On August 2, 2022 ViewRay, Inc. (Nasdaq: VRAY) (the "Company") reported financial results for the second quarter ended June 30, 2022 (Press release, ViewRay, AUG 2, 2022, View Source [SID1234617312]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Second Quarter 2022 Highlights

Total revenue for the second quarter 2022 was approximately $22.1 million, primarily from three revenue units and one upgrade, compared to approximately $15.0 million, primarily from two revenue units, in the second quarter of 2021.
Received eight new orders for MRIdian systems totaling $46.3 million, compared to seven new orders totaling $37.9 million in the second quarter 2021.
Total backlog increased to $352.8 million as of June 30, 2022, compared to approximately $278.4 million as of June 30, 2021.
Cash and cash equivalents, inclusive of a customer deposit reflected in restricted cash was $160.7 million as of June 30, 2022. Cash usage for the three months ended June 30, 2022 was approximately $22.5 million.
"Our clinical, innovation, and commercial pipelines have never been stronger and each are accelerating. Business momentum is increasing as rapid revenue growth is translating into significant gross margin expansion. With tight expense discipline, we believe that we have the balance sheet required to get to cash flow breakeven," said Scott Drake, President and CEO. "We also believe that our clinical data and our MRIdian footprint make this the right time to commence targeted market awareness efforts. We’re excited to partner with Katie Couric and her team to spread awareness that short-course, non-invasive treatment with fewer side effects and better quality of life for cancer patients is available today at MRIdian centers."

Three Months Ended June 30, 2022 Financial Results

Total revenue for the three months ended June 30, 2022 was $22.1 million compared to $15.0 million for the same period last year.

Total cost of revenue for the three months ended June 30, 2022 was $21.1 million compared to $16.7 million for the same period last year.

Total gross profit for the three months ended June 30, 2022 was $1.1 million, compared to a gross loss of $1.7 million for the same period last year.

Total operating expenses for the three months ended June 30, 2022 were $30.9 million, inclusive of a $1.8 million impairment charge, compared to $24.8 million for the same period last year.

Net loss for the three months ended June 30, 2022 was $27.6 million, or $(0.15) per share, compared to $31.0 million, or $(0.19) per share, for the same period last year.

ViewRay’s total cash and cash equivalents, inclusive of a customer deposit reflected in restricted cash, was $160.7 million as of June 30, 2022.

Six Months Ended June 30, 2022 Financial Results

Total revenue for the six months ended June 30, 2022 was $41.0 million compared to $30.6 million for the same period last year.

Total gross profit for the six months ended June 30, 2022 was $1.2 million, compared to a gross loss of $1.4 million for the same period last year.

Total operating expenses for the six months ended June 30, 2022 were $58.4 million, inclusive of a $1.8 million impairment charge, compared to $49.8 million for the same period last year.

Net loss for the six months ended June 30, 2022 was $53.4 million, or $(0.30) per share, compared to $57.7 million, or $(0.36) per share, for the same period last year.

Financial Guidance

The Company updated its 2022 guidance of total revenue by raising the bottom end of the range from $84 million to $90 million, while reiterating the top end of the range of $104 million. The Company also reiterated total cash usage to be in the range of $68 million to $83 million.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Tuesday, August 2, 2022 at 4:30 p.m. ET / 1:30 p.m. PT. The dial-in numbers are (646) 307-1952 for domestic callers and (888) 672-2415 for international callers. The conference ID number is 7750966. 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 August 16, 2022. (800) 770-2030 for domestic callers and (609) 800-9909 for international callers. Please use the conference ID number 7750966.