BTIG analyst Marie Thibault downgraded ViewRay to Neutral from Buy without a price target. The company announced preliminary Q1 results below expectations, cut its full-year guidance, discussed a high Q1 burn that means cash will only last into Q1 of 2024, and announced it is evaluating strategic alternatives, the analyst tells investors in a research note. The firm says more delayed MRIdian installations are the result of inflated construction costs for some customers and that the high customer investments are needed to adopt the technology have exacerbated this issue. BTIG is "shocked by the speed of this operating stumble" and is uncertain that ViewRay will be able to quickly find a suitable acquirer.
Published first on TheFly
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Read More on VRAY:
- ViewRay downgraded to Hold from Buy at Stifel
- ViewRay Falls on Preliminary Q1 Numbers; Outlook Disappoints
- ViewRay cuts FY23 revenue view to up 0%-15% from up 25%-40%, consensus $136.37M
- ViewRay retains financial advisor to evaluate strategic alternatives
- ViewRay reports preliminary Q1 revenue $23M, consensus $25.03M
