- ViewRay Inc VRAY shares are down over 25% Thursday morning following its 2023 guidance cut, reflecting delayed installation schedules and growing financial pressures impacting the schedule of deliveries. The company also evaluates strategic alternatives.
- VRAY said revenue for Q1 of 2023 was approximately $23 million, compared to approximately $19 million, in Q1 FY22.
- Net loss was $(29) million, compared to a $(26) million in the first quarter of 2022. Adjusted EBITDA was a loss of $(25) million versus $(21) million in the first quarter of 2022.
- The company received 13 new orders for MRIdian systems totaling approximately $68 million, compared to seven new orders totaling $41 million a year ago.
- The total backlog increased to approximately $411 million, compared to $331 million a year ago.
- For FY23, ViewRay lowered its revenue guidance range to approximately flat to 15% growth compared to its previous guidance range of 25% to 40% growth.
- The company also updated its Adjusted EBITDA loss guidance of $(75) million-$(85) million, wider than $(70) million-$(80) million expected earlier.
- Cash usage in the first quarter of 2023 was approximately $(57) million, primarily due to a working capital impact caused by delays in cash collections from international customers and outlays for inventory.
- A cash balance of $86 million will provide a cash runway into Q1 of 2024.
- The company has retained Goldman Sachs as a financial advisor to evaluate strategic alternatives.
- Price Action: VRAY shares are down 25.3% at $2.24 during the premarket session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
