(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
VIEWRAY, INC. | ||||||||
Date: February 27, 2023 | By: | /s/ Robert S. McCormack | ||||||
Robert S. McCormack | ||||||||
Chief Legal Officer |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product | $ | 28,577 | $ | 15,443 | $ | 79,325 | $ | 51,865 | |||||||||||||||
Service | 5,958 | 4,825 | 22,368 | 17,779 | |||||||||||||||||||
Distribution rights | 157 | 119 | 513 | 475 | |||||||||||||||||||
Total revenue | 34,692 | 20,387 | 102,206 | 70,119 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Product | 24,480 | 16,208 | 71,238 | 51,780 | |||||||||||||||||||
Service | 5,805 | 4,388 | 20,923 | 18,004 | |||||||||||||||||||
Total cost of revenue | 30,285 | 20,596 | 92,161 | 69,784 | |||||||||||||||||||
Gross profit (loss) | 4,407 | (209) | 10,045 | 335 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 8,050 | 9,066 | 32,431 | 31,849 | |||||||||||||||||||
Selling and marketing | 8,725 | 5,848 | 30,488 | 16,044 | |||||||||||||||||||
General and administrative | 13,579 | 14,075 | 52,437 | 56,091 | |||||||||||||||||||
Impairment charges | — | — | 1,816 | — | |||||||||||||||||||
Total operating expenses | 30,354 | 28,989 | 117,172 | 103,984 | |||||||||||||||||||
Loss from operations | (25,947) | (29,198) | (107,127) | (103,649) | |||||||||||||||||||
Interest income | 1,058 | 4 | 1,686 | 13 | |||||||||||||||||||
Interest expense | (2,292) | (1,062) | (5,057) | (4,241) | |||||||||||||||||||
Other income (expense), net | (635) | 3,188 | 3,168 | (2,171) | |||||||||||||||||||
Loss before provision for income taxes | $ | (27,816) | $ | (27,068) | $ | (107,330) | $ | (110,048) | |||||||||||||||
Provision for income taxes | — | — | — | — | |||||||||||||||||||
Net loss attributable to common stockholders, basic and diluted | $ | (27,816) | $ | (27,068) | $ | (107,330) | $ | (110,048) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.15) | $ | (0.16) | $ | (0.59) | $ | (0.67) | |||||||||||||||
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted | 181,357,469 | 171,221,797 | 180,697,230 | 164,521,064 | |||||||||||||||||||
Gross orders | $ | 56,400 | $ | 40,700 | $ | 191,015 | $ | 158,850 | |||||||||||||||
Backlog | $ | 380,240 | $ | 313,354 | $ | 380,240 | $ | 313,354 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 135,960 | $ | 218,348 | |||||||
Accounts receivable, net | 41,383 | 21,659 | |||||||||
Inventory, net of allowance of $1,522 and $3,071, respectively | 31,303 | 29,617 | |||||||||
Deposits on purchased inventory | 7,484 | 4,778 | |||||||||
Deferred cost of revenue | 6,715 | 3,342 | |||||||||
