On November 5, 2020 ViewRay, Inc. (Nasdaq: VRAY) (the "Company") reported financial results for the third quarter ended September 30, 2020 (Press release, ViewRay, NOV 5, 2020, View Source [SID1234570220]).
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Third Quarter 2020 Highlights:
Total revenue of $10.1 million, primarily from one revenue unit, compared to $20.9 million, primarily from three revenue units, in the third quarter of 2019.
Received four new orders for MRIdian systems totaling $23.4 million, compared to eight new orders totaling $34.9 million in the third quarter of 2019.
Total backlog was $238.9 million as of September 30, 2020, compared to $230.7 million as of September 30, 2019.
Cash and cash equivalents were $163.9 million as of September 30, 2020.
Effective October 30, 2020, the Company amended its term loan with Silicon Valley Bank, deferring amortization until November 2022. Included in the amendment was an expansion of the facility from $56 million to $58 million, the extension of maturity from December 2023 to November 2025, and other improvements to the interest rate and select covenants.
"We are pleased with our third quarter results in light of the economic backdrop," said Scott Drake, President and CEO. "MRIdian’s clinical, strategic, and economic value propositions are resonating with customers. We received four orders in Q3, including an order from the Veterans Administration, which was a first for ViewRay. We look forward to partnering with the VA to provide the benefits of MRIdian to our nation’s heroes. In addition, we continue to demonstrate fiscal discipline on operating expenses and working capital, and reported the amendment of our term loan which extends maturity and defers amortization payments until late 2022."
Three Months Ended September 30, 2020 Financial Results:
Total revenue for the three months ended September 30, 2020 was $10.1 million compared to $20.9 million for the same period last year.
Total cost of revenue for the three months ended September 30, 2020 was $11.2 million compared to $20.3 million for the same period last year.
Total gross profit (loss) for the three months ended September 30, 2020 was $(1.1) million, compared to $0.6 million for the same period last year.
Total operating expenses for the three months ended September 30, 2020 were $23.9 million, compared to $32.3 million for the same period last year.
Net loss for the three months ended September 30, 2020 was $28.1 million, or $0.19 per share, compared to $20.8 million, or $0.21 per share, for the same period last year.
ViewRay had total cash and cash equivalents of $163.9 million at September 30, 2020.
Nine Months Ended September 30, 2020 Financial Results:
Total revenue for the nine months ended September 30, 2020 was $38.6 million compared to $71.3 million for the same period last year.
Total cost of revenue for the nine months ended September 30, 2020 was $42.8 million compared to $72.9 million for the same period last year.
Total gross profit (loss) for the nine months ended September 30, 2020 was $(4.2) million compared to $(1.5) million for the same period last year.
Total operating expenses for the nine months ended September 30, 2020 were $76.4 million, compared to $86.9 million for the same period last year.
Net loss for the nine months ended September 30, 2020 was $81.8 million, or $0.55 per share, compared to $85.0 million, or $0.87 per share, for the same period last year.
Conference Call and Webcast
The dial-in numbers are (844) 277-1426 for domestic callers and (336) 525-7129 for international callers. The conference ID number is 9819479. A live webcast of the conference call will be available on the investor relations page of ViewRay’s corporate website at View Source
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 until November 12, 2020. 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 9819479.