CLEVELAND, May 15, 2017 /PRNewswire/ -- ViewRay, Inc.
(Nasdaq: VRAY) today announced financial results for the first
quarter ended March 31, 2017.
First Quarter 2017 Highlights:
- Received new orders for MRIdian Linac Systems, totaling
$12.3 million, compared to orders
totaling $11.2 million in Q1
2016
- Received orders totaling $5.8
million to upgrade installed MRIdian Cobalt Systems to Linac
Systems
- Total backlog grew to $144.9
million, as of March 31, 2017,
up from $89.6 million as of
March 31, 2016
Recent Highlights:
- Announced $15.0 million capacity
expansion of Term Loan Agreement
- Raised $7.4 million from the sale
of 1.1 million shares of common stock through "at the market
offerings" in April and May 2017
- Announced that compelling early pancreatic cancer data with
ViewRay's MRIdian System were presented at ESTRO 36; presentations
also highlighted speed and benefit of On-Table Adaptive Therapy in
routine clinical use. http://www.viewray.com/estro_2017.htm
"The first quarter was a transformational quarter for the
company. We received FDA clearance for the MRIdian Linac in
February and ended the quarter with $49.3
million in cash and cash equivalents. We are also encouraged
by the impressive clinical results reported by MRIdian users at our
biggest European trade show, ESTRO, in a variety of cancers,
including pancreas, gastrointestinal and prostate," said
Chris A. Raanes, president and chief
executive officer of ViewRay.
Mr. Raanes added, "We continue to build commercial momentum with
MRIdian Linac in the U.S. and international markets. The two new
orders for MRIdian Linac and three orders for upgrades to existing
Cobalt systems are the beginning of our expected order ramp
following our FDA clearance."
Financial Results
Total revenue for the first quarter ended March 31, 2017 was $1.2 million, compared to
$5.5 million for the same period last
year. Revenue for the first quarter ended March 31, 2016 included one MRIdian system
installed and recognized as product revenue.
Cost of product revenue was $0.3
million for the first quarter ended March 31, 2017, compared to $5.9 million for the same period last year. Total
gross profit (loss) for the first quarter ended March 31, 2017 was $0.2
million, compared to $(1.1)
million for the same period last year.
Total operating expenses for the first quarter ended
March 31, 2017 were $11.1
million, compared to $11.0 million
for the same period last year.
Net loss for the first quarter ended March 31, 2017 was $(28.0)
million, or $(0.54) per share,
compared to $(13.4) million, or
$(0.35) per share, for the same
period last year. The net loss in the first quarter ended
March 31, 2017 included $15.3 million of other expense from changes in
the fair value of warrant liability.
ViewRay had total cash and cash equivalents of $49.3 million at March 31,
2017. During the first quarter ended March 31, 2017, the Company raised $26.1 million in a private placement and
$21.5 million in aggregate net
proceeds from the sale of common stock through "at the market
offerings". In April and May 2017,
the Company raised $7.4 million in
aggregate net proceeds from the sale of common stock through "at
the market offerings".
Financial Guidance
The Company is reiterating its financial guidance for the full
year 2017. The Company anticipates 2017 total revenue to be in the
range of $45 million to $50 million,
primarily from 7 to 8 MRIdian Linac Systems. The Company
anticipates that it will recognize revenue for these systems in the
second half of 2017.
Conference Call and Webcast
ViewRay will hold a conference call on Monday, May 15, 2017 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 68851407. A live webcast of the conference
call will be available on the investor relations page of ViewRay's
corporate website at www.viewray.com.
After the live webcast, a replay of the webcast will remain
available online on the investor relations page of ViewRay's
corporate website, www.viewray.com, for 90 days following the call.
In addition, a telephonic replay of the call will be available
until May 22, 2017. 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 68851407.
About ViewRay
ViewRay®, Inc. (Nasdaq: VRAY) designs, manufactures and markets
the MRIdian® radiation therapy system. MRIdian integrates MRI
technology, radiation delivery and proprietary software to locate,
target and track the position and shape of soft-tissue tumors
during radiation. ViewRay believes this combination of enhanced
visualization and accuracy will significantly improve outcomes for
patients.
ViewRay and MRIdian are registered trademarks of ViewRay,
Inc.
Forward Looking Statements:
This press release contains forward-looking statements.
Statements in this press release that are not purely historical are
forward-looking statements. Such forward-looking statements
include, among other things, the rate of new orders, upgrades and
installations, ViewRay's financial guidance for the full year 2017
and ViewRay's conference call to discuss its first quarter 2017
financial results. Actual results could differ from those projected
in any forward-looking statements due to numerous factors. Such
factors include, among others, 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, the ability to
commercialize MRIdian Linac System, competition in the industry in
which ViewRay operates and overall market conditions. 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. Investors should consult all
of the information set forth herein and should also refer to the
risk factor disclosure set forth in the reports and other documents
ViewRay files with the SEC available at www.sec.gov.
|
VIEWRAY,
INC.