Prepaid expenses and other current assets | 5,509 | 5,803 | |||||||||
Total current assets | 228,354 | 283,547 | |||||||||
Property and equipment, net | 19,641 | 20,242 | |||||||||
Restricted cash | 6,535 | 1,460 | |||||||||
Intangible assets, net | 38 | 44 | |||||||||
Right-of-use assets | 5,945 | 9,661 | |||||||||
Other assets | 10,884 | 6,853 | |||||||||
TOTAL ASSETS | $ | 271,397 | $ | 321,807 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 28,300 | $ | 9,199 | |||||||
Accrued liabilities | 24,682 | 26,555 | |||||||||
Customer deposits | 16,006 | 20,784 | |||||||||
Operating lease liability, current | 2,860 | 2,561 | |||||||||
Current portion of long-term debt | — | 3,222 | |||||||||
Deferred revenue, current portion | 24,734 | 13,920 | |||||||||
Total current liabilities | 96,582 | 76,241 | |||||||||
Deferred revenue, net of current portion | 3,069 | 4,232 | |||||||||
Long-term debt | 73,339 | 54,031 | |||||||||
Credit revolver | 5,000 | — | |||||||||
Warrant liability | 4,178 | 6,795 | |||||||||
Operating lease liability, noncurrent | 5,205 | 8,066 | |||||||||
Other long-term liabilities | 1,782 | 2,647 | |||||||||
TOTAL LIABILITIES | $ | 189,155 | $ | 152,012 | |||||||
Stockholders’ equity: | |||||||||||
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized at December 31, 2022 and 2021; no shares issued and outstanding at December 31, 2022 and 2021 | — | — | |||||||||
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at December 31, 2022 and 2021; 181,586,944 and 179,206,456 shares issued and outstanding at December 31, 2022 and 2021 | 1,806 | 1,782 | |||||||||
Additional paid-in capital | 924,898 | 905,145 | |||||||||
Accumulated deficit | (844,462) | (737,132) | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | 82,242 | 169,795 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 271,397 | $ | 321,807 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP net loss | $ | (27,816) | $ | (27,068) | $ | (107,330) | $ | (110,048) | |||||||||||||||
Depreciation and amortization | 1,144 | 965 | 4,922 | 5,984 | |||||||||||||||||||
Stock-based compensation | 5,940 | 4,286 | 21,608 | 23,871 | |||||||||||||||||||
Interest expense | 2,292 | 1,062 | 5,057 | 4,241 | |||||||||||||||||||
Interest income | (1,058) | (4) | (1,686) | (13) | |||||||||||||||||||
Loss (gain) on fair value of warrants (a) | 1,055 | (3,293) | (2,617) | 2,284 | |||||||||||||||||||
Impairment (b) | — | — | 1,816 | — | |||||||||||||||||||
Adjusted EBITDA | (18,443) | (24,052) | (78,230) | (73,681) |
Twelve Months Ended December 31, 2023 | |||||||||||
From | To | ||||||||||
