Loading...
Docoh

ViewRay (VRAY)

ViewRay, Inc., designs, manufactures, and markets the MRIdian® MR-Guided Radiation Therapy System. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purpose-built to address specific challenges, including beam distortion, skin toxicity, and other concerns that potentially may arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.

Company profile

Ticker
VRAY
Exchange
Website
CEO
Scott William Drake
Employees
Incorporated
Location
Fiscal year end
Former names
Mirax Corp
SEC CIK
Subsidiaries
ViewRay Technologies, Inc. • ViewRay GmbH ...

VRAY stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 162.19M 162.19M 162.19M 162.19M 162.19M 162.19M
Cash burn (monthly) 7.49M 516.25K 9.93M 9.31M 7.32M 6.34M
Cash used (since last report) 22.18M 1.53M 29.41M 27.57M 21.67M 18.78M
Cash remaining 140.01M 160.66M 132.78M 134.62M 140.52M 143.41M
Runway (months of cash) 18.7 311.2 13.4 14.5 19.2 22.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jun 22 Scott William Drake Common Stock Payment of exercise Dispose F No No 2.69 116,400 313.12K 3,995,342
14 Jun 22 Paul Ziegler Jr Common Stock Payment of exercise Dispose F No No 2.63 8,801 23.15K 337,683
13 Jun 22 Phillip M Spencer Common Stock Grant Acquire A No No 0 54,511 0 142,302
13 Jun 22 Johnson B Kristine Common Stock Grant Acquire A No No 0 54,511 0 237,044
13 Jun 22 Susan C Schnabel Common Stock Grant Acquire A No No 0 54,511 0 167,790
62.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 168 171 -1.8%
Opened positions 21 24 -12.5%
Closed positions 24 27 -11.1%
Increased positions 57 66 -13.6%
Reduced positions 54 51 +5.9%
13F shares Current Prev Q Change
Total value 4.75B 5.25B -9.6%
Total shares 159.51M 162.29M -1.7%
Total puts 2.53M 228K +1010.5%
Total calls 87.2K 1.4M -93.8%
Total put/call ratio 29.0 0.2 +17777.2%
Largest owners Shares Value Change
Artisan Partners Limited Partnership 17.2M $45.58M -16.6%
Hudson Executive Capital 15.75M $41.74M 0.0%
FOSUF Fosun International 15.52M $41.13M 0.0%
Pura Vida Investments 13.87M $36.75M +2.3%
BLK Blackrock 10.72M $28.4M +3.9%
Vanguard 9.73M $25.77M +9.9%
ATAC Neuberger Berman 8.91M $23.61M +114.7%
FMR 4.43M $11.74M -47.1%
Bamco 4.4M $11.66M 0.0%
Millennium Management 4.31M $11.41M -45.0%
Largest transactions Shares Bought/sold Change
ATAC Neuberger Berman 8.91M +4.76M +114.7%
FMR 4.43M -3.94M -47.1%
Millennium Management 4.31M -3.52M -45.0%
Artisan Partners Limited Partnership 17.2M -3.43M -16.6%
Point72 Asset Management 0 -1.85M EXIT
Assenagon Asset Management 1.84M +1.84M NEW
Group One Trading 968.42K +968.42K NEW
Vanguard 9.73M +873.09K +9.9%
Balyasny Asset Management 0 -839.8K EXIT
Fuller & Thaler Asset Management 827.27K +827.27K NEW

