Welcome to our dedicated page for ViewRay news (Ticker: VRAY), a resource for investors and traders seeking the latest updates and insights on ViewRay stock.
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 a milestone at the Siteman Cancer Center, where the clinical team treated its 2,000th patient with the MRIdian MRI-guided radiation therapy system. This advanced system, in use since January 2014, enhances precision in cancer treatment through real-time imaging and adaptive therapy. Notable applications include treating pancreatic, prostate, and breast cancers, with a significant volume of peer-reviewed studies supporting its efficacy. Over 29,000 patients have received treatment with MRIdian, and 57 systems are operational worldwide, signifying heightened interest and application in radiation oncology.
ViewRay, Inc. (Nasdaq: VRAY) reported robust financial results for Q4 and FY 2022, achieving total revenue of $102.2 million, up from $70.1 million in 2021, with 32 orders totaling $191.0 million during the year. Q4 revenue reached $34.7 million, compared to $20.4 million in the prior year. Despite a net loss of $107.3 million for FY 2022, slightly reduced from $110.0 million, the company anticipates a 25% to 40% revenue increase for 2023. Cash reserves were approximately $142.5 million as of December 31, 2022. The company plans to focus on expanding therapy adoption to drive growth.
ViewRay, Inc. (NASDAQ: VRAY) announced details for its upcoming conference call scheduled for February 27, 2023, at 4:30 p.m. ET, where it will discuss its fourth quarter 2022 financial results. Interested parties can join the call via a provided dial-in number and access a live webcast on the investor relations page of ViewRay's corporate website. The MRIdian® MR-Guided Radiation Therapy System is the company's primary product, designed specifically for advanced radiation oncology, addressing significant clinical challenges. Further information will be available after the live session on their website.
ViewRay, Inc. (NASDAQ: VRAY) announced a cooperation agreement with Hudson Executive Capital LP (HEC) on January 20, 2023. As part of this agreement, HEC's Senior Investment Analyst, Sai Nanduri, will join ViewRay's Board of Directors as an observer and may fill any board vacancies. HEC holds approximately 8.7% of ViewRay's outstanding common stock and has agreed to standstill and voting commitments. This strategic collaboration aims to enhance oversight and potentially drive growth for ViewRay, which focuses on MRI-guided radiation therapy systems. The full agreement will be filed with the U.S. Securities and Exchange Commission.
ViewRay, Inc. (NASDAQ: VRAY) announced on January 12, 2023, that the MIRAGE trial results were published in JAMA Oncology. The phase III trial demonstrated that MRIdian® MRI-guided radiation therapy significantly reduces acute genitourinary (GU) and gastrointestinal (GI) toxicities compared to CT-guided SBRT for prostate cancer. Specifically, acute grade ≥2 GU toxicity rates were 24.4% in the MRI group versus 43.4% in the CT group. Additionally, MRI-guided therapy improved patient-reported quality of life metrics. More than 27,000 patients have been treated with MRIdian globally.
ViewRay, Inc. (Nasdaq: VRAY) announced its preliminary financial results for Q4 and the fiscal year ending December 31, 2022. The company received nine new MRIdian system orders worth approximately $56 million in Q4 2022, surpassing last year's seven orders at $41 million. Total revenue for Q4 reached approximately $35 million, an increase from $20 million in Q4 2021. The total backlog rose to about $380 million from $313 million year-over-year. Furthermore, ViewRay appointed William P. Burke as the new CFO effective January 9, 2023.
ViewRay, Inc. (NASDAQ: VRAY) has announced that Chindex Medical Limited, a subsidiary of Fosun Pharma, has ordered 10 MRIdian MR-Guided Therapy Systems to enhance cancer treatment options in China. The MRIdian system, approved by China's NMPA in September 2022, allows for precise radiation therapy, significantly improving patient care. Over 27,000 patients have benefited from MRIdian's advanced technology, which minimizes radiation exposure to healthy tissue. This partnership deepens collaboration with Fosun Pharma, aiming to address the rising cancer burden in China.
ViewRay, Inc. (NASDAQ: VRAY) has secured a master purchase agreement with the University Hospitals Seidman Cancer Center in Cleveland for the MRIdian MRI-Guided Radiation Therapy System. This includes an immediate order of one system with the option for three additional systems. The center will be the first in Ohio to offer this advanced therapy, enhancing treatment for various cancers, including pancreatic and prostate cancer. This partnership aims to improve patient outcomes through innovative clinical trials and advanced radiotherapeutic techniques.
ViewRay has secured a new five-year loan facility agreement with MidCap Financial and Silicon Valley Bank, comprising a term loan of up to $100 million and a revolving line of credit of $25 million. Following this agreement, the company has drawn $75 million to retire existing debt and enhance working capital. The facility is expected to provide non-dilutive capital for future growth, with a progressive interest structure. These financial moves come as ViewRay anticipates increasing demand for its MRIdian radiation therapy system.
ViewRay, Inc. (NASDAQ: VRAY) will participate in the 34th Annual Piper Sandler Healthcare Conference on November 30, 2022, at 9:30 a.m. Eastern Time. President and CEO Scott Drake and CFO Zach Stassen will engage in a fireside chat. An audio webcast of the event will be accessible on the investor relations section of ViewRay's website, with a replay available for seven days post-event. ViewRay specializes in the MRIdian MRI-Guided Radiation Therapy System, designed to tackle challenges in advanced radiation oncology.
FAQ
What does ViewRay, Inc. specialize in?
What is the MRIdian® system?
What recent achievement has ViewRay announced?
How many patients have been treated with the MRIdian system?
How many MRIdian systems are currently installed worldwide?
What types of cancer can be treated with MRIdian?
Why is MRIdian considered advanced in radiation therapy?
What are some common side effects of radiation therapy with MRIdian?
Is MRIdian suitable for all patients?
Where can I find more information about MRIdian treatment centers?
