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ViewRay Reports Second Quarter 2021 Results

CLEVELAND, Aug. 5, 2021 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Received seven new orders for MRIdian systems totaling $37.9 million, compared to four new orders totaling $24.6 million in the second quarter of 2020.
  • Total backlog increased to $278.4 million as of June 30, 2021, compared to $232.2 million as of June 30, 2020.
  • Total revenue of $15.0 million primarily from two revenue units, compared to $14.2 million primarily from two revenue units in the second quarter of 2020.
  • Cash usage in the second quarter of 2021 was approximately $15 million compared to approximately $11 million in the second quarter of 2020.
  • Cash and cash equivalents were $166.9 million as of June 30, 2021.

"Our second quarter performance is a solid step forward and reflects progress on our commercial, innovation, and clinical pipelines. Our team has executed very well in an environment that continues to be challenging," said Scott Drake, President and CEO.  "We are well positioned to drive further growth, therapy adoption, and extend our innovation lead."

Three Months Ended June 30, 2021 Financial Results

Total revenue for the three months ended June 30, 2021 was $15.0 million compared to $14.2 million for the same period last year.

Total gross profit (loss) for the three months ended June 30, 2021 was ($1.7) million, compared to ($1.0) million for the same period last year.

Total operating expenses for the three months ended June 30, 2021 were $24.8 million, compared to $24.5 million for the same period last year.

Net loss for the three months ended June 30, 2021 was $31.0 million, or $0.19 per share, compared to $26.2 million, or $0.18 per share, for the same period last year.

ViewRay had total cash and cash equivalents of $166.9 million at June 30, 2021.

Six Months Ended June 30, 2020 Financial Results:

Total revenue for the six months ended June 30, 2021 was $30.6 million compared to $28.5 million for the same period last year.

Total gross profit (loss) for the six months ended June 30, 2021 was $(1.4) million, compared to $(3.1) million for the same period last year.

Total operating expenses for the six months ended June 30, 2021 were $49.8 million, compared to $52.5 million for the same period last year.

Net loss for the six months ended June 30, 2021 was $57.7 million, or $0.36 per share, compared to $53.7 million, or $0.36 per share, for the same period last year.

Financial Guidance
For the full year 2021, ViewRay anticipates total revenue to be in the range of $63 million to $73 million, and total cash usage to be in the range of $58 million to $68 million.

Conference Call and Webcast
ViewRay will hold a conference call to discuss results on Thursday, August 5, 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 confirmation number is 8473598. 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 for seven days after the call. 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 8473598.

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, anticipated future orders, ViewRay's financial guidance for the full year 2021, 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 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
June
 30,





For the Six Months Ended
June
 30,




2021





2020





2021





2020


Revenue:























Product


$

10,917





$

10,615





$

22,296





$

22,085


Service



3,994






3,490






8,021






6,151


Distribution rights



119






119






238






238


Total revenue



15,030






14,224






30,555






28,474


Cost of revenue:























Product



12,180






12,714






22,865






25,843


Service



4,522






2,552






9,040






5,780


Total cost of revenue



16,702






15,266






31,905






31,623


Gross profit (loss)



(1,672)






(1,042)






(1,350)






(3,149)


Operating expenses:























Research and development



7,903






6,211






14,413






12,548


Selling and marketing



3,052






3,093






5,900






8,916


General and administrative



13,858






15,227






29,497






31,015


Total operating expenses



24,813






24,531






49,810






52,479


Loss from operations



(26,485)






(25,573)






(51,160)






(55,628)


Interest income



3






87






5






782


Interest expense



(1,060)






(1,071)






(2,118)






(2,109)


Other income (expense), net



(3,434)






405






(4,446)






3,271


Loss before provision for income taxes


$

(30,976)





$

(26,152)





$

(57,719)





$

(53,684)


Provision for income taxes



















Net loss and comprehensive loss


$

(30,976)





$

(26,152)





$

(57,719)





$

(53,684)


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



















Net loss attributable to common stockholders, basic and diluted


$

(30,976)





$

(26,152)





$

(57,719)





$

(53,684)


Net loss per share, basic and diluted


$

(0.19)





$

(0.18)





$

(0.36)





$

(0.36)


Weighted-average common shares used to compute net loss per

   share attributable to common stockholders, basic and diluted



162,283,348






147,563,278






161,217,083






147,506,244

























Gross Orders


$

37,900





$

24,600





$

78,750





$

47,200


Backlog


$

278,434





$

232,273





$

278,434





$

232,273


 


VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)




June 30, 2021



December 31, 2020


ASSETS









Current assets:









Cash and cash equivalents


$

166,925



$

156,720


Accounts receivable



15,416




11,769


Inventory, net of allowance of $2,181 and $2,286, respectively



41,878




46,641


Deposits on purchased inventory



3,679




2,084


Deferred cost of revenue



1,199




1,954


Prepaid expenses and other current assets



5,101




5,257


Total current assets



234,198




224,425


Property and equipment, net



21,754




24,062


Restricted cash



1,460




1,460


Intangible assets, net



47




50


Right-of-use assets



9,018




10,129


Other assets



7,392




1,426


TOTAL ASSETS


$

273,869



$

261,552


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Accounts payable


$

7,525



$

9,984


Accrued liabilities



18,304




19,281


Customer deposits



14,183




15,463


Operating lease liability, current



1,938




2,089


Deferred revenue, current



11,041




10,094


Total current liabilities



52,991




56,911


Deferred revenue, net of current portion



4,962




2,572


Long-term debt



57,101




56,940


Warrant liabilities



9,212




4,864


Operating lease liability, noncurrent



8,039




9,043


Other long-term liabilities



2,513




956


TOTAL LIABILITIES



134,818




131,286


Commitments and contingencies (Note 6)









Stockholders' equity:









Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized
  at June 30, 2021 and December 31, 2020; no shares issued and outstanding
  at June 30, 2021 and December 31, 2020







Common stock, par value of $0.01 per share; 300,000,000 shares authorized at
  June 30, 2021 and December 31, 2020; 163,590,744 and 148,615,351 shares
  issued and outstanding at June 30, 2021 and December 31, 2020



1,624




1,476


Additional paid-in capital



822,230




755,874


Accumulated deficit



(684,803)




(627,084)


TOTAL STOCKHOLDERS' EQUITY



139,051




130,266


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

273,869



$

261,552


 

 

Cision View original content:https://www.prnewswire.com/news-releases/viewray-reports-second-quarter-2021-results-301349758.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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