On November 1, 2022 ViewRay, Inc. (Nasdaq: VRAY) (the "Company") reported financial results for the third quarter ended September 30, 2022 (Press release, ViewRay, NOV 1, 2022, View Source [SID1234622740]).

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Third Quarter 2022 Highlights

Total revenue for the third quarter 2022 was approximately $26.5 million, primarily from four revenue units, compared to approximately $19.2 million, primarily from three revenue units, in the third quarter of 2021.
Received eight new orders for MRIdian systems totaling $47.5 million, compared to seven new orders totaling $39.4 million in the third quarter 2021.
Total backlog increased to $370.5 million as of September 30, 2022, compared to approximately $295.1 million as of September 30, 2021.
Cash and cash equivalents, inclusive of a customer deposit reflected in restricted cash, was $146.9 million as of September 30, 2022. Cash usage for the three months ended September 30, 2022 was approximately $15.3 million.
"Our team delivered another solid quarter on orders, revenue growth, gross margin expansion, and operating expense discipline," said Scott Drake, President and CEO. "Customer reaction to our SMART Pancreas trial and the full 12 month MIRAGE data is outstanding. Our clinical data are driving demand for MRIdian therapy. We’re also very pleased by the customer response to our A3i launch which we are now broadening."

Three Months Ended September 30, 2022 Financial Results

Total revenue for the three months ended September 30, 2022 was $26.5 million, compared to $19.2 million for the same period last year.

Total cost of revenue for the three months ended September 30, 2022 was $22.0 million, compared to $17.3 million for the same period last year.

Total gross profit for the three months ended September 30, 2022 was $4.5 million, compared to $1.9 million for the same period last year.

Total operating expenses for the three months ended September 30, 2022 were $28.4 million, compared to $25.2 million for the same period last year.

Net loss for the three months ended September 30, 2022 was $26.1 million, or $(0.14) per share, compared to $25.3 million, or $(0.15) 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 $146.9 million as of September 30, 2022.

Nine Months Ended September 30, 2022 Financial Results

Total revenue for the nine months ended September 30, 2022 was $67.5 million, compared to $49.7 million for the same period last year.

Total gross profit for the nine months ended September 30, 2022 was $5.6 million, compared to $0.5 million for the same period last year.

Total operating expenses for the nine months ended September 30, 2022 were $86.8 million, inclusive of a $1.8 million impairment charge, compared to $75.0 million for the same period last year.

Net loss for the nine months ended September 30, 2022 was $79.5 million, or $(0.44) per share, compared to $83.0 million, or $(0.51) per share, for the same period last year.

Financial Guidance

The Company updated its 2022 guidance. The Company is again raising the bottom end of its revenue guidance from $90 million to $94 million, and reiterated the top end of the range of $104 million. This change is based on improved visibility and confidence in achieving the new revenue range.

The Company is revising its cash usage guidance to be in the range of $78 million to $92 million. This move is based on the Company’s year-to-date cash usage of nearly $73 million and risk in the timing of receipt of a couple large system related payments. System shipments for the year remain on track but, installation project timelines related to construction and permitting activities routinely change and can result in an impact on the interquarter timing of payments. The Company expects to collect these payments in 2023 and for those payments to benefit 2023 cash.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Tuesday, November 1, 2022 at 5:00 p.m. ET / 2:00 p.m. PT. 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.