ViewRay Announces Fourth Quarter and Full Year 2021 Results

Rhea-AI Summary

ViewRay, Inc. (Nasdaq: VRAY) reported its financial results for Q4 and full year 2021, showcasing a revenue increase to $70.1 million, up from $57.0 million in 2020. The company secured 28 orders worth $158.9 million, boosting its backlog to $313.4 million. For Q4 2021, revenue was approximately $20.4 million, with seven new system orders worth $40.7 million. Despite these gains, the company reported a net loss of $110 million for the year. Looking ahead, ViewRay forecasts 2022 revenue between $84 million and $104 million.

Positive

• Total revenue increased to $70.1 million in 2021 from $57.0 million in 2020.
• Received 28 orders totaling $158.9 million compared to 17 orders in 2020.
• Backlog rose to $313.4 million as of December 31, 2021.
• Secured seven new orders worth $40.7 million in Q4 2021.

Negative

• Net loss increased to $110 million in 2021 from $107.9 million in 2020.
• Operating expenses rose to $104 million in 2021 compared to $101.9 million in 2020.
• Total gross loss of $0.2 million in Q4 2021 versus a gross profit of $0.2 million in Q4 2020.

CLEVELAND, Feb. 24, 2022 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced financial results for the fourth quarter and full fiscal year ended December 31, 2021.

Full Year 2021 Highlights

• Total revenue of $70.1 million primarily from ten revenue units, compared to 2020 revenue of approximately $57.0 million, primarily from nine revenue units, including two system upgrades.
• Received a total of 28 orders for the twelve months ended December 31, 2021, totaling $158.9 million, compared to 17 total orders, including two upgrades, totaling $94.6 million in 2020.
• Total backlog increased to $313.4 million as of December 31, 2021, compared to approximately $241.3 million as of December 31, 2020.
• Cash and cash equivalents was $218.3 million as of December 31, 2021. Cash usage in 2021 was approximately $66.9 million excluding net aggregate proceeds from the January and November 2021 public offerings of approximately $128.5 million.

Fourth Quarter 2021 Highlights

• Total revenue for the fourth quarter 2021 was approximately $20.4 million, primarily from three revenue units, compared to approximately $18.5 million, primarily from three revenue units including one system upgrade, in the fourth quarter of 2020.
• Received seven new orders for MRIdian systems totaling $40.7 million, compared to five new orders, including one upgrade, totaling approximately $24.0 million in the fourth quarter of 2020.  

"Our launch of MRIdian A3i and our upcoming clinical data readouts are exciting catalysts for our business," said Scott Drake, President and CEO. "The interim MIRAGE data show just how different MRIdian therapy is versus conventional therapy - MRIdian cuts toxicity in half, treats approximately 30% less volume, has half the treatment margins, and patients feel better throughout the course of treatment. As UCLA said, these outcomes have changed how they treat patients."

Financial Results

Total revenue for the three months ended December 31, 2021 was $20.4 million compared to $18.5 million for the same period last year. Total revenue for the full year 2021 was $70.1 million compared to $57.0 million for the full year 2020.

Total cost of revenue for the three months ended December 31, 2021 was $20.6 million compared to $18.3 million for the same period last year. Total cost of revenue was $69.8 million for the full year 2021 compared to $61.1 million for the full year 2020.

Total gross loss for the three months ended December 31, 2021 was $0.2 million, compared to a gross profit of $0.2 million for the same period last year. Total gross profit for the full year 2021 was $0.3 million compared to gross loss of $4.1 million for the full year 2020.

Total operating expenses for the three months ended December 31, 2021 were $29.0 million, compared to $25.5 million for the same period last year. Total operating expenses for the full year 2021 were $104.0 million compared to $101.9 million for the full year 2020.

Net loss for the three months ended December 31, 2021 was $27.1 million, or $(0.16) per share, compared to $26.1 million, or $(0.18) per share, for the same period last year. Net loss for the full year 2021 was $110.0 million, or $(0.67) per share, compared to $107.9 million, or $(0.73) per share, for the full year 2020.

ViewRay had total cash and cash equivalents of $218.3 million at December 31, 2021.

Financial Guidance

For the full year 2022, ViewRay anticipates total revenue to be in the range of $84 million to $104 million, and total cash usage to be in the range of $68 million to $83 million.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Thursday, February 24, 2022 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 9988699. A live webcast of the conference call will be available on the investor relations page of ViewRay's corporate website at http://investors.viewray.com/events-and-presentations/upcoming-events.

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 March 3, 2022. 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 9988699.