Financial report summary

?
Risks
  • The COVID-19 pandemic has and will continue to adversely affect our business operations and financial condition.
  • We have incurred significant losses since our inception and anticipate that we will continue to incur significant losses for the foreseeable future. In the future, these factors may raise substantial doubt about our ability to continue as a going concern.
  • If clinicians do not widely adopt MR Image-Guided radiation therapy or MRIdian Linac fails to achieve and sustain sufficient market acceptance, we will not generate sufficient revenue and our growth prospects, financial condition and results of operations could be harmed.
  • We are an early, commercial-stage company and have a limited history commercializing MRIdian, which may make it difficult to evaluate our current business and predict our future performance.
  • If MRIdian does not perform as expected, or if we are unable to satisfy customers’ demands for additional product features, our reputation, business and results of operations will suffer.
  • The safety and efficacy of MRIdian systems for certain uses is not currently supported by long-term clinical data and may therefore be less safe and effective than initially intended.
  • We may be delayed or prevented from implementing our long-term sales strategy if we fail to educate clinicians and patients about the benefits of MRIdian.
  • We may not be able to gain the support of leading hospitals and key opinion leaders, or to publish the results of our clinical trials in peer-reviewed journals, which may make it difficult to establish MRIdian as a standard of care and achieve market acceptance.
  • We have limited experience in marketing and selling MRIdian, and if we are unable to adequately address our customers’ needs, it could negatively impact sales and market acceptance of MRIdian and we may never generate sufficient revenue to achieve or sustain profitability.
  • The long sales cycle and low unit volume sales of MRIdian, as well as other factors, may contribute to substantial fluctuations in our operating results and stock price and make it difficult to compare our results of operations to prior periods and predict future financial results.
  • A large portion of our revenue in any given reporting period may be derived from a small number of contracts.
  • The payment structure we use in our customer arrangements may lead to fluctuations in operating cash flows in a given period.
  • Amounts included in backlog may not result in actual revenue and are an uncertain indicator of our future earnings.
  • Our ability to achieve profitability depends substantially on increasing our gross margins by standardizing the selling price, reducing costs of MRIdian and improving our economies of scale, which we may not be able to achieve.
  • We may not be able to develop new products or enhance the capabilities of MRIdian to keep pace with our industry’s rapidly changing technology and customer requirements.
  • We face competition from numerous companies, many of whom have greater resources than we do or offer alternative technologies at lower prices than our MRIdian systems, which may make it more difficult for us to achieve significant market penetration and profitability.
  • Negative press regarding MR Image-Guided radiation therapy for the treatment of cancer could harm our business.
  • We may acquire other businesses, form joint ventures or make investments in other companies or technologies that could negatively affect our operating results, dilute our stockholders’ ownership, increase our debt or cause us to incur significant expense.
  • We rely on a limited number of third-party suppliers and, in some cases, sole suppliers, for the majority of our components, subassemblies and materials and may not be able to find replacements or immediately transition to alternative suppliers.
  • We depend on third-party distributors to market and distribute MRIdian in international markets.
  • Failures by our third-party distributors to deliver or install MRIdian properly and on time could harm our reputation.
  • We rely on third parties to store our inventory and to perform spare parts shipping and other logistics functions on our behalf. A failure or disruption with our logistics providers could harm our business.
  • If third-party payors do not provide coverage and adequate payment to our customers, it could negatively impact sales of MRIdian.
  • Our employees, consultants and commercial partners may engage in misconduct or other improper activities, including insider trading and non-compliance with regulatory standards and requirements.
  • We may need to raise additional capital to fund our existing commercial operations, develop and commercialize new features for MRIdian and new products and expand our operations.
  • We have incurred, and will continue to incur, significant costs as a result of operating as a public company and our management expects to continue to devote substantial time to public company compliance programs.
  • Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
  • We face risks related to the current global economic environment, including risks arising in connection with the COVID-19 pandemic, which could delay or prevent our customers from obtaining financing to purchase MRIdian and implement the required facilities, which could harm our business, financial condition and results of operations.
  • We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.
  • If we are unable to support demand for MRIdian and our future products, including ensuring that we have adequate resources to meet increased demand, or we are unable to successfully manage the evolution of our MR Image-Guided radiation technology, our business could be harmed.
  • The loss of or our inability to attract and retain key personnel, including highly skilled executives, scientists and salespeople, could negatively impact our business.
  • We have a limited history of manufacturing, assembling and installing MRIdian in commercial quantities and may encounter related problems or delays that could result in lost revenue.
  • If we were sued for product liability or professional liability, we could face substantial liabilities that exceed our resources.
  • International tariffs, including tariffs applied to our MRIdian systems sold into China, could materially and adversely affect our business operations and financial condition.
  • The results of the United Kingdom’s withdrawal from the EU may have a negative effect on global economic conditions, financial markets and our business.
  • We face risks associated with our international business.
  • Our results may be impacted by changes in foreign currency exchange rates.
  • We could be negatively impacted by violations of applicable anti-corruption laws or violations of our internal policies designed to ensure ethical business practices.
  • We are subject to export restrictions and laws affecting trade and investments, and the future sale of our MRIdian system may be further limited or prohibited in the future by a government agency or authority.
  • We depend on our information technology systems, and any failure of these systems could harm our business.
  • Our operations are vulnerable to interruption or loss due to natural or other disasters, power loss, strikes and other events beyond our control.
