ViewRay (VRAY) Misses Q1 EPS by 1c, Revenues Beat; Withdraws FY20 Guidance

ViewRay (NASDAQ: VRAY) reported Q1 EPS of ($0.19), $0.01 worse than the analyst estimate of ($0.18). Revenue for the quarter came in at $14.3 million versus the consensus estimate of $12.55 million.

First Quarter 2020 Highlights:

• Total revenue of $14.3 million, primarily from three revenue units including one system upgrade, compared to $20.3 million, primarily from four revenue units including one system upgrade, in the first quarter of 2019.
• Received four new orders for MRIdian systems totaling $22.6 million, compared to seven new orders totaling $42.8 million in the first quarter of 2019.
• Total backlog was $230.8 million as of March 31, 2020, compared to $237.5 million as of March 31, 2019.
• Cash and cash equivalents were $190.2 million as of March 31, 2020.
• The Company is withdrawing its 2020 guidance, provided on March 12, 2020, as the full impact of COVID-19 remains unknown.
• The Company announced Zach Stassen as Chief Financial Officer.

"As we manage in this challenging environment, we are focused on what we can control. Value creation lies in driving our clinical, innovation and commercial pipeline while enhancing efforts to conserve capital," said Scott Drake, President and CEO. "On another important note, we are excited to welcome Zach Stassen as our Chief Financial Officer. Zach has an excellent track record as an operator and CFO in the medical technology space. I'd like to thank our Interim-CFO, Brian Knaley, for his work to drive the business forward over the last several quarters."

Financial Guidance

Given the existing uncertainty related to COVID-19 globally, the Company is withdrawing 2020 guidance, issued on March 12, 2020, as the full impact of coronavirus remains unknown.

For earnings history and earnings-related data on ViewRay (VRAY) click here.

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