Exhibit 99.1

ViewRay Reports First Quarter 2017 Financial Results

Reiterates 2017 Financial Guidance

 

CLEVELAND, OH May 15, 2017

— ViewRay, Inc. (Nasdaq: VRAY) today announced financial results for the first quarter ended March 31, 2017.

 

First Quarter 2017 Highlights:

 

Received new orders for MRIdian Linac Systems, totaling $12.3 million, compared to orders totaling $11.2 million in Q1 2016

 

Received orders totaling $5.8 million to upgrade installed MRIdian Cobalt Systems to Linac Systems

 

Total backlog grew to $144.9 million, as of March 31, 2017, up from $89.6 million as of March 31, 2016

 

Recent Highlights:

 

Announced $15.0 million capacity expansion of Term Loan Agreement

 

Raised $7.4 million from the sale of 1.1 million shares of common stock through “at the market offerings” in April and May 2017

 

Announced that compelling early pancreatic cancer data with ViewRay’s MRIdian System were presented at ESTRO 36; presentations also highlighted speed and benefit of On-Table Adaptive Therapy in routine clinical use. http://www.viewray.com/estro_2017.htm

 

 

“The first quarter was a transformational quarter for the company. We received FDA clearance for the MRIdian Linac in February and ended the quarter with $49.3 million in cash and cash equivalents. We are also encouraged by the impressive clinical results reported by MRIdian users at our biggest European trade show, ESTRO, in a variety of cancers, including pancreas, gastrointestinal and prostate,” said Chris A. Raanes, president and chief executive officer of ViewRay.  

 

Mr. Raanes added, "We continue to build commercial momentum with MRIdian Linac in the U.S. and international markets. The two new orders for MRIdian Linac and three orders for upgrades to existing Cobalt systems are the beginning of our expected order ramp following our FDA clearance.”

 

Financial Results

 

Total revenue for the first quarter ended March 31, 2017 was $1.2 million, compared to $5.5 million for the same period last year.  Revenue for the first quarter ended March 31, 2016 included one MRIdian system installed and recognized as product revenue.

 

Cost of product revenue was $0.3 million for the first quarter ended March 31, 2017, compared to $5.9 million for the same period last year. Total gross profit (loss) for the first quarter ended March 31, 2017 was $0.2 million, compared to $(1.1) million for the same period last year.

 

Total operating expenses for the first quarter ended March 31, 2017 were $11.1 million, compared to $11.0 million for the same period last year.

 

Net loss for the first quarter ended March 31, 2017 was $(28.0) million, or $(0.54) per share, compared to $(13.4) million, or $(0.35) per share, for the same period last year.  The net loss in the first quarter ended March 31, 2017 included $15.3 million of other expense from changes in the fair value of warrant liability.

ViewRay had total cash and cash equivalents of $49.3 million at March 31, 2017. During the first quarter ended March 31, 2017, the Company raised $26.1 million in a private placement and $21.5 million in aggregate net proceeds from the


The following information was filed by Viewray, Inc. (VRAY) on Monday, May 15, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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