On April 30, 2020 ViewRay, Inc. (Nasdaq: VRAY) reported financial results for the first quarter ended March 31, 2020 (Press release, ViewRay, APR 30, 2020, View Source [SID1234556876]).
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First Quarter 2020 Highlights:
Total revenue of $14.3 million, primarily from three revenue units including one system upgrade, compared to $20.3 million, primarily from four revenue units including one system upgrade, in the first quarter of 2019.
Received four new orders for MRIdian systems totaling $22.6 million, compared to seven new orders totaling $42.8 million in the first quarter of 2019.
Total backlog was $230.8 million as of March 31, 2020, compared to $237.5 million as of March 31, 2019.
Cash and cash equivalents were $190.2 million as of March 31, 2020.
The Company is withdrawing its 2020 guidance, provided on March 12, 2020, as the full impact of COVID-19 remains unknown.
The Company announced Zach Stassen as Chief Financial Officer.
"As we manage in this challenging environment, we are focused on what we can control. Value creation lies in driving our clinical, innovation and commercial pipeline while enhancing efforts to conserve capital," said Scott Drake, President and CEO. "On another important note, we are excited to welcome Zach Stassen as our Chief Financial Officer. Zach has an excellent track record as an operator and CFO in the medical technology space. I’d like to thank our Interim-CFO, Brian Knaley, for his work to drive the business forward over the last several quarters."
First Quarter 2020 Financial Results:
Total revenue for the three months ended March 31, 2020 was $14.3 million compared to $20.3 million for the same period last year.
Total cost of revenue for the three months ended March 31, 2020 was $16.4 million compared to $25.6 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.
Total gross profit (loss) for the three months ended March 31, 2020 was $(2.1) million, compared to $(5.4) million for the same period last year.
Total operating expenses for the three months ended March 31, 2020 were $27.9 million, compared to $25.0 million for the same period last year.
Net loss for the three months ended March 31, 2020 was $27.5 million, or $0.19 per share, compared to $33.4 million, or $0.34 per share, for the same period last year.
ViewRay had total cash and cash equivalents of $190.2 million at March 31, 2020.
Financial Guidance
Given the existing uncertainty related to COVID-19 globally, the Company is withdrawing 2020 guidance, issued on March 12, 2020, as the full impact of coronavirus remains unknown.
Conference Call and Webcast
ViewRay will hold a conference call to discuss results on Thursday, April 30, 2020 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 8982097. 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 7, 2020. 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 8982097.