$VRAYQ
ViewRay Inc

2019 Q1 Form 10-Q Financial Statement

#000156459019015512 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $20.28M $26.19M
YoY Change -22.55% 2034.47%
Cost Of Revenue $25.65M $20.62M
YoY Change 24.38% 1878.89%
Gross Profit -$5.364M $5.570M
YoY Change -196.3% 2910.81%
Gross Profit Margin -26.44% 21.27%
Selling, General & Admin $19.99M $13.09M
YoY Change 52.72% 59.21%
% of Gross Profit 235.04%
Research & Development $5.031M $3.770M
YoY Change 33.45% 29.38%
% of Gross Profit 67.68%
Depreciation & Amortization $900.0K $700.0K
YoY Change 28.57% 51.52%
% of Gross Profit 12.57%
Operating Expenses $25.03M $16.86M
YoY Change 48.41% 51.41%
Operating Profit -$30.39M -$11.29M
YoY Change 169.12% 3.1%
Interest Expense $759.0K $1.866M
YoY Change -59.32% 7.43%
% of Operating Profit
Other Income/Expense, Net -$2.433M $8.342M
YoY Change -129.17% -154.62%
Pretax Income -$33.36M -$4.814M
YoY Change 593.0% -82.78%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$33.36M -$4.814M
YoY Change 593.0% -82.78%
Net Earnings / Revenue -164.47% -18.38%
Basic Earnings Per Share
Diluted Earnings Per Share -$344.8K -$69.77K
COMMON SHARES
Basic Shares Outstanding 96.67M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.8M $78.90M
YoY Change 84.79% 60.04%
Cash & Equivalents $147.2M $80.06M
Short-Term Investments
Other Short-Term Assets $13.40M $8.500M
YoY Change 57.65% -22.73%
Inventory $72.80M $40.40M
Prepaid Expenses
Receivables $27.40M $26.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $259.4M $154.0M
YoY Change 68.44% 96.93%
LONG-TERM ASSETS
Property, Plant & Equipment $27.30M $13.00M
YoY Change 110.0% 14.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.900M $1.600M
YoY Change 81.25% 5233.33%
Total Long-Term Assets $30.20M $14.60M
YoY Change 106.85% 15.62%
TOTAL ASSETS
Total Short-Term Assets $259.4M $154.0M
Total Long-Term Assets $30.20M $14.60M
Total Assets $289.6M $168.6M
YoY Change 71.77% 85.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.90M $13.40M
YoY Change 33.58% 140.96%
Accrued Expenses $17.10M $7.500M
YoY Change 128.0% 18.63%
Deferred Revenue $10.29M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.60M $40.60M
YoY Change 49.26% -6.83%
LONG-TERM LIABILITIES
Long-Term Debt $55.40M $44.60M
YoY Change 24.22% 0.52%
Other Long-Term Liabilities $303.0K $25.80M
YoY Change -98.83% 418.8%
Total Long-Term Liabilities $303.0K $70.40M
YoY Change -99.57% 42.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.60M $40.60M
Total Long-Term Liabilities $303.0K $70.40M
Total Liabilities $148.1M $111.0M
YoY Change 33.47% -5.82%
SHAREHOLDERS EQUITY
Retained Earnings -$432.3M
YoY Change
Common Stock $573.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.5M $57.66M
YoY Change
Total Liabilities & Shareholders Equity $289.6M $168.6M
YoY Change 71.78% 85.68%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$33.36M -$4.814M
YoY Change 593.0% -82.78%
Depreciation, Depletion And Amortization $900.0K $700.0K
YoY Change 28.57% 51.52%
Cash From Operating Activities -$23.65M -$37.45M
YoY Change -36.85% 213.16%
INVESTING ACTIVITIES
Capital Expenditures $1.249M $497.0K
YoY Change 151.31% 55.8%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.249M -$497.0K
YoY Change 151.31% 55.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.716M 59.48M
YoY Change -95.43% 25.51%
NET CHANGE
Cash From Operating Activities -23.65M -37.45M
Cash From Investing Activities -1.249M -497.0K
Cash From Financing Activities 2.716M 59.48M
Net Change In Cash -22.19M 21.53M
YoY Change -203.06% -38.67%
FREE CASH FLOW
Cash From Operating Activities -$23.65M -$37.45M
Capital Expenditures $1.249M $497.0K
Free Cash Flow -$24.90M -$37.95M
YoY Change -34.38% 209.07%

Facts In Submission

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OperatingLeasesFutureMinimumPaymentsDueThereafter
4532000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
16446000
CY2019Q1 us-gaap Purchase Obligation
PurchaseObligation
7300000
CY2019Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
400000
CY2018Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
400000
CY2019Q1 vray Long Term Trade Credit Maintenance Services Term
LongTermTradeCreditMaintenanceServicesTerm
P1Y
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7900000
CY2018Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
22200000
CY2019Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
900000
CY2019Q1 vray Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
21571
CY2019Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2818576
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1908626
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
3853280
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1872022
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
79293
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
651392
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3317785
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11603708
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
588120
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12808317
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4071182
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
12181953
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.64
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.28
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.90
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.49
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.95
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.32
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.89
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y10M24D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y10M24D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
16290000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
12759000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
16094000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.75
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1100000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1600000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
34100000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.617
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.026
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1736234
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
21149
CY2019Q1 vray Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unreleased
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnreleased
142656
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
2509133
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
9.65
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.69
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
6.33
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
9.14
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4552000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1190000
CY2019Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0
CY2018Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2100000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1600000
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2018 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13315376
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13457239
CY2019Q1 vray Percentage Of Royalty Expense Based On Net Sales
PercentageOfRoyaltyExpenseBasedOnNetSales
0.01

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