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ViewRay Reports Third Quarter 2020 Results

CLEVELAND, Nov. 5, 2020 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights:

  • Total revenue of $10.1 million, primarily from one revenue unit, compared to $20.9 million, primarily from three revenue units, in the third quarter of 2019.
  • Received four new orders for MRIdian systems totaling $23.4 million, compared to eight new orders totaling $34.9 million in the third quarter of 2019.
  • Total backlog was $238.9 million as of September 30, 2020, compared to $230.7 million as of September 30, 2019.
  • Cash and cash equivalents were $163.9 million as of September 30, 2020.
  • Effective October 30, 2020, the Company amended its term loan with Silicon Valley Bank, deferring amortization until November 2022. Included in the amendment was an expansion of the facility from $56 million to $58 million, the extension of maturity from December 2023 to November 2025, and other improvements to the interest rate and select covenants.

"We are pleased with our third quarter results in light of the economic backdrop," said Scott Drake, President and CEO. "MRIdian's clinical, strategic, and economic value propositions are resonating with customers. We received four orders in Q3, including an order from the Veterans Administration, which was a first for ViewRay. We look forward to partnering with the VA to provide the benefits of MRIdian to our nation's heroes. In addition, we continue to demonstrate fiscal discipline on operating expenses and working capital, and today announced the amendment of our term loan which extends maturity and defers amortization payments until late 2022."

Three Months Ended September 30, 2020 Financial Results:

Total revenue for the three months ended September 30, 2020 was $10.1 million compared to $20.9 million for the same period last year.

Total cost of revenue for the three months ended September 30, 2020 was $11.2 million compared to $20.3 million for the same period last year. 

Total gross profit (loss) for the three months ended September 30, 2020 was $(1.1) million, compared to $0.6 million for the same period last year.

Total operating expenses for the three months ended September 30, 2020 were $23.9 million, compared to $32.3 million for the same period last year.

Net loss for the three months ended September 30, 2020 was $28.1 million, or $0.19 per share, compared to $20.8 million, or $0.21 per share, for the same period last year.

ViewRay had total cash and cash equivalents of $163.9 million at September 30, 2020.

Nine Months Ended September 30, 2020 Financial Results:

Total revenue for the nine months ended September 30, 2020 was $38.6 million compared to $71.3 million for the same period last year.

Total cost of revenue for the nine months ended September 30, 2020 was $42.8 million compared to $72.9 million for the same period last year. 

Total gross profit (loss) for the nine months ended September 30, 2020 was $(4.2) million compared to $(1.5) million for the same period last year.

Total operating expenses for the nine months ended September 30, 2020 were $76.4 million, compared to $86.9 million for the same period last year.

Net loss for the nine months ended September 30, 2020 was $81.8 million, or $0.55 per share, compared to $85.0 million, or $0.87 per share, for the same period last year.

Conference Call and Webcast

The dial-in numbers are (844) 277-1426 for domestic callers and (336) 525-7129 for international callers. The conference ID number is 9819479. 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 November 12, 2020. 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 9819479.

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 preliminary third quarter results and anticipated future operating and financial performance, and ViewRay's conference call to discuss its third quarter 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, 2019 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
September
 30,



Nine Months Ended
September
 30,




2020



2019



2020



2019


Revenue:

















Product


$

6,210



$

18,696



$

28,295



$

65,475


Service



3,758




2,048




9,909




5,482


Distribution rights



118




118




356




356


Total revenue



10,086




20,862




38,560




71,313


Cost of revenue:

















Product



8,550




18,521




34,393




63,368


Service



2,600




1,767




8,380




9,489


Total cost of revenue



11,150




20,288




42,773




72,857


Gross margin



(1,064)




574




(4,213)




(1,544)


Operating expenses:

















Research and development



5,245




5,641




17,793




17,135


Selling and marketing



2,669




7,297




11,585




19,845


General and administrative



16,031




19,381




47,046




49,888


Total operating expenses



23,945




32,319




76,424




86,868


Loss from operations



(25,009)




(31,745)




(80,637)




(88,412)


Interest income



5




484




787




1,391


Interest expense



(1,074)




(1,069)




(3,183)




(2,902)


Other (expense) income, net



(2,047)




11,499




1,224




4,933


Loss before provision for income taxes


$

(28,125)



$

(20,831)



$

(81,809)



$

(84,990)


Provision for income taxes













Net loss and comprehensive loss


$

(28,125)



$

(20,831)



$

(81,809)



$

(84,990)


Net loss per share, basic and diluted


$

(0.19)



$

(0.21)



$

(0.55)



$

(0.87)


Weighted-average common shares used to compute net loss per

   share attributable to common stockholders, basic and diluted



148,042,972




99,039,789




147,683,344




97,763,964


 


VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)




September 30, 2020



December 31, 2019


ASSETS









Current assets:









Cash and cash equivalents


$

163,881



$

226,783


Accounts receivable



26,548




16,817


Inventory



46,456




55,031


Deposits on purchased inventory



4,254




6,457


Deferred cost of revenue



8,705




3,466


Prepaid expenses and other current assets



4,659




3,310


Total current assets



254,503




311,864


Property and equipment, net



22,533




23,399


Restricted cash



1,460




1,404


Intangible assets, net



51




55


Right-of-use assets



10,055




11,720


Other assets



1,485




1,577


TOTAL ASSETS


$

290,087



$

350,019


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Accounts payable


$

7,607



$

13,739


Accrued liabilities



17,966




21,390


Customer deposits



16,080




9,662


Operating lease liability, current



2,251




2,264


Current portion of long-term debt



15,556




1,556


Deferred revenue, current



21,838




10,457


Total current liabilities



81,298




59,068


Deferred revenue, net of current portion



2,884




3,553


Long-term debt



40,134




53,995


Warrant liabilities



4,092




5,373


Operating lease liability, noncurrent



8,816




10,479


Other long-term liabilities



1,827




1,377


TOTAL LIABILITIES



139,051




133,845


Commitments and contingencies (Note 6)









Stockholders' equity:









Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized
   at September 30, 2020 and December 31, 2019; no shares issued and outstanding
   at September 30, 2020 and December 31, 2019







Common stock, par value of $0.01 per share; 300,000,000 shares authorized at
 September 30, 2020 and December 31, 2019; 147,954,426 and 147,191,695 shares
   issued and outstanding at September 30, 2020 and December 31, 2019



1,469




1,462


Additional paid-in capital



750,552




733,888


Accumulated deficit



(600,985)




(519,176)


TOTAL STOCKHOLDERS' EQUITY



151,036




216,174


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

290,087



$

350,019


 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/viewray-reports-third-quarter-2020-results-301167379.html

SOURCE ViewRay Incorporated

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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