CLEVELAND, Jan. 13, 2020 /PRNewswire/ -- ViewRay, Inc.
(NASDAQ: VRAY) today announced preliminary results for the fourth
quarter and full fiscal year ended December
31, 2019. The preliminary results have not been audited and
are subject to change.
Selected Fourth Quarter and Full Year 2019 Preliminary
Results:
- Total revenue of approximately $17
million in the fourth quarter of 2019, primarily from three
revenue units including one system upgrade, compared to total
revenue of $21 million, primarily
from four revenue units including one system upgrade, in the fourth
quarter of 2018.
- Received four new orders for MRIdian systems totaling
approximately $21 million in the
fourth quarter of 2019, compared to eight new orders totaling
approximately $49 million in the
fourth quarter of 2018.
- Full year 2019 revenue of approximately $88 million, primarily from 15 revenue units,
including two system upgrades, compared to 2018 revenue of
approximately $81 million, primarily
from 15 revenue units, including two system upgrades.
- Total backlog was approximately $227
million as of December 31,
2019.
- Cash and cash equivalents were approximately $227 million as of December 31, 2019. Cash burn in the fourth
quarter of 2019, excluding the impact of the December 2019 financing, was approximately
$3 million.
- Chief Commercial Officer Jim
Alecxih will be leaving the company effective January 17, 2020. At this time the company does
not intend to backfill the Chief Commercial Officer role.
"In 2019 we built significant organizational expertise, made
progress on our innovation and clinical pipelines, and fortified
our balance sheet," said Scott
Drake, President and CEO. "We are now better positioned than
ever to improve the treatment paradigm for cancer patients. Today
we also announced that Jim Alecxih,
our Chief Commercial Officer, will be leaving the company to pursue
other opportunities. We thank Jim for his service."
Financial guidance for 2020 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.
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 fourth
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.