ViewRay reports preliminary Q1 revenue $23M, consensus $25.03M

Adjusted EBITDA was a loss of approximately $25M. The company received 13 new orders for MRIdian systems. Total backlog increased to approximately $411M as of March 31. "Coming off a strong growth year in 2022, our innovation, clinical and commercial pipelines remain strong. The demand for MRIdian continues to be encouraging. However, the first quarter was hindered by global macroeconomic headwinds. The timing of new installations and the corresponding payment schedules have increased the need to extend our working capital balances," said Scott Drake, president and CEO of ViewRay. "Looking to the balance of 2023 and into 2024, while we expect a delay in delivery schedules, our backlog and, ultimately, installations remain strong. We are further heightening our operational focus and intend to act quickly with preliminary expense-saving initiatives as we evaluate additional options to further reduce operating cost and cash utilization. Our priority remains to ensure we pursue the path that is in the best interests of our shareholders and that the clinical benefits of MRIdian’s transformative technology are fully accessible to physicians, hospitals, and patients globally."