CLEVELAND, May 5, 2022 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights
- Total revenue for the first quarter 2022 was approximately $18.9 million, primarily from three revenue units, compared to approximately $15.5 million, primarily from two revenue units, in the first quarter of 2021.
- Received seven new orders for MRIdian systems totaling $40.9 million.
- Total backlog increased to $330.9 million as of March 31, 2022, compared to approximately $264.3 million as of March 31, 2021.
- Cash and cash equivalents, inclusive of a customer deposit reflected in restricted cash was $183.2 million as of March 31, 2022. Cash usage as of March 31, 2022 was approximately $35.2 million, consistent with historical seasonality trends.
"Our performance in the first quarter 2022 demonstrates strong customer demand and progress on our mission to improve the paradigm of care for cancer patients globally, despite the on-going macroeconomic challenges," said Scott Drake, President and CEO. "MRIdian's clinical, strategic, and economic value propositions continue to gain momentum with customers. Our accelerating installation cycle also positions us well on our path to deliver industry-leading revenue growth, expand gross margin and achieve cash flow breakeven."
Financial Results
Total revenue for the three months ended March 31, 2022 was $18.9 million compared to $15.5 million for the same period last year.
Total cost of revenue for the three months ended March 31, 2022 was $18.8 million compared to $15.2 million for the same period last year.
Total gross profit for the three months ended March 31, 2022 was $0.1, compared to $0.3 for the same period last year.
Total operating expenses for the three months ended March 31, 2022 were $27.6 million, compared to $25.0 million for the same period last year.
Net loss for the three months ended March 31, 2022 was $25.8 million, or $(0.14) per share, compared to $26.7 million, or $(0.17) per share, for the same period last year.
ViewRay had total cash and cash equivalents of $180.1 million at March 31, 2022.
Financial Guidance
The Company reiterated its 2022 guidance of total revenue in the range of $84 million to $104 million, and total cash usage to be in the range of $68 million to $83 million.
Conference Call and Webcast
ViewRay will hold a conference call to discuss results on Thursday, May 5, 2022 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 9988699. 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 12, 2022. 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 9988699.
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, ViewRay's financial guidance for the full year 2022, anticipated future orders, 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 the 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 COVID-19 pandemic, including its impacts across our businesses on demand, our operations and global supply chains, disruptions in the supply or changes in costs of raw materials, labor, product components or transportation services as a result of inflation, 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, 2021 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 |
|||
2022 |
2021 |
||
Revenue: |
|||
Product |
$ 13,426 |
$ 11,379 |
|
Service |
5,331 |
4,027 |
|
Distribution rights |
119 |
119 |
|
Total revenue |
18,876 |
15,525 |
|
Cost of revenue: |
|||
Product |
13,766 |
10,685 |
|
Service |
5,016 |
4,518 |
|
Total cost of revenue |
18,782 |
15,203 |
|
Gross profit |
94 |
322 |
|
Operating expenses: |
|||
Research and development |
7,870 |
6,510 |
|
Selling and marketing |
6,884 |
2,848 |
|
General and administrative |
12,814 |
15,639 |
|
Total operating expenses |
27,568 |
24,997 |
|
Loss from operations |
(27,474) |
(24,675) |
|
Interest income |
5 |
2 |
|
Interest expense |
(1,064) |
(1,058) |
|
Other (expense) income, net |
2,759 |
(1,012) |
|
Loss before provision for income taxes |
$ (25,774) |
$ (26,743) |
|
Provision for income taxes |
— |
— |
|
Net loss and comprehensive loss |
$ (25,774) |
$ (26,743) |
|
Net loss per share, basic and diluted |
$ (0.14) |
$ (0.17) |
|
Weighted-average common shares used to compute net loss per share |
179,740,732 |
160,138,327 |
|
Gross Orders |
$ 40,880 |
$ 40,850 |
|
Backlog |
$ 330,894 |
$ 264,284 |
|
VIEWRAY, INC. Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) |
|||
March 31, 2022 |
December 31, 2021 |
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 180,061 |
$ 218,348 |
|
Accounts receivable |
28,002 |
21,659 |
|
Inventory, net of allowance of $1,676 and $3,071, respectively |
26,080 |
29,617 |
|
Deposits on purchased inventory |
7,153 |
4,778 |
|
Deferred cost of revenue |
5,439 |
3,342 |
|
Prepaid expenses and other current assets |
5,285 |
5,803 |
|
Total current assets |
252,020 |
283,547 |
|
Property and equipment, net |
20,357 |
20,242 |
|
Restricted cash |
4,596 |
1,460 |
|
Intangible assets, net |
43 |
44 |
|
Right-of-use assets |
9,080 |
9,661 |
|
Other assets |
11,991 |
6,853 |
|
TOTAL ASSETS |
$ 298,087 |
$ 321,807 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 9,252 |
$ 9,199 |
|
Accrued liabilities |
18,427 |
26,555 |
|
Customer deposits |
27,377 |
20,784 |
|
Operating lease liability, current |
2,633 |
2,561 |
|
Current portion of long-term debt |
8,056 |
3,222 |
|
Deferred revenue, current |
13,879 |
13,920 |
|
Total current liabilities |
79,624 |
76,241 |
|
Deferred revenue, net of current portion |
7,507 |
4,232 |
|
Long-term debt |
49,282 |
54,031 |
|
Warrant liabilities |
3,965 |
6,795 |
|
Operating lease liability, noncurrent |
7,373 |
8,066 |
|
Other long-term liabilities |
2,831 |
2,647 |
|
TOTAL LIABILITIES |
150,582 |
152,012 |
|
Commitments and contingencies |
|||
Stockholders' equity: |
|||
Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at |
— |
— |
|
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at |
1,794 |
1,782 |
|
Additional paid-in capital |
908,617 |
905,145 |
|
Accumulated deficit |
(762,906) |
(737,132) |
|
TOTAL STOCKHOLDERS' EQUITY |
147,505 |
169,795 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 298,087 |
$ 321,807 |
|
SOURCE ViewRay, Inc.
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