- ViewRay Inc VRAY Shares are down over 25% Thursday morning after cutting 2023 guidance, reflecting delayed installation plans and mounting financial pressures affecting the schedule of deliveries. The company is also evaluating strategic alternatives.
- VRAY said sales for Q1 of 2023 were around 23 million US dollarscompared to approximately $19 million in the first quarter of fiscal 22.
- Net loss was $(29) million compared to $(26) million in the first quarter of 2022. Adjusted EBITDA was a loss of $(25) million compared to $(21) million in the first quarter 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 rose to about $411 million, compared to $331 million a year ago.
- For FY23, ViewRay lowered its revenue guidance to roughly 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 to $(85) million, higher than the previously expected $(70) million to $(80) million. Dollar.
- Cash burn for the first quarter of 2023 was approximately $(57) million primarily due to a working capital impact caused by delays in cash pickups from international customers and inventory expenditures.
- A cash balance of $86 million will provide a liquidity reserve for the first quarter of 2024.
- The company has engaged Goldman Sachs as financial advisor to evaluate strategic alternatives.
- Price promotion: VRAY shares are down 25.3% to $2.24 during the premarket session last check Thursday.
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