ViewRay reports first quarter 2019 results

ViewRay, Inc. has announced financial results for the first quarter ended March 31, 2019.

First Quarter 2019 Highlights:

• Received 7 new orders for MRIdian systems totaling $42.8 million, compared to 3 orders totaling $21.2 million in the first quarter of 2018.

• Total revenue of $20.3 million, primarily from 3 revenue units and 1 system upgrade, compared to $26.2 million, primarily from 4 revenue units and 1 system upgrade, in the first quarter of 2018.

• Total backlog increased to $237.5 million as of March 31, 2019, from $212.3 million as of December 31, 2018.

• Cash and cash equivalents were $145.8 million as of March 31, 2019.

“Our first quarter results are a solid start to the year and reflect progress on our commercial, innovation, and clinical pipelines,” said Scott Drake, President and CEO. “We are well-positioned to execute in 2019 and are focused on becoming the standard of care in radiation oncology.”

First Quarter 2019 Financial Results:

Total revenue for the three months was $20.3 million, compared to $26.2 million for the same period last year.  

Total cost of revenue was $25.7 million, compared to $20.6 million for the same period last year. Total cost of revenue in the first quarter of 2019 was impacted by approximately $7.0 million of charges, primarily driven by higher than anticipated installation costs related to historical upgrade commitments. The $7.0 million includes $5.6 million of one-time charges and $1.4 million of expenses. 

Total gross profit was $(5.4) million, compared to $5.6 million for the same period last year.  

Total operating expenses were $25.0 million, compared to $16.9 million for the same period last year. 

Net loss was $33.4 million, or $0.34 per share, compared to $7.5 million, or $0.11 per share, for the same period last year.  

ViewRay had total cash and cash equivalents of $145.8 million at March 31, 2019.

Financial Guidance:

The Company is reiterating its financial guidance for the full year 2019. The Company anticipates 2019 total revenue to be in the range of $111 million to $124 million, and total cash usage to be in the range of $65-$75 million.