Post by icemandios on Feb 25, 2022 0:37:52 GMT
ViewRay Announces Fourth Quarter and Full Year 2021 Results
PR Newswire
CLEVELAND , Feb. 24, 2022 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the fourth quarter and full fiscal year ended December 31, 2021.
Full Year 2021 Highlights
Total revenue of $70.1 million primarily from ten revenue units, compared to 2020 revenue of approximately $57.0 million , primarily from nine revenue units, including two system upgrades.
Received a total of 28 orders for the twelve months ended December 31, 2021, totaling $158.9 million , compared to 17 total orders, including two upgrades, totaling $94.6 million in 2020.
Total backlog increased to $313.4 million as of December 31, 2021, compared to approximately $241.3 million as of December 31, 2020.
Cash and cash equivalents was $218.3 million as of December 31, 2021. Cash usage in 2021 was approximately $66.9 million excluding net aggregate proceeds from the January and November 2021 public offerings of approximately $128.5 million .
Fourth Quarter 2021 Highlights
Total revenue for the fourth quarter 2021 was approximately $20.4 million , primarily from three revenue units, compared to approximately $18.5 million , primarily from three revenue units including one system upgrade, in the fourth quarter of 2020.
Received seven new orders for MRIdian systems totaling $40.7 million , compared to five new orders, including one upgrade, totaling approximately $24.0 million in the fourth quarter of 2020.
"Our launch of MRIdian A3i and our upcoming clinical data readouts are exciting catalysts for our business," said Scott Drake , President and CEO. "The interim MIRAGE data show just how different MRIdian therapy is versus conventional therapy - MRIdian cuts toxicity in half, treats approximately 30% less volume, has half the treatment margins, and patients feel better throughout the course of treatment. As UCLA said, these outcomes have changed how they treat patients."
Financial Results
Total revenue for the three months ended December 31, 2021 was $20.4 million compared to $18.5 million for the same period last year. Total revenue for the full year 2021 was $70.1 million compared to $57.0 million for the full year 2020.
Total cost of revenue for the three months ended December 31, 2021 was $20.6 million compared to $18.3 million for the same period last year. Total cost of revenue was $69.8 million for the full year 2021 compared to $61.1 million for the full year 2020.
Total gross loss for the three months ended December 31, 2021 was $0.2 million , compared to a gross profit of $0.2 million for the same period last year. Total gross profit for the full year 2021 was $0.3 million compared to gross loss of $4.1 million for the full year 2020.
Total operating expenses for the three months ended December 31, 2021 were $29.0 million , compared to $25.5 million for the same period last year. Total operating expenses for the full year 2021 were $104.0 million compared to $101.9 million for the full year 2020.
Net loss for the three months ended December 31, 2021 was $27.1 million , or $(0.16) per share, compared to $26.1 million , or $(0.18) per share, for the same period last year. Net loss for the full year 2021 was $110.0 million , or $(0.67) per share, compared to $107.9 million , or $(0.73) per share, for the full year 2020.
ViewRay had total cash and cash equivalents of $218.3 million at December 31, 2021.
Financial Guidance
For the full year 2022, ViewRay anticipates total revenue to be 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, February 24, 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 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 3, 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.
PR Newswire
CLEVELAND , Feb. 24, 2022 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the fourth quarter and full fiscal year ended December 31, 2021.
Full Year 2021 Highlights
Total revenue of $70.1 million primarily from ten revenue units, compared to 2020 revenue of approximately $57.0 million , primarily from nine revenue units, including two system upgrades.
Received a total of 28 orders for the twelve months ended December 31, 2021, totaling $158.9 million , compared to 17 total orders, including two upgrades, totaling $94.6 million in 2020.
Total backlog increased to $313.4 million as of December 31, 2021, compared to approximately $241.3 million as of December 31, 2020.
Cash and cash equivalents was $218.3 million as of December 31, 2021. Cash usage in 2021 was approximately $66.9 million excluding net aggregate proceeds from the January and November 2021 public offerings of approximately $128.5 million .
Fourth Quarter 2021 Highlights
Total revenue for the fourth quarter 2021 was approximately $20.4 million , primarily from three revenue units, compared to approximately $18.5 million , primarily from three revenue units including one system upgrade, in the fourth quarter of 2020.
Received seven new orders for MRIdian systems totaling $40.7 million , compared to five new orders, including one upgrade, totaling approximately $24.0 million in the fourth quarter of 2020.
"Our launch of MRIdian A3i and our upcoming clinical data readouts are exciting catalysts for our business," said Scott Drake , President and CEO. "The interim MIRAGE data show just how different MRIdian therapy is versus conventional therapy - MRIdian cuts toxicity in half, treats approximately 30% less volume, has half the treatment margins, and patients feel better throughout the course of treatment. As UCLA said, these outcomes have changed how they treat patients."
Financial Results
Total revenue for the three months ended December 31, 2021 was $20.4 million compared to $18.5 million for the same period last year. Total revenue for the full year 2021 was $70.1 million compared to $57.0 million for the full year 2020.
Total cost of revenue for the three months ended December 31, 2021 was $20.6 million compared to $18.3 million for the same period last year. Total cost of revenue was $69.8 million for the full year 2021 compared to $61.1 million for the full year 2020.
Total gross loss for the three months ended December 31, 2021 was $0.2 million , compared to a gross profit of $0.2 million for the same period last year. Total gross profit for the full year 2021 was $0.3 million compared to gross loss of $4.1 million for the full year 2020.
Total operating expenses for the three months ended December 31, 2021 were $29.0 million , compared to $25.5 million for the same period last year. Total operating expenses for the full year 2021 were $104.0 million compared to $101.9 million for the full year 2020.
Net loss for the three months ended December 31, 2021 was $27.1 million , or $(0.16) per share, compared to $26.1 million , or $(0.18) per share, for the same period last year. Net loss for the full year 2021 was $110.0 million , or $(0.67) per share, compared to $107.9 million , or $(0.73) per share, for the full year 2020.
ViewRay had total cash and cash equivalents of $218.3 million at December 31, 2021.
Financial Guidance
For the full year 2022, ViewRay anticipates total revenue to be 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, February 24, 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 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 3, 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.