On January 4, 2021 ViewRay, Inc. (NASDAQ: VRAY) reported preliminary results for the fourth quarter and full fiscal year ended December 31, 2020 (Press release, ViewRay, JAN 4, 2021, View Source [SID1234573449]). The preliminary results have not been audited and are subject to change.
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Selected Fourth Quarter and Full Year 2020 Preliminary Results and Other Data (Unaudited):
Total revenue of approximately $18 million in the fourth quarter of 2020, primarily from three revenue units including one system upgrade, compared to total revenue of approximately $17 million, primarily from three revenue units including one system upgrade, in the fourth quarter of 2019.
Received five new orders, including one upgrade, for MRIdian systems totaling approximately $24 million in the fourth quarter of 2020, compared to four new orders totaling approximately $21 million in the fourth quarter of 2019.
Full year 2020 revenue of approximately $57 million, primarily from nine revenue units, including two system upgrades, compared to 2019 revenue of approximately $88 million, primarily from 15 revenue units, including two system upgrades.
Total backlog was approximately $241 million as of December 31, 2020.
Cash and cash equivalents were approximately $157 million as of December 31, 2020. Cash burn in the fourth quarter of 2020 was approximately $7 million.
"While the COVID-19 pandemic impacted our business in 2020, we closed the year with a solid Q4. We are pleased with the progress made on our clinical and innovation pipelines. We preserved capital and concurrently moved our business forward. MRIdian’s clinical, strategic, and economic value propositions are resonating with customers, and we are encouraged by our commercial pipeline activity," said Scott Drake, President and CEO. "In Q4 we received five MRIdian orders and used approximately $7 million of cash. We meaningfully reduced our cash use as compared to 2019, and we expect to continue to reduce our burn moving forward. Our product pipeline is focused on faster treatment times, improved workflow and efficiency, and cost reduction. Our innovation pipeline, combined with continued compelling clinical evidence, positions us for broader therapy adoption as we strive to improve the lives of cancer patients worldwide."
Our estimated unaudited financial results and certain business metrics as of and for the fourth quarter and full fiscal year ended December 31, 2020 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.