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ViewRay Reports Fourth Quarter and Full Year 2020 Results

CLEVELAND, March 4, 2021 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the fourth quarter and year ended December 31, 2020.

Full Year 2020 Highlights

  • Total revenue of $57.0 million primarily from nine revenue units, including two system upgrades, compared to 2019 revenue of approximately $87.8 million, primarily from 15 revenue units, including two system upgrades.
  • Received 17 new orders for MRIdian systems, including two upgrades, totaling $94.6 million, compared to 22 new orders, including three upgrades, totaling $118.5 million in 2019.
  • Total backlog increased to $241.3 million as of December 31, 2020, compared to $227.3 million as of December 31, 2019.
  • Cash and cash equivalents were $156.7 million as of December 31, 2020. Cash burn in the fourth quarter of 2020 was approximately $7.2 million

Fourth Quarter 2020 Highlights

  • Total revenue of approximately $18.5 million in the fourth quarter of 2020, primarily from three revenue units including one system upgrade, compared to total revenue of approximately $16.5 million, primarily from three revenue units including one system upgrade, in the fourth quarter of 2019. 
  • Received five new orders for MRIdian systems totaling $24.0 million in the fourth quarter of 2020, compared to four new orders totaling $21.2 million in the fourth quarter of 2019.

2021 Public Offering of Common Stock

  • 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.

"We are pleased with our solid fourth quarter and full year 2020 results despite the ongoing impact of the COVID-19 pandemic. Our recently bolstered balance sheet, coupled with our clinical, strategic, and economic value propositions, have positioned us well for 2021 and beyond," said Scott Drake, President and CEO. "Innovation is the hallmark of ViewRay, and our pipeline is focused on sub-20 minute treatment times, improved workflow and efficiency, and cost reduction. By protecting and extending our innovation lead, we are improving the lives of cancer patients worldwide."

Financial Results

Total revenue for the three months ended December 31, 2020 was $18.5 million compared to $16.5 million for the same period last year. Total revenue for the full year 2020 was $57.0 million compared to $87.8 million for the full year 2019.

Total cost of revenue for the three months ended December 31, 2020 was $18.3 million compared to $20.4 million for the same period last year. Total cost of revenue was $61.1 million for the full year 2020 compared to $93.3 million for the full year 2019.

Total gross margin for the three months ended December 31, 2020 was $0.2 million, compared to a gross margin of $(3.9) million for the same period last year. Total gross margin for the full year 2020 was $(4.1) million compared to $(5.5) million for the full year 2019.

Total operating expenses for the three months ended December 31, 2020 were $25.5 million, compared to $28.5 million for the same period last year. Total operating expenses for the full year 2020 were $101.9 million compared to $115.3 million for the full year 2019.

Net loss for the three months ended December 31, 2020 was $26.1 million, or $0.18 per share, compared to $35.2 million, or $0.31 per share, for the same period last year. Net loss for the full year 2020 was $107.9 million, or $0.73 per share, compared to $120.2 million, or $1.18 per share, for the full year 2019.

ViewRay had total cash and cash equivalents of $156.7 million at December 31, 2020.

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, March 4, 2021 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 5976583. 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 11, 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 5976583.

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 fourth quarter and full year 2020 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)



Three Months Ended December 31,



Year Ended December 31,



2020



2019



2020



2019


Revenue:















Product

$

14,447



$

14,029



$

42,742



$

79,504


Service


3,891




2,321




13,800




7,803


Distribution rights


119




119




475




475


Total revenue


18,457




16,469




57,017




87,782


Cost of revenue:
















Product


14,954




17,078




49,347




80,446


Service


3,349




3,325




11,729




12,814


Total cost of revenue


18,303




20,403




61,076




93,260


Gross margin


154




(3,934)




(4,059)




(5,478)


Operating expenses:
















Research and development


7,215




6,659




25,008




23,794


Selling and marketing


3,596




5,961




15,181




25,806


General and administrative


14,683




15,829




61,729




65,717


Total operating expenses


25,494




28,449




101,918




115,317


Loss from operations


(25,340)




(32,383)




(105,977)




(120,795)


Interest income


4




330




791




1,721


Interest expense


(124)




(1,425)




(3,307)




(4,327)


Other income (expense), net


(639)




(1,731)




585




3,202


Loss before provision for income taxes

$

(26,099)



$

(35,209)



$

(107,908)



$

(120,199)


Provision for income taxes












Net loss and comprehensive loss

$

(26,099)



$

(35,209)



$

(107,908)



$

(120,199)


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












Net loss attributable to common stockholders, basic and diluted

$

(26,099)



$

(35,209)



$

(107,908)



$

(120,199)


Net loss per share, basic and diluted

$

(0.18)



$

(0.31)



$

(0.73)



$

(1.18)


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


148,530,746




114,585,685




147,895,561




102,001,954


















Gross Orders

$

24,000



$

21,210



$

94,604



$

118,488


Backlog

$

241,334



$

227,312



$

241,334



$

227,312





VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)



December 31,



2020



2019


ASSETS








Current assets:








Cash and cash equivalents

$

156,720



$

226,783


Accounts receivable


11,769




16,817


Inventory, net of allowance of $2,286 and $1,363, respectively


46,641




55,031


Deposits on purchased inventory


2,084




6,457


Deferred cost of revenue


1,954




3,466


Prepaid expenses and other current assets


5,257




3,310


Total current assets


224,425




311,864


Property and equipment, net


24,062




23,399


Restricted cash


1,460




1,404


Intangible assets, net


50




55


Right-of-use assets


10,129




11,720


Other assets


1,426




1,577


TOTAL ASSETS

$

261,552



$

350,019


LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:








Accounts payable

$

9,984



$

13,739


Accrued liabilities


19,281




21,390


Customer deposits


15,463




9,662


Operating lease liability, current


2,089




2,264


Current portion of long-term debt


-




1,556


Deferred revenue, current portion


10,094




10,457


Total current liabilities


56,911




59,068


Deferred revenue, net of current portion


2,572




3,553


Long-term debt


56,940




53,995


Warrant liability


4,864




5,373


Operating lease liability, noncurrent


9,043




10,479


Other long-term liabilities


956




1,377


TOTAL LIABILITIES


131,286




133,845


Commitments and contingencies (Note 6)








Stockholders' equity:








Preferred stock, par value $0.01 per share; 10,000,000 shares authorized at December 31, 2020 and 2019; no shares issued and outstanding at December 31, 2020 and 2019






Common stock, par value of $0.01 per share; 300,000,000 shares authorized at December 31, 2020 and 2019; 148,615,351 and 147,191,695 shares issued and outstanding at December 31, 2020 and 2019


1,476




1,462


Additional paid-in capital


755,874




733,888


Accumulated deficit


(627,084)




(519,176)


TOTAL STOCKHOLDERS' EQUITY


130,266




216,174


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

261,552



$

350,019


 

Cision View original content:http://www.prnewswire.com/news-releases/viewray-reports-fourth-quarter-and-full-year-2020-results-301240742.html

SOURCE ViewRay, Inc.

Investor Relations, Michaella Gallina, Vice President, Chief of Staff, Head of 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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