EX-99.1 2 vray-20211104exhibit991.htm EX-99.1 Document

Exhibit 99.1
ViewRay Reports Third Quarter 2021 Results
CLEVELAND, November 4, 2021 — ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Highlights
•Received seven new orders for MRIdian systems totaling $39.4 million, compared to four new orders totaling $23.4 million in the third quarter of 2020. Total orders for the nine months ended September 30, 2021 represent a 24% growth over total orders for the twelve months ended December 31, 2020.
•Total backlog increased to $295.1 million as of September 30, 2021, compared to $238.9 million as of September 30, 2020.
•Total revenue of $19.2 million primarily from three revenue units, compared to $10.1 million primarily from one revenue unit in the third quarter of 2020.
•Cash usage in the third quarter of 2021 was approximately $17.0 million compared to approximately $16.0 million in the third quarter of 2020.
•Cash and cash equivalents were $149.9 million as of September 30, 2021.
“Performance continues to be strong and momentum in our clinical and innovation pipelines are evident.” said Scott Drake, President and CEO. “We had a great showing at ASTRO. Data presented by Dr. Michael Chuong on 148 inoperable pancreatic cancer patients with MRIdian SMART displayed 26 month median survival compared to 12-15 months typically seen in patients receiving chemotherapy and standard radiation therapy. Our technical lead should be extended with multiple enhancements pending with the FDA. The future is bright for patients treated on MRIdian.”
Three Months Ended September 30, 2021 Financial Results
Total revenue for the three months ended September 30, 2021 was $19.2 million compared to $10.1 million for the same period last year.
Total gross profit (loss) for the three months ended September 30, 2021 was $1.9 million, compared to $(1.1) million for the same period last year.
Total operating expenses for the three months ended September 30, 2021 were $25.2 million, compared to $23.9 million for the same period last year.
Net loss for the three months ended September 30, 2021 was $25.3 million, or $0.15 per share, compared to $28.1 million, or $0.19 per share, for the same period last year.
ViewRay had total cash and cash equivalents of $149.9 million at September 30, 2021.
Nine Months Ended September 30, 2021 Financial Results:
Total revenue for the nine months ended September 30, 2021 was $49.7 million compared to $38.6 million for the same period last year.
Total gross profit (loss) for the nine months ended September 30, 2021 was $0.5 million, compared to $(4.2) million for the same period last year.


Total operating expenses for the nine months ended September 30, 2021 were $75.0 million, compared to $76.4 million for the same period last year.
Net loss for the nine months ended September 30, 2021 was $83.0 million, or $0.51 per share, compared to $81.8 million, or $0.55 per share, for the same period last year.
Financial Guidance
The Company reiterated its 2021 guidance of total revenue in the range of $63 million to $73 million, and total cash usage to be in the range of $58 million to $68 million.
Conference Call and Webcast
ViewRay will hold a conference call to discuss results on Thursday, November 4, 2021 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 confirmation number is 5970168. A live webcast of the conference call will be available on the investor relations page of ViewRay's corporate website at http://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 for seven days after the call. 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 5970168.
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.
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, anticipated future orders, ViewRay's financial guidance for the full year 2021, anticipated future operating and financial performance, treatment results, therapy adoption, innovation and the performance of the MRIdian systems. 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, the timing of delivery of ViewRay's products, the timing, length, and severity of the recent COVID-19 (coronavirus) pandemic, including its impacts across our businesses on demand, operations and our global supply chains, the 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, 2020 and its 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.


VIEWRAY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
September 30,		Nine Months Ended September 30,
2021202020212020
Revenue:
Product$14,126 $6,210 $36,422 $28,295 
Service4,933 3,758 12,954 9,909 
Distribution rights118 118 356 356 
Total revenue19,177 10,086 49,732 38,560 
Cost of revenue:
Product12,707 8,550 35,572 34,393 
Service4,576 2,600 13,616 8,380 
Total cost of revenue17,283 11,150 49,188 42,773 
Gross profit (loss)1,894 (1,064)544 (4,213)
Operating expenses:
Research and development8,370 5,245 22,783 17,793 
Selling and marketing4,296 2,669 10,196 11,585 
General and administrative12,519 16,031 42,016 47,046 
Total operating expenses25,185 23,945 74,995 76,424 
Loss from operations(23,291)(25,009)(74,451)(80,637)
Interest income4 5 9 787 
Interest expense(1,061)(1,074)(3,179)(3,183)
Other (expense) income, net(913)(2,047)(5,359)1,224 
Loss before provision for income taxes$(25,261)$(28,125)$(82,980)$(81,809)
Provision for income taxes— — — — 
Net loss and comprehensive loss$(25,261)$(28,125)$(82,980)$(81,809)
Net loss per share, basic and diluted$(0.15)$(0.19)$(0.51)$(0.55)
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted164,244,972 148,042,972 162,278,489 147,683,344 
Gross Orders$39,400 $23,404 $118,150 $70,604 
Backlog$295,134 $238,890 $295,134 $238,890 


VIEWRAY, INC.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)
September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$149,900 $156,720 
Accounts receivable21,978 11,769 
Inventory, net of allowance of $2,768 and $2,286, respectively37,875 46,641 
Deposits on purchased inventory4,726 2,084 
Deferred cost of revenue1,338 1,954 
Prepaid expenses and other current assets4,334 5,257 
Total current assets220,151 224,425 
Property and equipment, net20,337 24,062 
Restricted cash1,460 1,460 
Intangible assets, net45 50 
Right-of-use assets10,231 10,129 
Other assets7,869 1,426 
TOTAL ASSETS$260,093 $261,552 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$8,125 $9,984 
Accrued liabilities19,323 19,281 
Customer deposits16,808 15,463 
Operating lease liability, current2,441 2,089 
Deferred revenue, current12,468 10,094 
Total current liabilities59,165 56,911 
Deferred revenue, net of current portion4,670 2,572 
Long-term debt57,177 56,940 
Warrant liabilities10,088 4,864 
Operating lease liability, noncurrent8,729 9,043 
Other long-term liabilities2,516 956 
TOTAL LIABILITIES142,345 131,286 
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020— — 
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at September 30, 2021 and December 31, 2020; 164,382,033 and 148,615,351 shares issued and outstanding at September 30, 2021 and December 31, 20201,634 1,476 
Additional paid-in capital826,178 755,874 
Accumulated deficit(710,064)(627,084)
TOTAL STOCKHOLDERS’ EQUITY117,748 130,266 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$260,093 $261,552 


Contact:
Investor Relations:
Ashley Kluth
Investor Relations
ViewRay, Inc.
1-844-MRIdian (674-3426)
Email: investors@viewray.com
Media Enquiries:
Samantha Pfeil
Marketing Communications
ViewRay, Inc.
Email: media@viewray.com