Exhibit 99.1

ViewRay Reports Fourth Quarter and Full Year 2018 Results

 

CLEVELAND, March 14, 2019

— ViewRay, Inc. (Nasdaq: VRAY) today announced financial results for the fourth quarter and full year ended December 31, 2018.

 

Full Year 2018 Highlights:

 

Total revenue of $81.0 million, primarily from 13 revenue units and 2 system upgrades, compared to 2017 revenue of approximately $34.0 million, primarily from 6 revenue units.

 

Received 23 new orders for MRIdian systems totaling $140.7 million, up from 19 new orders totaling $113.6 million in 2017.

 

Total backlog increased to $212.3 million as of December 31, 2018, up from $203.6 million as of December 31, 2017.

 

Cash and cash equivalents were $167.4 million as of December 31, 2018.

 

Fourth Quarter 2018 Highlights:

 

Total revenue of $20.7 million, primarily from 3 revenue units and 1 system upgrade in the fourth quarter of 2018, compared to fourth quarter 2017 revenue of $19.9 million, primarily from 4 revenue units.

 

Received 8 new orders for MRIdian systems totaling $48.7 million in the fourth quarter of 2018, compared to 6 new orders totaling $34.1 million in the fourth quarter of 2017.

 

“We are focused on becoming the standard of care in radiation oncology,” said Scott Drake, President and CEO.  “We have made significant progress on our commercial, innovation and clinical pipelines.  In 2019, we are well positioned to drive further growth, therapy adoption and extend our innovation lead.”


Financial Results

Total revenue for the fiscal quarter ended December 31, 2018 was $20.7 million, compared to $19.9 million for the same period last year.  Total revenue for the full year 2018 was $81.0 million, compared to $34.0 million for the full year 2017.

 

Total cost of revenue for the fiscal quarter ended December 31, 2018 was $20.1 million, compared to $15.6 million for the same period last year.  Total cost of revenue was $74.4 million for the full year 2018 compared to $27.7 million for the full year 2017.

 

Total gross profit for the fiscal quarter ended December 31, 2018 was $0.6 million, compared to $4.3 million for the same period last year.  Total gross profit for the full year 2018 was $6.6 million, compared to $6.3 million for the full year 2017.

 

Total operating expenses for the fiscal quarter ended December 31, 2018 were $22.1 million, compared to $17.1 million for the same period last year. Total operating expenses for the full year 2018 were $81.7 million, compared to $54.5 million for the full year 2017.

 

Net loss for the fiscal quarter ended December 31, 2018 was $16.7 million, or $0.17 per share, compared to $24.6 million, or $0.38 per share, for the same period last year.  Net loss for the full year 2018 was $79.1 million, or $0.98 per share, compared to $72.2 million, or $1.23 per share, for the full year 2017.

 

ViewRay had total cash and cash equivalents of $167.4 million at December 31, 2018.

 

Financial Guidance

For the full year 2019, ViewRay anticipates total revenue to be in the range of $111 - $124 million, and total cash usage to be in the range of $65 - $75 million.


The following information was filed by Viewray, Inc. (VRAY) on Thursday, March 14, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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