On May 6, 2021 ViewRay, Inc. (Nasdaq: VRAY) (the "Company") reported financial results for the first quarter ended March 31, 2021 (Press release, ViewRay, MAY 6, 2021, View Source [SID1234579410]).
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First Quarter 2021 Highlights
Received seven new orders for MRIdian systems totaling $40.9 million, compared to four new orders totaling $22.6 million in the first quarter of 2020.
Total backlog increased to $264.3 million as of March 31, 2021, compared to $230.8 million as of March 31, 2020.
Total revenue of $15.5 million primarily from two revenue units, compared to $14.3 million primarily from three revenue units, including one system upgrade, in the first quarter of 2020.
Cash burn in the first quarter of 2021 was approximately $28 million, excluding the net proceeds from the January 2021 public offering, compared to approximately $36 million in the first quarter of 2020.
Cash and cash equivalents were $182.0 million as of March 31, 2021.
2021 Public Offering of Common Stock
As previously disclosed, in January 2021, the Company raised aggregate net proceeds of approximately $53.5 million after deducting the underwriting discounts, commissions, and estimated offering expenses via a public offering in which 11,856,500 shares of our common stock were issued and sold, including the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $4.85 per share.
"Our performance in the first quarter 2021 represents a solid step forward and progress on our mission to improve the paradigm of care for cancer patients globally," said Scott Drake, President and CEO. "Our clinical and innovation pipelines are driving commercial traction. We look forward to upcoming clinical trial data and advancements in our product pipeline which we expect will fuel future growth."
Financial Results
Total revenue for the three months ended March 31, 2021 was $15.5 million compared to $14.3 million for the same period last year.
Total gross profit for the three months ended March 31, 2021 was $0.3 million, compared to ($2.1) million for the same period last year.
Total operating expenses for the three months ended March 31, 2021 were $25.0 million, compared to $27.9 million for the same period last year.
Net loss for the three months ended March 31, 2021 was $26.7 million, or $0.17 per share, compared to $27.5 million, or $0.19 per share, for the same period last year.
ViewRay had total cash and cash equivalents of $182 million at March 31, 2021.
Financial Guidance
Due to the ongoing impact and uncertainty of the COVID-19 pandemic globally, the Company will not be providing financial guidance at this time.
Conference Call and Webcast
ViewRay will hold a conference call to discuss results on Thursday, May 6, 2021 at 4:30 p.m. ET / 1:30 p.m. PT. The dial-in numbers are (888) 771-4371 for domestic callers and (847) 585-4405 for international callers. The confirmation number is 50150605. 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 May 13, 2021. 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 8484107.