Q2 2020 Earnings Conference Call July 30, 2020 ©2020 ViewRay, Inc. All rights reserved. Exhibit 99.2
FORWARD-LOOKING STATEMENTS This presentation has been prepared solely for use at this meeting and is intended for investors and analysts only. The material is given in conjunction with an oral presentation and should not be taken out of context. Unless the context requires otherwise, references to “ViewRay,” “the company,” “we,” “us” and “our,” refer to ViewRay, Inc. Except for historical information, ViewRay’s written and accompanying oral presentation may contain forward-looking statements, including statements about the overall industry, including but not limited to: our current expectations of the market; growth drivers; future trends; demand for radiation oncology products and features; and innovation and growth opportunities. Forward-looking statements also include, but are not limited to, statements about ViewRay’s: future orders; backlog or earnings growth; future financial results; and market acceptance of ViewRay’s existing products, future products, or technology. Words such as “could,” “anticipates,” “expects,” “outlook,” “intends,” “plans,” “believes,” “seeks,” “vision,” “estimates,” “may,” “will,” “future,” “horizon,” “aiming,” “driving,” “target” (or variations of them,) and similar statements, are forward-looking statements. These types of statements express management’s beliefs based on the information available to us as of the date of this presentation, are subject to change, and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, and assumptions that are difficult to predict and could cause ViewRay’s results to differ materially from those presented. These risks, uncertainties, and assumptions include, but are not limited to, changes in: the regulatory environment; global economics; trade compliance requirements, duties or tariffs; third-party reimbursement levels; currency exchange rates; taxation, healthcare law, and product clearance requirements, as well as those related to: the effect of COVID-19 on our business operations and financial condition; adverse publicity about ViewRay and our products; our reliance on sole or limited source suppliers; our ability to commercialize our products successfully; the impact of competitive products and pricing, and all other risks listed from time to time in the company’s filings with the Securities and Exchange Commission, which are incorporated into this Forward-Looking Statements disclosure by this reference. We do not assume any obligation to update or revise the forward-looking statements in ViewRay’s written or oral presentation, whether based on future events, new or additional information or otherwise. ViewRay’s written and oral presentation does not constitute an offer to sell, or the solicitation of an offer to buy, securities. The opinions and clinical experiences presented herein are specific to the featured physicians and/or the featured patients and are for information purposes only. Nothing in this material is intended to provide specific medical advice or to take the place of written law or regulations. Individual customer results are illustrative only and are not predictive of future results. MEDICAL ADVICE DISCLAIMER ViewRay is a medical device manufacturer and cannot and does not recommend specific treatment approaches. Individual results may vary. Forward-Looking Statements & Disclaimer
Our Mission: Treat and Prove What Others Can’t. approaching installed systems globally1 disease sites treated1 10,000 38 >65 patients treated1 Approximately 2,200 patients with clinically reported outcomes1 12020 Internal and historical company data
What We Set Out to Do Two Years Ago; What We Have Accomplished CLINICAL STRATEGIC ECONOMIC Customer Training Programs Clinical data compendium - publications, papers, and abstracts THEN: ~60 NOW 100+ Number of patients treated Install times: Treatment times: Prostate # of tumor types treated THEN √ NOW NOW: approaching 10,000 THEN: 3,000 THEN: ~40 NOW: >65 THEN60+ min min’ ‘sub 30 NOW ~50% decrease
Q2 2020 Results 4 MRIdian orders Revenue: $14.2 million primarily from two revenue units Used $10.7 million of cash Cash preservation actions