GAAP net loss | $ | (101,000) | $ | (111,000) | |||||||
Depreciation and amortization (a) | 4,500 | 4,500 | |||||||||
Stock-based compensation | 20,000 | 20,000 | |||||||||
Interest expense | 10,500 | 10,500 | |||||||||
Interest income | (3,000) | (3,000) | |||||||||
Loss (gain) on fair value of warrants (b) | (1,000) | (1,000) | |||||||||
Adjusted EBITDA | (70,000) | (80,000) |
Q_Q]*L>&]!E\2ZS'ID%S#!
M-(K%#-G#$#.. ><9_*M_Q=IEK962FV@OO+*G_2+F/8)"&4#:N,@88]3WKEM(
MU&72-8L]0A/[RWE60>^#R/Q'%?84)RG23ZG1AY.5.+GOU)==T6Y\/ZS<:9=E
M3- 0"R9VL",@C/L:U-(\%WNK>&KW7A=6]O9VA8-YN[ %5[)\';Z2;1;^R=B5MYE=,]@X/'YJ3^-35IJ'OPT'";E[L
MCQF3A:K=ZZ#Q9;+:>*-5@081;J3:/0;B0*Y_O70G=7,7IH>^_$O_ ))I)_VP
M_P#0A7@->_?$O_DFDO\ VP_]"%> UCAO@^9K6^(](^"__(V7O_7BW_H:5W.J
M>&]%L?$6I^+O$+Q- OEB"-QE5PBC)'\3$@@#_(X;X+_\C9>_]>+?^AI4WQFU
MB6;6K32%OT 'YFHDG*K9%1:5.[+.I_&JX\YETG2HEA'"O=,2
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M0?H!G\:=1N4E3002C'G99UGXT,L[1Z+IR-@371/S?\!!&/SK,MOC/KB2@W
M-A82Q]U0.A_/P?"[P
MA8QZ3_PDNJ1I(Q+- )!E8D4D%R/7(/T KQ^O?O KP:_\,%TY)0K^1+:2XZH3
MN /Y,#6U=M1T,Z23D<]K7QAG6Y>/1K&$PJ<":YR2_N%!&/SK+@^,6OI(/.M-
M/E3N CJ?SW?TKF-;\+:SH4KQWMC*$7@3(I:-O<,./ZUB4XTJ=M$)U)WU/6M1
M^)VBZWX7O8;S3,7WEXB@E42(6/&X-CC'7MTXKR6BBKA!0V)E)RW"BBBK)/3O
M@WIBS:GJ&INN3;QK%'GU;))_)Q'DHO;=U8_7/'_
M $5V'P9V_V%J./O?:1GZ;1C^M>7^*=W_"6ZSO\ O?;9O_0S7-'6LV^AM+2F
MD9-(QPI.:=4,AW,%%=)B$0R2Y^E-E; M39J9548..170DHJR,F[N[
M*KI)$H# D>IJ$2C.#Q6F#VJO-!&XSMP?44Q%<8/(Q13#;NO*'/TZTU9&!VNO
M- $RC J6""6ZN([>"-I)I6"(B]68G J-#YK!4RS$X"CJ:]M^'O@2+PW;'Q%
MKY2*Y6,O&DAP+9,#<,SD_@",?K69\5=6DO?%C6.X^19(J*O;U1L 0:E:HS3 B#$#%!Z4K#Y
MLT@H ;WIZ@9S3"*
OM0 Z+3;.#[.8X0IM@PB.3\N[[W
MU)]323:797"722P!ENB#-R?F( /L1@ WUFZN+$7$5YOAOUEE0+"L
M"*&/*D#>>#ZYY.?2K3:+<2:%K-ND"+/=7DDP5B )EW@@$^C*-OT-=/10!S<@
MNM1U_1KD://;1VCR^9+/L!4-&PV@*QR,XR>G3&><6-1TR\.FK$+RYOG^V6LG
M[X1@JJ3HS8V*O8$\YZ5N44 0!P,D $CYB<4 47UW5ETZ^U3[/:"SLIYT:/+>9
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M2=(GDAC+>8BO@;@QX/W@=N.G I13F.,W,+2K;L&VL1Y;L@!*Y"<\<$CIV .KR.>1QU]
MJJWNH165M'<',B//%"-A!Y>14!_ M7*R"2^&J7!L[IK!]5BDFB:%@TT @C4D
M)C++N )&.0",=JGU"UTR^TB6'3-/DCBDO;,3>7;M"K@3ID@8'1>I _'C@ ZU
M75P2K!L'!P<\UGW&K+#JL.G1P/-,Z[W*NH$:YQDY(S]!Z'VS3M].AT_Q3']A
MM$M[>6R?S1#'L1F5TVYQQG#-^%1W-A$?%,\W]#M])$5C;SZ5(-55,7#R6K;M^TAV>3&<\Y(.10!TMI>
MV]] )K6598R2,CV)'\P:E$B,A=74J.X/%<3:VD4?AHV4-A(KPW0-_#';,K2Q
M"5L@<#>-O.!G*\=^5O[>&>VUA]$L9(;1M(N(YE2W:)992!Y852!E@-X) _B
M^@!VK21JI+.H ."2>AILTABMY)5C:0HI8(I +8'09('/O7+ZMI6GV2:>(XXX
M1$LF$EL'N879@N6<+_'QPQ.>6ZYJ[^]G\#W ^PBUD:SE5;:-"H'RL!A< C/!
M QD9Q0!MK,OE*\F(R5!*L1E<]CVI[,JJ68@ =237,VVD6][XA:2^LEFC32[9
M$$T>Y-VZ7=P>,@8]QGWJC!;"J5I++I=M+>1^486D$9$Q$+,F"2H0, <8
M&0?>@#JY[^."[L[