Image-guided radiation therapy vendor ViewRay reported a sharp decline in revenues for its fiscal year 2020 compared with the year before, but it was able to reverse the trend in the fourth quarter.
For the full year (end-December), ViewRay posted preliminary revenues of about $57 million, down from $88 million at the end of fiscal year 2019. ViewRay President and CEO Scott Drake attributed the decline to the COVID-19 pandemic's impact on the business.
For the fourth quarter, ViewRay reported preliminary revenues of $18 million, up from $17 million in the fourth quarter of 2019. The company said it also received five new orders for its MRIdian MRI-guided radiation therapy system in the quarter.
Despite the full-year results, Drake said the company closed the year with a solid final quarter. Drake was particularly encouraged by the commercial activity in the company's pipeline, including the five recent orders.
