ViewRay, Inc. (VRAY) saw its loss narrow to $11.01 million, or $0.25 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $14.11 million, or $0.37 a share.
Revenue during the quarter surged 249.63 percent to $16.12 million from $4.61 million in the previous year period. Gross margin for the quarter stood at negative 7.24 percent as compared to a negative 48.37 percent for the previous year period.
Operating loss for the quarter was $10.51 million, compared with an operating loss of $13 million in the previous year period.
"2016 was a transformative year for ViewRay, highlighted by the development of our MRIdian Linac System and expansion of our backlog and installed base," said Chris A. Raanes, president and chief executive officer of ViewRay. "Moving forward, we expect the recent FDA clearance of our MRIdian Linac System and the growing body of clinical evidence on the benefits of the MRIdian System to be significant catalysts for new orders and installations. On the operational side, we expect installations of our MRIdian Linac Systems to significantly improve our gross margins."
For financial year 2017, ViewRay, Inc. expects revenue to be in the range of $45 million to $50 million.
Working capital turns negative
Working capital of ViewRay, Inc. has turned negative to $1.30 million on Dec. 31, 2016 from positive $15.47 million on Dec. 31, 2015. Current ratio was at 0.97 as on Dec. 31, 2016, down from 1.55 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 20 days for the quarter from 33 days for the last year period. Days sales outstanding went up to 12 days for the quarter compared with 8 days for the same period last year.
Days inventory outstanding has decreased to 21 days for the quarter compared with 54 days for the previous year period. At the same time, days payable outstanding went down to 13 days for the quarter from 29 for the same period last year.
Debt increases substantially
ViewRay, Inc. has witnessed an increase in total debt over the last one year. It stood at $44.29 million as on Dec. 31, 2016, up 52.64 percent or $15.27 million from $29.02 million on Dec. 31, 2015. ViewRay, Inc. has witnessed an increase in long-term debt over the last one year. It stood at $44.29 million as on Dec. 31, 2016, up 52.64 percent or $15.27 million from $29.02 million on Dec. 31, 2015. Total debt was 90.83 percent of total assets as on Dec. 31, 2016, compared with 55.63 percent on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
