Post by icemandios on May 5, 2022 23:27:00 GMT
ViewRay Announces First Quarter 2022 Results
PR Newswire
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 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.
PR Newswire
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 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.