On May 2, 2019 ViewRay, Inc. (Nasdaq: VRAY) reported financial results for the first quarter ended March 31, 2019 (Press release, ViewRay, MAY 2, 2019, View Source [SID1234535709]).

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First Quarter 2019 Highlights:

Received 7 new orders for MRIdian systems totaling $42.8 million, compared to 3 orders totaling $21.2 million in the first quarter of 2018.
Total revenue of $20.3 million, primarily from 3 revenue units and 1 system upgrade, compared to $26.2 million, primarily from 4 revenue units and 1 system upgrade, in the first quarter of 2018.
Total backlog increased to $237.5 million as of March 31, 2019, from $212.3 million as of December 31, 2018.
Cash and cash equivalents were $145.8 million as of March 31, 2019.
"Our first quarter results are a solid start to the year and reflect progress on our commercial, innovation, and clinical pipelines," said Scott Drake, President and CEO. "We are well-positioned to execute in 2019 and are focused on becoming the standard of care in radiation oncology."

First Quarter 2019 Financial Results:

Total revenue for the three months was $20.3 million, compared to $26.2 million for the same period last year.

Total cost of revenue was $25.7 million, compared to $20.6 million for the same period last year. Total cost of revenue in the first quarter of 2019 was impacted by approximately $7.0 million of charges, primarily driven by higher than anticipated installation costs related to historical upgrade commitments. The $7.0 million includes $5.6 million of one-time charges and $1.4 million of expenses.

Total gross profit was $(5.4) million, compared to $5.6 million for the same period last year.

Total operating expenses were $25.0 million, compared to $16.9 million for the same period last year.

Net loss was $33.4 million, or $0.34 per share, compared to $7.5 million, or $0.11 per share, for the same period last year.

ViewRay had total cash and cash equivalents of $145.8 million at March 31, 2019.

Financial Guidance:

The Company is reiterating its financial guidance for the full year 2019. The Company anticipates 2019 total revenue to be in the range of $111 million to $124 million, and total cash usage to be in the range of $65-$75 million.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Thursday, May 2, 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 8616638. 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 May 9, 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 8616638.