On November 4, 2021 ViewRay, Inc. (Nasdaq: VRAY) (the "Company") reported financial results for the third quarter ended September 30, 2021 (Press release, ViewRay, NOV 4, 2021, View Source [SID1234594618]).
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Third Quarter 2021 Highlights
Received seven new orders for MRIdian systems totaling $39.4 million, compared to four new orders totaling $23.4 million in the third quarter of 2020. Total orders for the nine months ended September 30, 2021 represent a 24% growth over total orders for the twelve months ended December 31, 2020.
Total backlog increased to $295.1 million as of September 30, 2021, compared to $238.9 million as of September 30, 2020.
Total revenue of $19.2 million primarily from three revenue units, compared to $10.1 million primarily from one revenue unit in the third quarter of 2020.
Cash usage in the third quarter of 2021 was approximately $17.0 million compared to approximately $16.0 million in the third quarter of 2020.
Cash and cash equivalents were $149.9 million as of September 30, 2021.
"Performance continues to be strong and momentum in our clinical and innovation pipelines are evident." said Scott Drake, President and CEO. "We had a great showing at ASTRO. Data presented by Dr. Michael Chuong on 148 inoperable pancreatic cancer patients with MRIdian SMART displayed 26 month median survival compared to 12-15 months typically seen in patients receiving chemotherapy and standard radiation therapy. Our technical lead should be extended with multiple enhancements pending with the FDA. The future is bright for patients treated on MRIdian."
Three Months Ended September 30, 2021 Financial Results
Total revenue for the three months ended September 30, 2021 was $19.2 million compared to $10.1 million for the same period last year.
Total gross profit (loss) for the three months ended September 30, 2021 was $1.9 million, compared to $(1.1) million for the same period last year.
Total operating expenses for the three months ended September 30, 2021 were $25.2 million, compared to $23.9 million for the same period last year.
Net loss for the three months ended September 30, 2021 was $25.3 million, or $0.15 per share, compared to $28.1 million, or $0.19 per share, for the same period last year.
ViewRay had total cash and cash equivalents of $149.9 million at September 30, 2021.
Nine Months Ended September 30, 2021 Financial Results:
Total revenue for the nine months ended September 30, 2021 was $49.7 million compared to $38.6 million for the same period last year.
Total gross profit (loss) for the nine months ended September 30, 2021 was $0.5 million, compared to $(4.2) million for the same period last year.
Total operating expenses for the nine months ended September 30, 2021 were $75.0 million, compared to $76.4 million for the same period last year.
Net loss for the nine months ended September 30, 2021 was $83.0 million, or $0.51 per share, compared to $81.8 million, or $0.55 per share, for the same period last year.
Financial Guidance
The Company reiterated its 2021 guidance of total revenue in the range of $63 million to $73 million, and total cash usage to be in the range of $58 million to $68 million.
Conference Call and Webcast
ViewRay will hold a conference call to discuss results on Thursday, November 4, 2021 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 confirmation number is 5970168. 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 for seven days after the call. 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 5970168.