ViewRay, Inc. (VRAY) saw its loss widen to $14.15 million, or $0.35 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.26 million, or $0.35 a share.
Revenue during the quarter plunged 93.28 percent to $0.36 million from $5.32 million in the previous year period.
Operating loss for the quarter was $10.88 million, compared with an operating loss of $9.08 million in the previous year period.
"We made significant progress in bringing our game-changing MRIdian linac technology to the market during the third quarter, filing the FDA 510(k) submission and receiving the CE Mark in September. We are now actively selling the MRIdian Linac System in Europe and have been encouraged by the strong interest there," said Chris A. Raanes, president and chief executive officer of ViewRay. "We secured four new orders in the quarter, two of which were from existing customers ordering a second system, giving us nine new orders in the first nine months of 2016. We recognized revenue on one system in the first quarter and we anticipate that we will recognize revenue on two systems in the fourth quarter of 2016."
Working capital drops significantly
ViewRay, Inc. has witnessed a decline in the working capital over the last year. It stood at $9.04 million as at Sep. 30, 2016, down 68.84 percent or $19.98 million from $29.03 million on Sep. 30, 2015. Current ratio was at 1.27 as on Sep. 30, 2016, down from 2.25 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 378 days for the quarter from 61 days for the last year period.
Days inventory outstanding has increased to 404 days for the quarter compared with 73 days for the previous year period. At the same time, days payable outstanding went up to 65 days for the quarter from 12 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 $44.21 million as on Sep. 30, 2016, up 60.52 percent or $16.67 million from $27.54 million on Sep. 30, 2015. ViewRay, Inc. has witnessed an increase in long-term debt over the last one year. It stood at $44.21 million as on Sep. 30, 2016, up 60.52 percent or $16.67 million from $27.54 million on Sep. 30, 2015. Total debt was 79.19 percent of total assets as on Sep. 30, 2016, compared with 47.18 percent on Sep. 30, 2015.
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