Image-guided radiation therapy developer ViewRay reported a drop in first-quarter revenue (end-March 31) compared with the same quarter last year.
Total revenue for the first quarter was $1.2 million, compared with $5.5 million for the same period last year, the firm reported. ViewRay's net loss was $28 million, compared with $13.4 million for the same period last year; the net loss for the most recent quarter includes $15.3 million from changes in the fair value of warrant liability, according to the firm.
In positive news, ViewRay received new orders for its MRIdian linear accelerator totaling $12.3 million, compared with orders totaling $11.2 million in the first quarter of 2016. The firm also received orders totaling $5.8 million to upgrade installed MRIdian cobalt systems to linac systems. Total backlog grew to $144.9 million as of March 31, up from $89.6 million as of March 31, 2016.
Moving forward, ViewRay anticipates 2017 total revenue to be in the range of $45 million to $50 million, primarily from seven to eight MRIdian linac systems. The revenue for these systems will most likely be recorded in the second half of 2017.