Mission: Treat and Prove What Others Can’t The Value of MRIdian Deliver better outcomes in hard to treat and ubiquitous cancers Shrink treatment margins to spare healthy tissue Re-optimize radiation treatment plans to safely escalate dose Reduce fractionation (e.g. 40 to 5 or fewer) and accelerate ablative therapy adoption Create market leading cancer programs Establish new programs for patients generally not treated on conventional linacs Change referral patterns while driving market trends from IMRT -> SBRT -> SMART1 Create value in bundled environment: optimize vaults, decrease fractions & avoid costly toxicity Improve economic performance & increase TAM2 Newly treatable patients Net new patient referrals Dana-Farber/Brigham and Women’s Cancer Center reported 38 net new patients in the first 9 months3 Optimizing care delivery CLINICAL STRATEGIC ECONOMIC Stereotactic MR-guided Adaptive Radiation Therapy Total addressable market “Day One, All-Day Adaptive: Dana-Farber/Brigham and Women's Cancer Center Maximizes Clinical Value of MRIdian,” 7/23/20
Mission: Treat and Prove What Others Can’t The Value of MRIdian Deliver better outcomes in hard to treat and ubiquitous cancers Shrink treatment margins to spare healthy tissue Re-optimize radiation treatment plans to safely escalate dose Reduce fractionation (e.g. 40 to 5 or fewer) and accelerate ablative therapy adoption Create market leading cancer programs Establish new service line for patients deemed untreatable on CT-guided linacs Change referral patterns while driving market trends from IMRT -> SBRT -> SMART1 Create value in bundled environment: optimize vaults, decrease fractions & avoid costly toxicity Increase up to $4 million of revenue/year & increase TAM2 Generate new revenue stream from patients not otherwise treated on CT-guided linacs Expand referral base and catchment area to capture market share Improve patient throughput & leverage appropriate [adaptive] reimbursement STRATEGIC ECONOMIC Deliver better outcomes in hard to treat and ubiquitous cancers Shrink treatment margins to spare healthy tissue Re-optimize radiation treatment plans to safely escalate dose Reduce fractionation (e.g. 40 to 5 or fewer) and accelerate ablative therapy adoption CLINICAL Create market leading cancer programs Establish new programs for patients generally not treated on conventional linacs Change referral patterns while driving market trends from IMRT -> SBRT -> SMART1 Create value in bundled environment: optimize vaults, decrease fractions & avoid costly toxicity Improve economic performance & increase TAM2 Newly treatable patients Net new patient referrals Dana-Farber/Brigham and Women’s Cancer Center reported 38 net new patients in the first 9 months3 Optimizing care delivery STRATEGIC ECONOMIC Stereotactic MR-guided Adaptive Radiation Therapy Total addressable market “Day One, All-Day Adaptive: Dana-Farber/Brigham and Women's Cancer Center Maximizes Clinical Value of MRIdian,” 7/23/20
Ablative Doses to Difficult-to-treat Tumors MRIdian SMART lowers the risk of toxicity across multiple tumor sites ~100% ~64% SBRT & hypofractionated radiation therapy at ablative doses shown to increase toxicity MRIdian SBRT significantly decreases toxicity Up to 100% reduction in grade 3+ toxicity in pancreas and oligomets Up to 76% reduction in grade 3+ toxicity in central lung Up to 64% reduction in grade 3+ toxicity in liver Outcomes accomplished with: MR imaging Daily on-table adaptation Real-time tumor tracking and automatic beam gating BED10 ≥ 70 BED10 ≥ 100 BED10 ≥ 100 BED10 ≥ 100 Definition of Oligometastatic Disease from a Radiation Oncology perspective: an ESTRO-ASTRO Consensus Document; https://www.astro.org/ASTRO/media/ASTRO/Patient%20Care%20and%20Research/PDFs/OMDManuscriptPC.pdf Schneider, B. J., Daly, M. E., Kennedy, E. B., et al. (2018). Stereotactic body radiotherapy for early-stage non-small-cell lung cancer: American Society of Clinical Oncology endorsement of the American Society for Radiation Oncology Evidence-Based Guideline. J Clin Oncol, 36(7), 710–719. Finazzi, T., Haasbeek, C. J. A., Spoelstra, F. O. B., et al. (2020). Clinical outcomes of stereotactic MR-guided adaptive radiation therapy for high-risk lung tumors. International Journal of Radiation Oncology • Biology• Physics. [Epub