents of $182 million at March 31, 2021.

Financial Guidance

Due to the ongoing impact and uncertainty of the COVID-19 pandemic globally, the Company will not be providing financial guidance at this time.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Thursday, May 6, 2021 at 4:30 p.m. ET / 1:30 p.m. PT. The dial-in numbers are (888) 771-4371 for domestic callers and (847) 585-4405 for international callers. The confirmation number is 50150605. 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 13, 2021. 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 8484107.

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, the rate of new orders, upgrades, and installations, ViewRay's expectations for 2021 and beyond and ViewRay's conference calls to discuss its quarterly 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, the timing of delivery of ViewRay's products, the timing, length, and severity of the recent COVID-19 (coronavirus) pandemic, including its impacts across our businesses on demand, operations and our 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, 2020 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)




For the Three Months Ended March 31,




2021





2020


Revenue:











Product


$

11,379





$

11,470


Service



4,027






2,661


Distribution rights



119






119


Total revenue



15,525






14,250


Cost of revenue:











Product



10,685






13,129


Service



4,518






3,228


Total cost of revenue



15,203






16,357


Gross profit (loss)



322






(2,107)


Operating expenses:











Research and development



6,510






6,337


Selling and marketing



2,848






5,823


General and administrative



15,639






15,788


Total operating expenses



24,997






27,948


Loss from operations



(24,675)






(30,055)


Interest income



2






695


Interest expense



(1,058)






(1,038)


Other income (expense), net



(1,012)






2,866


Loss before provision for income taxes


$

(26,743)





$

(27,532)


Provision for income taxes









Net loss and comprehensive loss


$

(26,743)





$

(27,532)


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









Net loss attributable to common stockholders, basic and diluted


$

(26,743)





$

(27,532)


Net loss per share, basic and diluted


$

(0.17)





$

(0.19)


Weighted-average common shares used to compute net loss per

   share attributable to common stockholders, basic and diluted



160,138,327






147,457,116













Gross Orders


$

40,850





$

22,600


Backlog


$

264,284





$

230,792


 

VIEWRAY, INC.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)




March 31, 2021



December 31, 2020


ASSETS









Current assets:









Cash and cash equivalents


$

182,019



$

156,720


Accounts receivable



16,569




11,769


Inventory, net of allowance of $2,334 and $2,286, respectively



43,858




46,641


Deposits on purchased inventory



2,550




2,084


Deferred cost of revenue



2,310




1,954


Prepaid expenses and other current assets



5,273




5,257


Total current assets



252,579




224,425


Property and equipment, net



22,822




24,062


Restricted cash



1,460




1,460


Intangible assets, net



48




50


Right-of-use assets



9,553




10,129


Other assets



1,428




1,426


TOTAL ASSETS


$

287,890



$

261,552


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Accounts payable


$

7,591



$

9,984


Accrued liabilities



14,164




19,281


Customer deposits



15,433




15,463


Operating lease liability, current



1,988




2,089


Current portion of long-term debt







Deferred revenue, current



10,022




10,094


Total current liabilities



49,198




56,911


Deferred revenue, net of current portion



2,089




2,572


Long-term debt



57,022




56,940


Warrant liabilities



5,484




4,864


Operating lease liability, noncurrent



8,546




9,043


Other long-term liabilities



1,146




956


TOTAL LIABILITIES



123,485




131,286


Commitments and contingencies (Note 6)









Stockholders' equity:









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







Common stock, par value of $0.01 per share; 300,000,000 shares authorized at
   March 31, 2021 and December 31, 2020; 161,730,363 and 148,615,351 shares
   issued and outstanding at March 31, 2021 and December 31, 2020



1,607




1,476


Additional paid-in capital



816,625




755,874


Accumulated deficit



(653,827)




(627,084)


TOTAL STOCKHOLDERS' EQUITY



164,405




130,266


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

287,890



$

261,552


 

Cision View original content:http://www.prnewswire.com/news-releases/viewray-reports-first-quarter-2021-results-301286013.html

SOURCE ViewRay, Inc.

Investor Relations: Ashley Kluth, 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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