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ViewRay, Inc. (Nasdaq: VRAY) is a trailblazer in the field of MRI-guided adaptive radiotherapy. The company designs, manufactures, and markets the MRIdian® radiation therapy system, an innovative solution aimed at addressing the key limitations of conventional external-beam radiation therapy technologies. Using cutting-edge MRI-based technology, the MRIdian system provides real-time imaging that precisely distinguishes the targeted tumor from surrounding soft tissue and critical organs during radiation treatment.
One of the standout features of the MRIdian system is its capability to record the level of radiation exposure the tumor receives and adapt the treatment prescription as needed. This adaptive approach enhances the safety and efficacy of radiation therapy, which ViewRay believes will lead to better patient outcomes.
ViewRay has established itself as a visionary in the medical field, dedicated to providing doctors with advanced tools to improve cancer treatment through radiation therapy. The company prides itself on its entrepreneurial spirit and unwavering commitment to innovation and excellence.
Among its recent achievements, ViewRay announced that the VA Oklahoma City Healthcare System has selected the MRIdian system to expand its radiation therapy services. This marks the first cancer center in Oklahoma to offer Veterans access to MRIdian's advanced MRI-guided radiation therapy. The system will enable precision treatment for various cancers, including pancreas, prostate, lung, liver, breast, and oligometastatic disease.
The Veterans Health Administration, the largest integrated healthcare system in America, is actively incorporating MRIdian technology across multiple VA medical centers. This expansion highlights the growing recognition of MRIdian's short-course non-invasive therapy, which promises fewer side effects and improved quality of life for patients.
To date, over 31,000 patients worldwide have been treated using MRIdian systems, with 62 installations in hospitals across the globe. These systems are employed to treat a diverse range of solid tumors and are subjects of numerous ongoing research studies. The MRIdian system has been featured in hundreds of peer-reviewed publications and scientific presentations, underscoring its clinical significance and impact.
For a list of treatment centers utilizing MRIdian technology, visit ViewRay's website.
ViewRay, Inc. (Nasdaq: VRAY) announced plans to release its first quarter 2021 financial results on May 6, 2021, followed by a conference call at 4:30 p.m. ET. The call will discuss financial outcomes and future expectations. ViewRay's proprietary MRIdian MR-Guided Radiation Therapy System is designed to enhance radiation oncology capabilities. The company warns of risks affecting its projections, including the impacts of COVID-19, competition, and commercialization challenges. Further details will be available through a live webcast and telephonic replay.
ViewRay, Inc. (Nasdaq: VRAY) announced the departure of Shahriar Matin, Chief Operating Officer, effective March 31, 2021. Matin will become CEO of Cordis following its divestiture from Cardinal Health. President and CEO Scott Drake acknowledged Matin's contributions and confirmed that the COO role will not be backfilled, citing the strength of the existing team. The company continues to focus on its proprietary MRIdian MR-Guided Radiation Therapy System, designed to address advanced radiation oncology challenges.
ViewRay, Inc. (NASDAQ: VRAY) announced its participation in the 21st Annual Oppenheimer Healthcare Conference on March 16, 2021. The company's management will conduct a virtual fireside chat at 3:50 PM ET and hold individual meetings with investors. A live webcast will be available on ViewRay's investor website, with a replay accessible for seven days following the event. ViewRay is known for its MRIdian® radiation therapy system, which is designed to tackle unique challenges in advanced radiation oncology.
ViewRay reported its financial results for Q4 and full year 2020, revealing a total revenue of $57 million, down from $87.8 million in 2019. The company received 17 new orders for MRIdian systems totaling $94.6 million, a decline from 22 orders in 2019. The total backlog increased to $241.3 million. Cash burn for Q4 2020 was approximately $7.2 million, with cash and equivalents at $156.7 million. Despite these challenges, the gross margin improved to $0.2 million for Q4 2020, showing resilience amid the pandemic.
ViewRay, Inc. (Nasdaq: VRAY) announced details regarding its fourth quarter and full year 2020 financial results, with a conference call scheduled for March 4, 2021 at 4:30 p.m. ET. The press release highlights ViewRay's focus on its proprietary MRIdian® MR-Guided Radiation Therapy System, aimed at addressing specific challenges in radiation oncology.
Forward-looking statements in the release caution that actual results may differ due to factors like commercialization ability, demand fluctuations, or disruptions from the COVID-19 pandemic.
ViewRay, Inc. (Nasdaq: VRAY) announced the appointment of Phil Spencer to its Board of Directors, effective February 9, 2021. Spencer, with over 20 years of experience as a CEO and board member, currently leads Mega-Broadband Investments. He expressed optimism, stating ViewRay has the potential to set a new standard in radiation oncology. The company also noted the retirement of D. Keith Grossman from the board on the same date, who acknowledged the company’s transition from an early-stage innovator to a mature organization. This leadership change aims to enhance shareholder value.
ViewRay, Inc. (Nasdaq: VRAY) announced that Penn State Health has purchased its second MRIdian Linac system, enhancing cancer treatment capabilities. This acquisition allows greater access to personalized radiation therapy and expands research collaboration opportunities within ViewRay's Genitourinary Consortium. Currently, there are 41 MRIdian systems installed worldwide, treating over 11,000 patients. ViewRay is committed to advancing MR-guided radiation therapy, which offers real-time imaging and improved treatment accuracy, thereby benefitting patients with solid tumors.
ViewRay, Inc. (NASDAQ: VRAY) announced the installation of its second MRIdian Linac system at the Henry Ford Cancer Institute in Detroit, which began patient care on January 20, 2021. The MRIdian Linac combines MRI guidance with radiation therapy, enhancing treatment precision. Since FDA clearance in February 2017, the Henry Ford Cancer Institute has demonstrated strong clinical outcomes, particularly in challenging cancer cases like pancreatic cancer. The MRIdian system is designed to target tumors while protecting surrounding healthy tissue, with over 11,000 patients treated globally.
ViewRay, Inc. (NASDAQ: VRAY) announced its participation in the B. Riley Oncology Investor Conference scheduled for January 20, 2021. Management will engage in a fireside chat and will hold one-on-one meetings with investors. An audio recording of the chat will be accessible for seven days post-event on the company’s investor website. ViewRay is known for its MRIdian® radiation therapy system, featuring advanced MR imaging specifically designed for radiation oncology to overcome challenges like beam distortion and skin toxicity.
ViewRay, Inc. (Nasdaq: VRAY) announced the completion of its underwritten public offering of 11,856,500 common shares at $4.85 each, raising approximately $57.5 million before deductions. The offering included the full exercise of the underwriter's option for additional shares. Proceeds will be allocated for general corporate purposes such as working capital, capital expenditures, and R&D. Piper Sandler acted as the sole book-running manager for the offering, with B. Riley Securities and Oppenheimer acting as co-managers.
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