Exhibit 99.1

ViewRay Reports First Quarter 2018 Financial Results

Reiterates 2018 Financial Guidance

 

CLEVELAND, OH May 10, 2018

— ViewRay, Inc. (Nasdaq: VRAY) today announced financial results for the first quarter ended March 31, 2018.

 

First Quarter 2018 Highlights:

 

Total revenue of $26.2 million, primarily from 4 revenue units, up from $1.2 million in 1Q 2017.

 

Received new orders for MRIdian Systems totaling $21.2 million, up from new orders totaling $12.3 million in 1Q 2017.

 

Total backlog grew year over year to $195.0 million, as of March 31, 2018, up from $144.9 million as of March 31, 2017.

 

Received Shonin approval from the Japanese Ministry of Health, Labor and Welfare (MHLW) to market the MRIdian Linac System in Japan.

 

Surpassed 50th MRIdian MR image-guided radiation therapy system order.

 

Sponsored a global symposium attended by nearly 200 clinicians to discuss advanced applications of MR image-guided radiotherapy in Amsterdam.

 

Recent Highlights:

 

Demonstrated new MR imaging technologies under development to enhance MRIdian's SmartVISION MR image guidance by improving tumor and soft tissue visualization at ESTRO 37.

 

MRIdian System featured in 16 presentations and posters at ESTRO 37; nearly 300 clinicians attended satellite symposium with speakers from Heidelberg and VUmc.

http://www.viewray.com/estro_2018.htm 

 

Financing:

 

On March 5, 2018, the Company closed a direct registered equity offering with an affiliate of Fosun International Limited for aggregate gross proceeds of approximately $59.1 million.

 

“During the first quarter we continued to build momentum by generating new orders to surpass the 50 MRIdian system order milestone and installing four Linac systems and upgrading one MRIdian Cobalt System,” said Chris A. Raanes, president and chief executive officer of ViewRay. “We also received Shonin approval to market our MRIdian Linac system in Japan, the world's third largest market for radiation oncology. The growing interest in our technology was demonstrated by the attendance of hundreds of oncology experts at our recent symposia in Amsterdam and at ESTRO in Barcelona, who heard about the compelling advantages of the MRIdian System in clinical use.”

 

Financial Results

 

Total revenue for the first quarter ended March 31, 2018 was $26.2 million, compared to $1.2 million for the same period last year.  Revenue for the first quarter ended March 31, 2018 included 4 new MRIdian system installs and 1 system upgrade, all recognized as product revenue.

 

Total cost of revenue was $20.6 million for the first quarter ended March 31, 2018, compared to $1.0 million for the same period last year. Total gross profit for the first quarter ended March 31, 2018 was $5.6 million, compared to $0.2 million for the same period last year.

 

Total operating expenses for the first quarter ended March 31, 2018 were $16.9 million, compared to $11.1 million for the same period last year.

 


The following information was filed by Viewray, Inc. (VRAY) on Thursday, May 10, 2018 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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