ahead of print]. Toesca, D. A., Osmundson, E.C., Eyben, R. V., et al. (2017). Central liver toxicity after SBRT: An expanded analysis and predictive nomogram. Radiother Oncol, 122(1), 130–136. Rosenberg S. A. et al. (2018). A multi-institutional experience of MR-guided liver stereotactic body radiation therapy. Advances in Radiation Oncology, 4(1), 142–149. Herman, J.M., Chang, D.T., Goodman, K.A., et al. (2015). Phase 2 multi-institutional trial evaluating gemcitabine and stereotactic body radiotherapy for patients with locally advanced unresectable pancreatic adenocarcinoma. Cancer, 121(7), 1128–1137. Rudra, S., Roach, M. C., Bruynzeel, A., et al. (2019). Using adaptive magnetic resonance image-guided radiation therapy for treatment of inoperable pancreatic cancer. Cancer Medicine, 8(5), 2123–2132. Palma, D. A., Olson, R., Harrow, S., et al. (2019). Stereotactic ablative radiotherapy versus standard of care palliative treatment in patients with oligometastatic cancers (SABR-COMET): a randomised, phase 2, open-label trial. Lancet, 393(10185):2051–2058. Henke, L., Kashani, R., Robinson, C., et al. (2018). Phase I trial of stereotactic MR-guided online adaptive radiation therapy (SMART) for the treatment of oligometastatic or unresectable primary malignancies of the abdomen. Radiotherapy and Oncology, 126(3), 519–526. ©2020 ViewRay, Inc. All rights reserved. Approved for external distribution. L-0181 062020
The Future Is Now WE ARE DOING IT TODAY: MRIdian smart Cardiac sarcoma Locally advanced inoperable pancreatic cancer high dose Multiple pancreatic tumors high dose Reirradiation of ultra central lung Reirradiation of central lung Ultra central lung high dose Multiple liver mets high dose Rectal cancer with DWI Reirradiation of liver Pediatric liver rhabdoid tumor Mobile mesenteric lesion Adrenal high dose Central lung high dose Esophageal GI junction Kidney/Renal high dose Post-prostatectomy prostate bed and nodes Single fraction accelerated partial breast irradiation Fiducial-free intact prostate Case courtesy of Dr. Corradini - Klinikum der Universität München ©2020 ViewRay, Inc. All rights reserved.
The Future Is Now WE ARE DOING IT TODAY: mridian smart Cardiac sarcoma Locally advanced inoperable pancreatic cancer high dose Multiple pancreatic tumors high dose Reirradiation of ultra central lung Reirradiation of central lung Ultra central lung high dose Multiple liver mets high dose Rectal cancer with DWI Reirradiation of liver Pediatric liver rhabdoid tumor Mobile mesenteric lesion Adrenal high dose Central lung high dose Esophageal GI junction Kidney/Renal high dose Post-prostatectomy prostate bed and nodes Single fraction accelerated partial breast irradiation Fiducial-free intact prostate Case courtesy of Prof. Ozyar - Acibadem Hospital Maslak ©2020 ViewRay, Inc. All rights reserved.
The Future Is Now WE ARE DOING IT TODAY: mridian smart Cardiac sarcoma Locally advanced inoperable pancreatic cancer high dose Multiple pancreatic tumors high dose Reirradiation of ultra central lung Reirradiation of central lung Ultra central lung high dose Multiple liver mets high dose Rectal cancer with DWI Reirradiation of liver Pediatric liver rhabdoid tumor Mobile mesenteric lesion Adrenal high dose Central lung high dose Esophageal GI junction Kidney/Renal high dose Post-prostatectomy prostate bed and nodes Single fraction accelerated partial breast irradiation Fiducial-free intact prostate Normal kidney that would have been irradiated without automated beam gating Case courtesy of Dr. Bruynzeel - Amsterdam UMC ©2020 ViewRay, Inc. All rights reserved.
The Future Is Now WE ARE DOING IT TODAY: MRidian smart Cardiac sarcoma Locally advanced inoperable pancreatic cancer high dose Multiple pancreatic tumors high dose Reirradiation of ultra central lung Reirradiation of central lung Ultra central lung high dose Multiple liver mets high dose Rectal cancer with DWI Reirradiation of liver Pediatric liver rhabdoid tumor Mobile mesenteric lesion Adrenal high dose Central lung high dose Esophageal GI junction Kidney/Renal high dose Post-prostatectomy prostate bed and nodes Single fraction accelerated partial breast irradiation Fiducial-free intact prostate …and many more ©2020 ViewRay, Inc. All rights reserved.
