Vray ipo12/11/2022 Installation time of the MRIdian system has been reduced from about 100 to roughly 60-75 days. We think this is a reasonable expectation. However, additional long-term clinical data supporting differentiation and competitive performance advantages, could further drive demand and provide greater pricing power in the future. On the earnings call management mentioned that they are currently selling the systems for roughly $6 million and do not plan on increasing the price at this time. Management is guiding for 2018 revenue in the range of $80-$90 million, facilitated by the expected sale of 13-15 systems. A cobalt system is currently under installation at Edogawa Hospital in Japan.Īs of December 31, 2017, 15 MRIdian systems have been installed at 14 cancer centers, including six in the U.S. VRAY has collaborated with ITOCHU Corporation as their Japan-based representative for commercialization. On Mathe MRIdian linac system received Shonin approval, clearing it for marketing in Japan, one of the world’s largest medical device markets. This has pushed Fosun to be VRAY’s largest institutional shareholder. Fosun almost doubled (~10% to 18.4%) its ownership stake in ViewRay from this transaction. Subsequent to fiscal 2017, the company closed an equity financing with Fosun International Limited, raising gross proceeds of close to $60 million. VRAY exited 2017 with $57 million in cash. Excluding ~$17 million in expenses associated with changes in the fair value of warrant liability, net loss for the year was $55 million, or $(0.95) per share. General and Administrative expenses amounted to roughly $31 million. Selling and Marketing expenses totaled a little more than $8 million. The firm reported expenses related to R&D of ~$15 million. Operating expenses came in close to our estimates. Meanwhile, the increase in the installed base correspondingly boosted service revenue, which was up 1.5% in Q4 ($701k vs $691k) and 106% for the full year ($3.1M vs $1.5M). This was a 53% increase versus the prior year. In just the first year after receiving 510(k) FDA clearance (February 2017), VRAY was able to sell six MRIdian linac systems and record revenue of around $30 million for the year. (NASDAQ:VRAY) announced financial results for the fourth quarter and fiscal year 2017.
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