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ViewRay reported second quarter 2020 results with total revenue of $14.2 million, down from $30.2 million in Q2 2019. Four new MRIdian system orders worth $24.6 million were received, compared to three orders totaling $18.1 million last year. The backlog grew to $232.2 million from $219.3 million in 2019. The company announced a 20% workforce reduction to elongate its cash runway, ending Q2 with $179.5 million in cash. Despite a net loss of $26.2 million for Q2, the company remains optimistic about future growth.
ViewRay, Inc. (Nasdaq: VRAY) scheduled a conference call for July 30, 2020, to discuss its second quarter 2020 financial results. The call will begin at 4:30 p.m. ET and will be accessible via dial-in and live webcast. ViewRay's MRIdian® MR-Guided Radiation Therapy System is highlighted as a key product. The company warns of risks related to the COVID-19 pandemic, its ability to convert backlog into revenue, and the uncertainty surrounding clinical trials. Further information can be found on the investor relations page of the company's website.
ViewRay (Nasdaq: VRAY) announced positive outcomes from a prospective phase II study on MR-guided radiation therapy for localized prostate cancer, published in the European Urology Oncology Journal. The study involving 101 patients showed no grade 3 or higher toxicities at one year follow-up, highlighting MRIdian's potential benefits in treating intermediate- and high-risk patients. Researchers emphasized the reduction of invasive procedures, indicating lower complications. These findings contrast with conventional treatments, showcasing MRIdian's effectiveness and promising a shift in radiation therapy paradigms.