On January 10, 2022 ViewRay, Inc. (Nasdaq: VRAY) (the "Company") reported preliminary financial results for the fourth quarter and full fiscal year ended December 31, 2021 (Press release, ViewRay, JAN 10, 2022, View Source [SID1234598549]). The preliminary results have not been audited and are subject to change.

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Selected Fourth Quarter and Full Year 2021 Preliminary Results and Other Data (Unaudited)

Received seven new orders for MRIdian systems totaling approximately $41 million, compared to five new orders, including one upgrade, totaling approximately $24 million in the fourth quarter of 2020. A total of 28 orders were received for the twelve months ended December 31, 2021, representing a 65% growth over 17 total orders for the twelve months ended December 31, 2020.
Total backlog increased to approximately $313 million as of December 31, 2021, compared to approximately $241 million as of December 31, 2020.
Total revenue for the fourth quarter 2021 was approximately $20 million, primarily from three revenue units, compared to approximately $18 million, primarily from three revenue units including one system upgrade, in the fourth quarter of 2020.
Full year 2021 revenue was approximately $70 million, primarily from ten revenue units, compared to 2020 revenue of approximately $57 million, primarily from nine revenue units including two system upgrades.
Cash and cash equivalents was approximately $220 million as of December 31, 2021. Cash usage in the fourth quarter of 2021 was approximately $7 million excluding net proceeds from the November 2021 public offering of approximately $75 million.
"Our team delivered another solid set of results in Q4. Our clinical, innovation and commercial pipelines are stronger than ever. We are well positioned for a drumbeat of clinical data, new product launches, and increased therapy adoption in 2022," said Scott Drake, President and CEO. "I am pleased with our performance especially in light of the ongoing challenges from the pandemic and look forward to an exciting new year."

Our estimated unaudited financial results and certain business metrics as of and for the fourth quarter and full fiscal year ended December 31, 2021 presented above are preliminary and are subject to the close of the quarter and year, completion of our quarter-end and year-end closing procedures and further financial review. Our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to this preliminary financial information. Our actual results may differ from these estimates as a result of the completion of our quarter-end and year-end closing procedures, review adjustments and other developments that may arise between now and the time our financial results for the fourth quarter and year are finalized.