ViewRay®, Inc. (NASDAQ:VRAY), designs, manufactures, and markets the MRIdian® radiation therapy system to address the key limitations of existing external-beam radiation therapy technologies. MRIdian employs MRI-based technology to provide real-time imaging that clearly defines the targeted tumor from the surrounding soft tissue and other critical organs during radiation treatment. MRIdian allows physicians to record the level of radiation exposure that the tumor has received and adapt the prescription as needed. ViewRay believes this combination of enhanced visualization, on-line adapting and accurate dose recording will significantly improve the safety and efficacy of radiation therapy, leading to better outcomes for patients.
Oakwood Village, US
Size (employees)
106 (est)
ViewRay was founded in 2004 and is headquartered in Oakwood Village, US

Key People at ViewRay

Chris A. Raanes

Chris A. Raanes

President and CEO
Gopinath Kuduvalli

Gopinath Kuduvalli

Vice President of Engineering
Stephen J. Strunk

Stephen J. Strunk

Vice President of Manufacturing

ViewRay Office Locations

ViewRay has offices in Oakwood Village, Cleveland and Mountain View
Oakwood Village, US (HQ)
2 Thermo Fisher Way
Mountain View, US
815 E Middlefield Rd
Mountain View, US
800 West El Camino Real
Cleveland, US
2 Thermo Fisher Way

ViewRay Data and Metrics

ViewRay Financial Metrics

ViewRay's revenue was reported to be $22.2 m in FY, 2016 which is a 114% increase from the previous period.
Numbers are in $, USD

Revenue (FY, 2016)

22.2 m

Revenue growth (FY, 2015 - FY, 2016), %


Gross profit (FY, 2016)

(3.6 m)

Gross profit margin (FY, 2016), %


Net income (FY, 2016)

(50.6 m)

EBIT (FY, 2016)

(44.2 m)

Market capitalization (25-May-2017)

348.9 m

Closing share price (25-May-2017)


Cash (31-Dec-2016)

14.2 m


379 m
ViewRay's current market capitalization is $348.9 m.
Numbers are in $, USDFY, 2014FY, 2015FY, 2016


6.4 m10.4 m22.2 m

Revenue growth, %


Cost of goods sold

9.2 m14.5 m25.9 m

Gross profit

(2.8 m)(4.2 m)(3.6 m)

Gross profit Margin, %


R&D expense

9.4 m10.4 m11.4 m

General and administrative expense

14.7 m21.7 m23.5 m

Operating expense total

28.8 m37.3 m40.5 m


(31.6 m)(41.4 m)(44.2 m)

EBIT margin, %


Interest expense

2.2 m3.5 m6 m

Interest income

1 k2 k2 k

Pre tax profit

(33.8 m)(45 m)(50.6 m)

Income tax expense

1 k1 k

Net Income

(33.8 m)(45 m)(50.6 m)
Numbers are in $, USDFY, 2014FY, 2015FY, 2016


11.1 m20.7 m14.2 m

Accounts Receivable

904 k830 k4.2 m


8.2 m8.1 m8.1 m

Current Assets

28.4 m43.6 m35.9 m


2.9 m7.3 m11.6 m

Total Assets

34.1 m52.2 m48.8 m

Accounts Payable

6.9 m4.4 m5 m

Total Debt

14.6 m29 m44.3 m

Current Liabilities

29.8 m28.2 m37.2 m

Additional Paid-in Capital

1.4 m189.7 m203.6 m

Retained Earnings

(152 m)(197 m)(247.7 m)

Total Equity

(150.6 m)(7 m)(43.7 m)

Debt to Equity Ratio

-0.1 x-4.2 x-1 x

Debt to Assets Ratio

0.4 x0.6 x0.9 x

Financial Leverage

-0.2 x-7.5 x-1.1 x
Numbers are in $, USDFY, 2014FY, 2015FY, 2016

Net Income

(33.8 m)(45 m)(50.6 m)

Depreciation and Amortization

1 m1.3 m1.7 m

Accounts Receivable

74 k(3.4 m)


(703 k)(1.7 m)

Accounts Payable

(2.1 m)381 k

Cash From Operating Activities

(27.5 m)(39.8 m)(28.2 m)

Purchases of PP&E

(2 m)(4.2 m)(7 m)

Cash From Investing Activities

(2.6 m)(4.1 m)(7.2 m)

Cash From Financing Activities

14.7 m53.5 m28.9 m

Interest Paid

1.5 m2.3 m3.3 m
Numbers are in $, USDY, 2016


-8.6 x


-13.5 x


209.8 k


-1 x


0.9 x

Financial Leverage

-1.1 x

ViewRay Operating Metrics

FY, 2016

Patents (foreign)


Order Book

133.2 m

Patents (US)


Patents Pending


ViewRay Market Value History

ViewRay Revenue Breakdown

ViewRay Median Salaries

Source: 17 public H-1B filings from ViewRay

ViewRay Online and Social Media Presence

ViewRay Company Life and Culture

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