On November 12, 2019 ViewRay, Inc. (Nasdaq: VRAY) reported financial results for the third quarter ended September 30, 2019 (Press release, ViewRay, NOV 12, 2019, View Source [SID1234551015]).

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Third Quarter 2019 Summary:

Total revenue was $20.9 million in the quarter, primarily from three revenue units, compared to $17.7 million, primarily from three revenue units, for the same period last year.
Received eight new orders for MRIdian systems, including three upgrades, totaling approximately $35 million in the third quarter of 2019, compared to orders totaling approximately $36 million for the same period last year.
Total backlog grew to $230.7 million as of September 30, 2019, compared to $200.9 million as of September 30, 2018.
Cash and cash equivalents were $90.8 million as of September 30, 2019.
The Company reaffirmed its full year 2019 guidance of revenue in the range of $80 million to $95 million, and cash use in the range of $80 million to $90 million.
"I am pleased with our Q3 results and the progress we are making across the organization," said Scott Drake, President and CEO. "Our differentiation in the market is rooted in unparalleled innovation and clinical data."

Three Month Results Ending September 30, 2019:

Total revenue for the three months ended September 30, 2019, was $20.9 million, compared to $17.7 million for the same period last year.

Total cost of revenue was $20.3 million, compared to $17.3 million for the same period last year.

Total gross profit was $0.6 million, compared to $0.4 million for the same period last year.

Total operating expenses were $32.3 million, compared to $24.5 million for the same period last year.

Net loss was $20.8 million, or $0.21 per share, compared to $32.9 million, or $0.39 per share, for the same period last year.

ViewRay had total cash and cash equivalents of $90.8 million at September 30, 2019.

Nine Month Results Ending September 30, 2019:

Total revenue for the nine months, primarily from 11 MRIdian revenue units, was $71.3 million compared to $60.3 million for the same period last year.

Total cost of revenue was $72.9 million compared to $54.3 million for the same period last year.

Total gross profit was $(1.5) million compared to $6.0 million for the same period last year.

Total operating expenses were $86.9 million compared to $59.6 million for the same period last year.

Net loss was $(85.0) million, or $(0.87) per share, compared to $(59.7) million, or $(0.82) per share, for the same period last year.

Financial Guidance:

The Company reiterated its 2019 guidance of revenue in the range of $80 million to $95 million, and total cash usage to be in the range of $80 million to $90 million.

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.