ViewRay (VRAY) Misses Q2 EPS by 2c, Revenues Beat

ViewRay (NASDAQ: VRAY) reported Q2 EPS of ($0.18), $0.02 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $14.2 million versus the consensus estimate of $6.83 million.

Second Quarter 2020 Highlights:

• Total revenue of $14.2 million, primarily from two revenue units, compared to $30.2 million, primarily from five revenue units, in the second quarter of 2019.
• Received four new orders for MRIdian systems totaling $24.6 million, compared to three new orders totaling $18.1 million in the second quarter of 2019.
• Total backlog was $232.2 million as of June 30, 2020, compared to $219.3 million as of June 30, 2019.
• Cash and cash equivalents were $179.5 million as of June 30, 2020.
• Announced workforce reductions of approximately 20% as well as a program designed to temporarily retain select senior leaders, including Shar Matin, while also providing an option for them to continue with the Company if certain business and financial targets are achieved.

"We received four orders for MRIdian and used $10.7 million of cash in the second quarter. We are pleased with these results, the level of customer engagement in light of the challenging environment, and the significant progress to elongate our cash runway," said Scott Drake, President and CEO. "In alignment with our plan, we recently reduced our workforce by approximately 20%. We believe these are difficult but necessary decisions while our customers recover financially. We expect that the market and our business will recover and advance to its next phase of growth; however, it is difficult to predict the timeline. Importantly, we are prioritizing and budgeting increased investment in our clinical and innovation pipeline. We are excited about the advancements that lie ahead."

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

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