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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) has announced the pricing of an underwritten public offering of 10,310,000 shares at $4.85 per share, raising approximately $50.0 million before fees. The offering includes a 30-day option for underwriters to purchase an additional 1,546,500 shares. Proceeds will be allocated for general corporate purposes including working capital, R&D, and commercial expenses. The offering is expected to close on January 7, 2021, subject to customary conditions. Piper Sandler & Co. is leading the offering, and details are available on the SEC's website.
ViewRay, Inc. (Nasdaq: VRAY) has initiated an underwritten public offering of its common stock. The offering includes a 30-day option for underwriters to purchase an additional 15% of the shares at the public offering price. Proceeds from the offering will be allocated for general corporate purposes, such as working capital, capital expenditures, and research and development. Piper Sandler & Co. serves as the sole book-running manager. The offering is subject to market conditions, and no assurance can be given regarding its completion.
ViewRay, Inc. (NASDAQ: VRAY) reported preliminary results for Q4 and full-year 2020, revealing total revenues of approximately $18 million in Q4, up from $17 million in Q4 2019. Full-year revenue dropped to $57 million from $88 million in 2019. The company secured five new orders for MRIdian systems valued at $24 million in Q4. As of December 31, 2020, the total backlog stood at $241 million, with cash and equivalents of $157 million. Despite pandemic impacts, the company aims to reduce cash burn, which was $7 million in Q4 2020.
ViewRay, Inc. (NASDAQ: VRAY) will participate in the 39th Annual J.P. Morgan Healthcare Conference. CEO Scott Drake is scheduled to present on January 14, 2021, at 10:50 a.m. Eastern Time. An audio webcast of the presentation will be accessible on the company's investor website, with a replay available for 14 days afterward. ViewRay specializes in the MRIdian® radiation therapy system, which features a high-definition MR imaging system specifically designed for advanced radiation oncology challenges such as beam distortion and skin toxicity.
ViewRay, Inc. (Nasdaq: VRAY) announced that Seoul National University Hospital (SNUH) has treated its 1,000th patient using the MRIdian System. Since its installation in 2015, SNUH has shared its expertise in MRI-guided radiation therapy through various publications. The MRIdian system has been employed for various cancers, particularly pancreatic, enhancing treatment times by 30% with their patented VGPC system. Currently, 40 MRIdian systems operate globally, treating over 11,000 patients, indicating strong ongoing research efforts and clinical advancements.
ViewRay, Inc. (Nasdaq: VRAY) announced that Catharina Hospital in the Netherlands has purchased the MRIdian Linac MRI-Guided Therapy System, enhancing its cancer treatment capabilities. This advanced system offers precise radiation delivery using MRI guidance, improving tumor targeting and minimizing damage to surrounding tissues. With 40 MRIdian systems globally, over 11,000 patients have benefited from this technology. The hospital aims to integrate MRIdian into its oncology program, reflecting a commitment to advancing cancer care and potentially influencing future revenue streams.
ViewRay, Inc. (NASDAQ: VRAY) has announced its participation in the Piper Sandler 32nd Annual Virtual Healthcare Conference from November 23 to December 3, 2020. A fireside chat recording will be available for registered attendees on the conference site, and it will also be posted on the Company's website. On December 1st, ViewRay will hold investor meetings, which must be requested through Piper Sandler. ViewRay specializes in the MRIdian radiation therapy system, focusing on advanced radiation oncology solutions.
ViewRay, Inc. (Nasdaq: VRAY) announced that Amsterdam University Medical Centers has treated its 1,000th patient using MRIdian SMART, a stereotactic MR-guided adaptive radiotherapy system. Since 2016, the center has excelled in high-dose radiation therapy for various cancers, publishing over a dozen manuscripts and showcasing more than 50 MRIdian-related abstracts globally. MRIdian SMART demonstrated high local control rates (95.2%) and low toxicity in treating renal cell carcinoma and prostate cancer, indicating its potential for less invasive, outpatient treatment.
On November 10, 2020, ViewRay (Nasdaq: VRAY) announced that Universitair Ziekenhuis Brussels has purchased the MRIdian Linac MRI-Guided Therapy System. This system integrates advanced MRI technology with radiation therapy, enhancing treatment precision. Prof. Marc Noppen stated that this acquisition will allow them to treat more patients effectively. The MRIdian system, with its ability to track tumors in real-time, aims to deliver higher doses of radiation safely, preserving healthy tissue. Currently, 40 MRIdian systems are in use globally, having treated over 11,000 patients.
ViewRay, Inc. (Nasdaq: VRAY) reported a significant decline in total revenue for Q3 2020, generating $10.1 million, down from $20.9 million in Q3 2019. The company secured four new orders for MRIdian systems worth $23.4 million, noticeably less than the eight orders totaling $34.9 million received in the same quarter last year. Despite a total backlog increase to $238.9 million, ViewRay experienced a net loss of $28.1 million, compared to $20.8 million in Q3 2019. The company has robust cash reserves of $163.9 million and successfully amended its term loan to defer amortization payments until late 2022.
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