©2020 ViewRay, Inc. All rights reserved. When I first started treating patients on the MRIdian, I was impressed by how the system allows you to treat patients so much more precisely and safely. As I continued to treat with the MRIdian, I realized the precision and safety allows you to treat patients whom you could never have treated before. The MRIdian changes your practice; it changes who you look at as a candidate for radiation therapy. Patrick Kelly, M.D. Ph.D Department of Radiation Oncology Orlando Health UF Health Cancer Center KOL Perspective “ “
Clinical Roadmap to Drive Adoption ©2020 ViewRay, Inc. All rights reserved. Innovators proving with MRIdian SMART that they can treat what they couldn’t on conventional linacs before and better treat what they already could Expand utilization of MRIdian SMART beyond early adopters by providing clinical evidence for tumor boards and payors Create clinical evidence that makes MRIdian SMART a first line therapy option for patients MRIDIAN IS CHANGING THE WAY OUR CUSTOMERS PRACTICE MEDICINE Expand utilization of SMART therapy SMART as first line therapy TODAY TOMORROW FUTURE
Demonstrate safe ablative dose SMART for pancreatic patients Demonstrate safe ablative dose SMART for post-prostatectomy patients and superiority versus conventional linac Today Tomorrow Future Pancreas Cancer Prostate Cancer Metastatic Cancer Delivering Safety and Efficacy Data for Complex SBRT Adoption SMART Phase 2 Safety Trial Cornell Post-operative 20fx Hypofractionation vs 5fx MRIdian SMART MCI Phase 2 Safety/Efficacy Trial Study Phase: ENROLLING Study Phase: ENROLLING Study Phase: ENROLLING Study Phase: Start Up Expand utilization of MRIdian SMART ~30 INSTITUTIONS, >30 ONGOING STUDIES Demonstrate safe ablative dose adjunctive treatment for metastatic immunotherapy non-responders ©2020 ViewRay, Inc. All rights reserved. UCLA Phase 2 Post-operative SBRT Feasibility Trial
Today Tomorrow Future Pancreas Cancer Prostate Cancer Metastatic Cancer Delivering Safety and Efficacy Data for Complex SBRT Adoption AUMC Pancreas Randomized Controlled Trial UCLA Intact Prostate Head-to-head MRIdian vs CT Linac Randomized Controlled Trial Study Phase: Start Up Study Phase: ENROLLING SMART Phase 2 Safety Trial UCLA Phase 2 Post-operative SBRT Feasibility Trial Cornell Post-operative 20fx Hypofractionation vs 5fx MRIdian SMART MCI Phase 2 Safety/Efficacy Trial Study Phase: ENROLLING Study Phase: ENROLLING Study Phase: ENROLLING Study Phase: Start Up Expand utilization of MRIdian SMART Become first line therapy ~30 INSTITUTIONS, >30 ONGOING STUDIES ©2020 ViewRay, Inc. All rights reserved. Demonstrate safe ablative dose SMART for pancreatic patients Demonstrate safe ablative dose SMART for post-prostatectomy patients and superiority versus conventional linac Demonstrate safe ablative dose adjunctive treatment for metastatic immunotherapy non-responders
MRIdian SMART Adoption ©2020 ViewRay, Inc. All rights reserved. RETHINKING RT FUNDAMENTALS, FUNDAMENTALLY CHANGING THE GAME Prostate Patients Pancreas Patients Metastatic Patients Hundreds of thousands new MRIdian SMART patients in the US alone
Clarity on what will move the market Improving cash spend Driving innovation, clinical, strategic, and economic, and pipelines Positioning to Win ©2020 ViewRay, Inc. All rights reserved.
Q2 2020 Financial Review 4 MRIdian orders Revenue: $14.2 million primarily from two revenue units Backlog grew to $232.2 million Cash balance: $179.5 million Used $10.7 million of cash $