ViewRay reports third quarter financial results

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ViewRay Inc. has announced financial results for the third quarter and nine months ended Sept. 30.

“We made significant progress in bringing our game-changing MRIdian linac technology to the market during the third quarter, filing the FDA 510(k) submission and receiving the CE Mark in September. We are now actively selling the MRIdian Linac System in Europe and have been encouraged by the strong interest there,” said Chris A. Raanes, president and CEO of ViewRay. “We secured four new orders in the quarter, two of which were from existing customers ordering a second system, giving us nine new orders in the first nine months of 2016. We recognized revenue on one system in the first quarter and we anticipate that we will recognize revenue on two systems in the fourth quarter of 2016.”

Raanes added, “Evidence of the clinical benefits of real-time MRI imaging while delivering radiotherapy continues to mount.  Recently, a research team led by Dr. Maria Thomas of Washington University in St. Louis reported results from a 30-patient study of women undergoing breast cancer radiation therapy showing that MRIdian allowed a 52% reduction in treatment volume[1]. In addition, presentations by MRIdian System users at the Annual Meeting of the American Society for Radiation Oncology (ASTRO) showed that clinicians are using on-table adaptive treatment and real-time tracking to treat a broad range of cancer patients, including patients whom they would not previously have considered safe to treat with radiation.”  These presentations can be viewed on ViewRay’s website at http://www.viewray.com/in-the-news.  

Financial Results

Total revenue for the fiscal quarter ending Sept. 30 was $0.4 million, compared to $5.3 million for the same period last year. Total revenue for the nine months ending Sept. 30, 2016, was $6.1 million, compared to $5.8 million for the same period last year.

Cost of product revenue was $0.8 million for the fiscal quarter ending Sept. 30, 2016, compared to $5.8 million for the same period last year. Total gross profit (loss) for the fiscal quarter ending Sept. 30, 2016, was $(0.8) million, compared to $(0.8) million for the same period last year. Cost of product revenue was $6.9 million for the nine months ending Sept. 30, 2016, compared to $6.3 million for the same period last year. Total gross profit (loss) for the nine months ending Sept. 30, 2016 was $(2.5) million, compared to $(1.9) million for the same period last year.

Total operating expenses for the fiscal quarter end Sept. 30, 2016 were $10.1 million, compared to $8.3 million for the same period last year. Total operating expenses for the nine months ending Sept. 30, 2016 were $31.2 million, compared to $26.5 million for the same period last year.

Net loss for the fiscal quarter ending Sept. 30, 2016 was $(14.1) million, or $(0.35) per share, compared to $(10.3) million, or $(0.35) per share for the same period last year. Net loss for the nine months ending Sept. 30, 2016 was $(39.6) million, or $(1.02) per share, compared to $(30.9) million, or $(2.96) per share, for the same period last year.

ViewRay had total cash and cash equivalents of $14.6 million at Sept. 30, 2016. In August 2016, ViewRay raised $13.8 million from a private placement of its common stock and warrants.

1. International Journal of Radiation Oncology. Vol. 96, No. 4, pp. 785-792, 2016

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ViewRay reports third quarter financial results.  Appl Rad Oncol. 

By News Release| November 14, 2016
Categories:  Section|Technologies

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