  • Litigation or other proceedings or third-party claims of intellectual property infringement can and are requiring us to spend significant time and money and could prevent us from selling MRIdian or impact our stock price.
  • If we are unable to adequately protect our proprietary technology or maintain issued patents that are sufficient to protect MRIdian, others could compete against us more directly, which could harm our business, financial condition and results of operations.
  • If we are not able to meet the requirements of our license agreement with the University of Florida Research Foundation, Inc., we could lose access to the technologies licensed thereunder and be unable to manufacture, market or sell MRIdian.
  • Changes in U.S. patent laws may limit our ability to obtain, defend or enforce our patents.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position could be harmed.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • Third parties may assert ownership or commercial rights to inventions we develop.
  • Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
  • A network or data security incident may allow unauthorized access to our products, our network or our data and also that of our customers, resulting in disruption of critical information systems, harm to our reputation and creation of additional liability that could adversely impact our financial results.
  • MRIdian and our operations are subject to extensive government regulation and oversight both in the United States and abroad, and our failure to comply with applicable requirements could harm our business.
  • Modifications to MRIdian and our future products may require new 510(k) clearances or PMA approvals, or may require us to cease marketing or recall the modified products until clearances are obtained.
  • If treatment guidelines for cancer radiation therapies change or the standard of care evolves, we may need to redesign and seek new marketing authorization from the FDA for MRIdian.
  • The misuse or off-label use of MRIdian Linac may harm our reputation in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines or sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be costly to our business.
  • Our MRIdian systems may cause or contribute to adverse medical events that we are required to report to regulatory bodies outside of the U.S. and to the FDA, and if we fail to do so, we would be subject to sanctions that could harm our reputation, business, financial condition and results of operations. The discovery of serious safety issues with our MRIdian systems, or a recall of our MRIdian systems either voluntarily or at the direction of the FDA or another governmental authority, could have a negative impact on us.
  • Any actual or perceived failure by us to comply with legal or regulatory requirements related to privacy or data security in one or multiple jurisdictions could result in proceedings, actions or penalties against us.
  • If we or our distributors do not obtain and maintain international regulatory registrations or approvals for MRIdian, we will not be able to market and sell MRIdian outside of the United States.
  • We must manufacture MRIdian in accordance with federal and state regulations, and we could be forced to recall our installed systems or terminate production if we fail to comply with these regulations.
  • Legislative or regulatory reforms in the United States or the EU may make it more difficult and more costly for us to obtain regulatory clearances or approvals for MRIdian or to produce, market or distribute MRIdian after clearance or approval is obtained.
  • We are subject to federal and state fraud and abuse laws and health information privacy and security laws, which, if violated, could subject us to substantial penalties. Additionally, any challenge to or investigation into our practices under these laws could cause adverse publicity and be costly to respond to, and thus could harm our business.
  • Healthcare policy changes, including legislation reforming the U.S. healthcare system, could harm our cash flows, financial condition and results of operations.
  • The price of our common stock may be volatile and may be influenced by numerous factors, some of which are beyond our control.
  • Future sales of our common stock or securities convertible or exchangeable for our common stock may cause our stock price to decline.
  • You may experience dilution of your ownership interests because of the future issuance of additional shares of our common or preferred stock or other securities that are convertible into or exercisable for our common or preferred stock.
  • Our operating results for a particular period may fluctuate significantly or may fall below the expectations of investors or securities analysts, each of which may cause our stock price to fluctuate or decline.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • Provisions of our charter documents or Delaware law could delay or prevent an acquisition of the Company, even if such an acquisition would be beneficial to our stockholders, which could make it more difficult for you to change management.
  • We do not anticipate paying any cash dividends on our common stock in the foreseeable future; therefore, capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.
  • If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, our stock price and trading volume could decline.
  • Our manufacturing operations are subject to a number of federal, state and local environmental laws, rules and regulations.
  • Our business involves the use of hazardous materials and we and our third-party manufacturers must comply with environmental laws and regulations, which may be expensive and restrict how we do business.
  • Regulations related to “conflict minerals” may force us to incur additional expenses, may result in damage to our business reputation and may adversely impact our ability to conduct our business.
Management Discussion
  • Total revenue during the year ended December 31, 2021 increased by $13.1 million, or 23.0% compared to the year ended December 31, 2020. The increase was due to an increase in product revenue of $9.1 million as well as an increase in service revenue of $4.0 million during the year ended December 31, 2021 as compared to December 31, 2020.
  • Product Revenue. Product revenue increased by $9.1 million, or 21.3%, in fiscal year 2021 compared to fiscal year 2020. The increase was primarily attributable to additional MRIdian Linac systems recognized as revenue in fiscal year 2021 as compared to fiscal year 2020. The Company recognized revenue for ten MRIdian Linac systems during the fiscal year 2021, as compared to seven MRIdian Linac systems and two upgrades during the fiscal year 2020.
  • Service Revenue. Service revenue increased by $4.0 million, or 28.8%, in fiscal year 2021 compared to fiscal year 2020 primarily due to the increase in installed base.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: abatement, demand, director, earlier, ensure, enterprise, ERP, furniture, impairment, index, intangible, modification, nonemployee, Oral, outflow, pattern, rata, recommendation, rent, rentable, ROU, sublease, subleased, sublessee, subtenant, undiscounted
Removed: bore, firm, flat, fully, identified, member, released, settled, settlement, termination