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ViewRay Reports Third Quarter 2021 Results

CLEVELAND, Nov. 4, 2021 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the third quarter ended September 30, 2021.

 Third Quarter 2021 Highlights

  • Received seven new orders for MRIdian systems totaling $39.4 million, compared to four new orders totaling $23.4 million in the third quarter of 2020. Total orders for the nine months ended September 30, 2021 represent a 24% growth over total orders for the twelve months ended December 31, 2020.
  • Total backlog increased to $295.1 million as of September 30, 2021, compared to $238.9 million as of September 30, 2020.
  • Total revenue of $19.2 million primarily from three revenue units, compared to $10.1 million primarily from one revenue unit in the third quarter of 2020.
  • Cash usage in the third quarter of 2021 was approximately $17.0 million compared to approximately $16.0 million in the third quarter of 2020.
  • Cash and cash equivalents were $149.9 million as of September 30, 2021.

"Performance continues to be strong and momentum in our clinical and innovation pipelines are evident." said Scott Drake, President and CEO. "We had a great showing at ASTRO. Data presented by Dr. Michael Chuong on 148 inoperable pancreatic cancer patients with MRIdian SMART displayed 26 month median survival compared to 12-15 months typically seen in patients receiving chemotherapy and standard radiation therapy. Our technical lead should be extended with multiple enhancements pending with the FDA. The future is bright for patients treated on MRIdian."

Three Months Ended September 30, 2021 Financial Results

Total revenue for the three months ended September 30, 2021 was $19.2 million compared to $10.1 million for the same period last year.

Total gross profit (loss) for the three months ended September 30, 2021 was $1.9 million, compared to $(1.1) million for the same period last year.

Total operating expenses for the three months ended September 30, 2021 were $25.2 million, compared to $23.9 million for the same period last year.

Net loss for the three months ended September 30, 2021 was $25.3 million, or $0.15 per share, compared to $28.1 million, or $0.19 per share, for the same period last year.

ViewRay had total cash and cash equivalents of $149.9 million at September 30, 2021.

Nine Months Ended September 30, 2021 Financial Results:

Total revenue for the nine months ended September 30, 2021 was $49.7 million compared to $38.6 million for the same period last year.

Total gross profit (loss) for the nine months ended September 30, 2021 was $0.5 million, compared to $(4.2) million for the same period last year.

Total operating expenses for the nine months ended September 30, 2021 were $75.0 million, compared to $76.4 million for the same period last year.

Net loss for the nine months ended September 30, 2021 was $83.0 million, or $0.51 per share, compared to $81.8 million, or $0.55 per share, for the same period last year.

Financial Guidance

The Company reiterated its 2021 guidance of total revenue 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, November 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 confirmation number is 5970168. 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 5970168.

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)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2021


2020


2021


2020

Revenue:








Product

$

14,126



$

6,210



$

36,422



$

28,295


Service

4,933



3,758



12,954



9,909


Distribution rights

118



118



356



356


Total revenue

19,177



10,086



49,732



38,560


Cost of revenue:








Product

12,707



8,550



35,572



34,393


Service

4,576



2,600



13,616



8,380


Total cost of revenue

17,283



11,150



49,188



42,773


Gross profit (loss)

1,894



(1,064)



544



(4,213)


Operating expenses:








Research and development

8,370



5,245



22,783



17,793


Selling and marketing

4,296



2,669



10,196



11,585


General and administrative

12,519



16,031



42,016



47,046


Total operating expenses

25,185



23,945



74,995



76,424


Loss from operations

(23,291)



(25,009)



(74,451)



(80,637)


Interest income

4



5



9



787


Interest expense

(1,061)



(1,074)



(3,179)



(3,183)


Other (expense) income, net

(913)



(2,047)



(5,359)



1,224


Loss before provision for income taxes

$

(25,261)



$

(28,125)



$

(82,980)



$

(81,809)


Provision for income taxes








Net loss and comprehensive loss

$

(25,261)



$

(28,125)



$

(82,980)



$

(81,809)


Net loss per share, basic and diluted

$

(0.15)



$

(0.19)



$

(0.51)



$

(0.55)


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

164,244,972



148,042,972



162,278,489



147,683,344










Gross Orders

$

39,400



$

23,404



$

118,150



$

70,604


Backlog

$

295,134



$

238,890



$

295,134



$

238,890


 

 

VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)



September 30, 2021


December 31, 2020

ASSETS




Current assets:




Cash and cash equivalents

$

149,900



$

156,720


Accounts receivable

21,978



11,769


Inventory, net of allowance of $2,768 and $2,286, respectively

37,875



46,641


Deposits on purchased inventory

4,726



2,084


Deferred cost of revenue

1,338



1,954


Prepaid expenses and other current assets

4,334



5,257


Total current assets

220,151



224,425


Property and equipment, net

20,337



24,062


Restricted cash

1,460



1,460


Intangible assets, net

45



50


Right-of-use assets

10,231



10,129


Other assets

7,869



1,426


TOTAL ASSETS

$

260,093



$

261,552


LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

8,125



$

9,984


Accrued liabilities

19,323



19,281


Customer deposits

16,808



15,463


Operating lease liability, current

2,441



2,089


Deferred revenue, current

12,468



10,094


Total current liabilities

59,165



56,911


Deferred revenue, net of current portion

4,670



2,572


Long-term debt

57,177



56,940


Warrant liabilities

10,088



4,864


Operating lease liability, noncurrent

8,729



9,043


Other long-term liabilities

2,516



956


TOTAL LIABILITIES

142,345



131,286


Commitments and contingencies (Note 6)




Stockholders' equity:




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




Common stock, par value of $0.01 per share; 300,000,000 shares authorized at September 30, 2021 and December 31, 2020; 164,382,033 and 148,615,351 shares issued and outstanding at September 30, 2021 and December 31, 2020

1,634



1,476


Additional paid-in capital

826,178



755,874


Accumulated deficit

(710,064)



(627,084)


TOTAL STOCKHOLDERS' EQUITY

117,748



130,266


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

260,093



$

261,552


 

 


Cision View original content:https://www.prnewswire.com/news-releases/viewray-reports-third-quarter-2021-results-301416575.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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