CLEVELAND, Oct. 15, 2019 /PRNewswire/ -- ViewRay, Inc.
(NASDAQ: VRAY) today announced preliminary results for the third
quarter 2019. The preliminary results have not been audited and are
subject to change.
Selected Third Quarter Preliminary Results:
- Total revenue of $20.9 million in
the third quarter of 2019, primarily from three revenue units,
compared to total revenue of $17.7
million, primarily from three revenue units, in the third
quarter of 2018.
- Received 8 new orders for MRIdian systems, including 3
upgrades, totaling approximately $35
million in the third quarter of 2019, compared to orders
totaling approximately $36 million in
the third quarter of 2018.
- Total backlog grew to approximately $231
million as of September 30,
2019.
- Cash and cash equivalents were approximately $92 million as of September 30, 2019.
- The Company reaffirmed its full year 2019 guidance of revenue
in the range of $80-95 million, and
cash use in the range of $80-90
million.
"I am pleased with the progress our team is making on the
commercial, clinical, and innovation fronts," said Scott Drake, President and CEO. "With our
customers, we are driving a paradigm shift in how radiation therapy
is delivered and treating patients that, without MRIdian, had no
other treatment options. Customers ranging from large academic
centers to free-standing clinics are responding to our value
proposition. We look forward to discussing our third quarter
results on our November earnings call."
Conference Call and Webcast
ViewRay will hold a conference call to discuss results on
Tuesday, November 12, 2019 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 8250536. 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 14 days following the call.
In addition, a telephonic replay of the call will be available
until November 19, 2019. 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 8250536.
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.
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 2019 and ViewRay's conference call to discuss its third
quarter 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, 2018 and its 2019 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.