CLEVELAND, Jan. 7, 2019 /PRNewswire/ -- ViewRay, Inc.
(Nasdaq: VRAY) today announced preliminary results for the fourth
quarter and full fiscal year ended December
31, 2018. The preliminary results have not been audited and
are subject to change.
Selected Fourth Quarter and Full Year 2018 Preliminary
Highlights:
- Recognized 3 revenue units and 1 system upgrade in the fourth
quarter of 2018. This resulted in total fourth quarter 2018 revenue
of approximately $21 million,
compared to fourth quarter 2017 revenue of $19.9 million, primarily from four revenue
units.
- Received 8 new orders for MRIdian systems totaling
approximately $49 million in the
fourth quarter of 2018, compared to orders totaling $34 million in the fourth quarter of 2017.
- Full year 2018 revenue of approximately $81 million, primarily from 13 revenue units and
2 system upgrades, compared to 2017 revenue of approximately
$34.0 million, primarily from 6
MRIdian systems.
- Backlog as of December 31, 2018
grew to approximately $212
million.
- Cash and cash equivalents were approximately $167 million as of December 31, 2018.
"I am pleased with our solid fourth quarter results. We made
significant advancements in operational execution, our innovation
pipeline, clinical data and training, and our US commercial team is
now fully in place," said Scott
Drake, President and CEO. "During the quarter our backlog
grew to $212 million, and we removed
three systems. While we will continue to review the backlog each
quarter, our recent thorough review is now complete."
Financial guidance for 2019 will be provided on the company's
fourth quarter earnings conference call later this year.
About ViewRay
ViewRay®, Inc. (Nasdaq: VRAY), designs, manufactures and markets
the MRIdian® 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 purposely
built to deliver high-precision radiation without unnecessary beam
distortion, and consequently, help to mitigate skin toxicity and
other safety concerns that may otherwise 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, the rate of new orders,
upgrades and installations, ViewRay's financial guidance for the
full year 2018 and ViewRay's conference call to discuss its third
quarter and year to date 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
commercialize MRIdian Linac System, demand for ViewRay's products,
the ability to convert backlog into revenue, and the timing of
delivery of ViewRay's products, the timing, 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, 2017 and its
2018 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.
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SOURCE ViewRay, Inc.