About ViewRay®

ViewRay, Inc. (Nasdaq: VRAY), designs, manufactures, and markets the MRIdian® MR-Guided Radiation Therapy System. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purpose-built to address specific challenges, including beam distortion, skin toxicity, and other concerns that potentially may arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, ViewRay's financial guidance for the full year 2022, anticipated future orders, anticipated future operating and financial performance, treatment results, therapy adoption, innovation and the performance of the MRIdian systems. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize the MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length, and severity of the COVID-19 pandemic, including its impacts across our businesses on demand, our operations and global supply chains, the results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates, and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and its Quarterly Reports on Form 10-Q, as updated periodically with the Company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

VIEWRAY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share data)
	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Revenue:
Product	$        15,443		$        14,447		$        51,865		$        42,742
Service	4,825		3,891		17,779		13,800
Distribution rights	119		119		475		475
Total revenue	20,387		18,457		70,119		57,017
Cost of revenue:
Product	16,208		14,954		51,780		49,347
Service	4,388		3,349		18,004		11,729
Total cost of revenue	20,596		18,303		69,784		61,076
Gross profit (loss)	(209)		154		335		(4,059)
Operating expenses:
Research and development	9,066		7,215		31,849		25,008
Selling and marketing	5,848		3,596		16,044		15,181
General and administrative	14,075		14,683		56,091		61,729
Total operating expenses	28,989		25,494		103,984		101,918
Loss from operations	(29,198)		(25,340)		(103,649)		(105,977)
Interest income	4		4		13		791
Interest expense	(1,062)		(124)		(4,241)		(3,307)
Other income (expense), net	3,188		(639)		(2,171)		585
Loss before provision for income taxes	$       (27,068)		$       (26,099)		$    (110,048)		$    (107,908)
Provision for income taxes	—				—		—
Net loss attributable to common stockholders, basic and diluted	$       (27,068)		$       (26,099)		$    (110,048)		$    (107,908)
Net loss per share, basic and diluted	$           (0.16)		$           (0.18)		$           (0.67)		$           (0.73)
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted	171,221,797		148,530,746		164,521,064		147,895,561
Gross orders	$        40,700		$        24,000		$      158,850		$        94,604
Backlog	$      313,354		$      241,334		$      313,354		$      241,334

VIEWRAY, INC.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)
	December 31,
	2021		2020
ASSETS
Current assets:
Cash and cash equivalents	$        218,348		$        156,720
Accounts receivable	21,659		11,769
Inventory, net of allowance of $3,071 and $2,286, respectively	29,617		46,641
Deposits on purchased inventory	4,778		2,084
Deferred cost of revenue	3,342		1,954
Prepaid expenses and other current assets	5,803		5,257
Total current assets	283,547		224,425
Property and equipment, net	20,242		24,062
Restricted cash	1,460		1,460
Intangible assets, net	44		50
Right-of-use assets	9,661		10,129
Other assets	6,853		1,426
TOTAL ASSETS	$        321,807		$        261,552
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$            9,199		$            9,984
Accrued liabilities	26,555		19,281
Customer deposits	20,784		15,463
Operating lease liability, current	2,561		2,089
Current portion of long-term debt	3,222		—
Deferred revenue, current portion	13,920		10,094
Total current liabilities	76,241		56,911
Deferred revenue, net of current portion	4,232		2,572
Long-term debt	54,031		56,940
Warrant liability	6,795		4,864
Operating lease liability, noncurrent	8,066		9,043
Other long-term liabilities	2,647		956
TOTAL LIABILITIES	$        152,012		$        131,286
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized at December 31, 2021 and 2020; no shares issued and outstanding at December 31, 2021 and 2020	—		—
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at December 31, 2020 and 2019; 179,206,456 and 148,615,351 shares issued and outstanding at December 31, 2021 and 2020	1,782		1,476
Additional paid-in capital	905,145		755,874
Accumulated deficit	(737,132)		(627,084)
TOTAL STOCKHOLDERS' EQUITY	169,795		130,266
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$        321,807		$        261,552

 

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SOURCE ViewRay, Inc.

FAQ

What were ViewRay's total revenues for 2021?

ViewRay reported total revenues of $70.1 million for the full year 2021.

How many orders did ViewRay receive in 2021?

ViewRay received a total of 28 orders in 2021, totaling $158.9 million.

What was ViewRay's net loss for 2021?

ViewRay reported a net loss of $110 million for the full year 2021.

What is ViewRay's revenue forecast for 2022?

ViewRay anticipates total revenue in the range of $84 million to $104 million for 2022.

What was the cash usage for ViewRay in 2021?

ViewRay's cash usage in 2021 was approximately $66.9 million.