ViewRay Inc (NASDAQ:VRAY) shares are down over 25% Thursday morning following its 2023 guidance cut, reflecting delayed installation schedules and growing financial pressures impacting the schedule of deliveries. The company also evaluates strategic alternatives.
VRAY said revenue for Q1 of 2023 was approximately $23 million, compared to approximately $19 million, in Q1 FY22.
Net loss was $(29) million, compared to a $(26) million in the first quarter of 2022. Adjusted EBITDA was a loss of $(25) million versus $(21) million in the first quarter of 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 increased to approximately $411 million, compared to $331 million a year ago.
For FY23, ViewRay lowered its revenue guidance range to approximately 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 $(75) million-$(85) million, wider than $(70) million-$(80) million expected earlier.
Cash usage in the first quarter of 2023 was approximately $(57) million, primarily due to a working capital impact caused by delays in cash collections from international customers and outlays for inventory.
A cash balance of $86 million will provide a cash runway into Q1 of 2024.
The company has retained Goldman Sachs as a financial advisor to evaluate strategic alternatives.
Price Action: VRAY shares are down 25.3% at $2.24 during the premarket session on the last check Thursday.