Condensed
Consolidated Statements of Operations
(In thousands,
except share and per share data)
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
Gross
Orders
|
|
$
|
12,310
|
|
|
$
|
11,180
|
|
|
Backlog
|
|
$
|
144,869
|
|
|
$
|
89,640
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
—
|
|
|
$
|
5,240
|
|
|
Service
|
|
|
1,108
|
|
|
|
216
|
|
|
Distribution
Rights
|
|
|
119
|
|
|
|
—
|
|
|
Total
revenue
|
|
|
1,227
|
|
|
|
5,456
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
266
|
|
|
|
5,927
|
|
|
Service
|
|
|
776
|
|
|
|
601
|
|
|
Total cost of
revenue
|
|
|
1,042
|
|
|
|
6,528
|
|
|
Gross
margin
|
|
|
185
|
|
|
|
(1,072)
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
2,914
|
|
|
|
3,399
|
|
|
Selling and
marketing
|
|
|
1,072
|
|
|
|
1,279
|
|
|
General and
administrative
|
|
|
7,151
|
|
|
|
6,320
|
|
|
Total operating
expenses
|
|
|
11,137
|
|
|
|
10,998
|
|
|
Loss from
operations
|
|
|
(10,952)
|
|
|
|
(12,070)
|
|
|
Interest
income
|
|
|
1
|
|
|
|
1
|
|
|
Interest
expense
|
|
|
(1,737)
|
|
|
|
(1,082)
|
|
|
Other income
(expense), net
|
|
|
(15,273)
|
|
|
|
(217)
|
|
|
Loss before provision
for income taxes
|
|
$
|
(27,961)
|
|
|
$
|
(13,368)
|
|
|
Provision for income
taxes
|
|
|
—
|
|
|
|
—
|
|
|
Net loss
|
|
$
|
(27,961)
|
|
|
$
|
(13,368)
|
|
|
Net loss per share,
basic and diluted
|
|
$
|
(0.54)
|
|
|
$
|
(0.35)
|
|
|
Weighted-average
common shares used to compute net loss per
share
attributable to common stockholders, basic and diluted
|
|
|
51,821,422
|
|
|
|
38,211,439
|
|
|
VIEWRAY,
INC.
Condensed
Consolidated Balance Sheets
(In
thousands)
|
|
|
|
March
31,
2017
|
|
|
December
31,
2016(1)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
49,301
|
|
|
$
|
14,198
|
|
|
Accounts
receivable
|
|
|
3,272
|
|
|
|
4,200
|
|
|
Inventory
|
|
|
10,216
|
|
|
|
8,082
|
|
|
Deposits on purchased
inventory
|
|
|
4,473
|
|
|
|
2,522
|
|
|
Deferred cost of
revenue
|
|
|
6,250
|
|
|
|
3,909
|
|
|
Prepaid expenses and
other current assets
|
|
|
4,698
|
|
|
|
3,023
|
|
|
Total current
assets
|
|
|
78,210
|
|
|
|
35,934
|
|
|
Property and
equipment, net
|
|
|
11,353
|
|
|
|
11,560
|
|
|
Restricted
cash
|
|
|
1,143
|
|
|
|
1,143
|
|
|
Intangible assets,
net
|
|
|
92
|
|
|
|
97
|
|
|
Other
assets
|
|
|
30
|
|
|
|
30
|
|
|
TOTAL
ASSETS
|
|
$
|
90,828
|
|
|
$
|
48,764
|
|
|
LIABILITIES AND
STOCKHOLDERS'
DEFICIT
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
5,561
|
|
|
$
|
4,980
|
|
|
Accrued
liabilities
|
|
|
6,322
|
|
|
|
6,334
|
|
|
Customer
deposits
|
|
|
21,400
|
|
|
|
19,400
|
|
|
Deferred revenue,
current portion
|
|
|
10,291
|
|
|
|
6,515
|
|
|
Total current
liabilities
|
|
|
43,574
|
|
|
|
37,229
|
|
|
Deferred revenue, net
of current portion
|
|
|
3,623
|
|
|
|
3,918
|
|
|
Long-term
debt
|
|
|
44,368
|
|
|
|
44,290
|
|
|
Warrant
liabilities
|
|
|
21,327
|
|
|
|
2,723
|
|
|
Other long-term
liabilities
|
|
|
4,973
|
|
|
|
4,257
|
|
|
TOTAL
LIABILITIES
|
|
|
117,865
|
|
|
|
92,417
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders'
deficit:
|
|
|
|
|
|
|
|
|
|
Preferred stock, par
value $0.01 per share; 10,000,000
shares authorized at March 31, 2017 (unaudited) and
December 31, 2016; no shares
issued and outstanding at March 31, 2017 (unaudited)
and December 31, 2016
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, par
value of $0.01 per share; 300,000,000 shares
authorized at March 31, 2017 (unaudited) and December
31, 2017; 56,086,583 and
43,581,184 shares issued and outstanding at March 31,
2017 (unaudited) and
December 31, 2016
|
|
|
551
|
|
|
|
426
|
|
|
Additional paid-in
capital
|
|
|
248,050
|
|
|
|
203,598
|
|
|
Accumulated
deficit
|
|
|
(275,638)
|
|
|
|
(247,677)
|
|
|
TOTAL STOCKHOLDERS'
DEFICIT
|
|
|
(27,037)
|
|
|
|
(43,653)
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
$
|
90,828
|
|
|
$
|
48,764
|
|
|
|
|
(1) The condensed
consolidated balance sheet as of December 31, 2016 was derived from
audited financial statements as of that date.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/viewray-reports-first-quarter-2017-financial-results-300457610.html
SOURCE ViewRay, Inc.