ViewRay was founded in 2004 and is headquartered in Oakwood Village, US

President and CEO

Vice President of Engineering

Vice President of Manufacturing

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's revenue was reported to be $1.2 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 1.2 m |

## Gross profit (Q1, 2017) | 185 k |

## Gross profit margin (Q1, 2017), % | 15% |

## Net income (Q1, 2017) | (28 m) |

## EBIT (Q1, 2017) | (11 m) |

## Market capitalization (21-Jul-2017) | 273.1 m |

## Cash (31-Mar-2017) | 49.3 m |

ViewRay's current market capitalization is $273.1 m.

- Source: SEC Filings

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Revenue | 6.4 m | 10.4 m | 22.2 m |

## Revenue growth, % | 62% | 114% | |

## Cost of goods sold | 9.2 m | 14.5 m | 25.9 m |

## Gross profit | (2.8 m) | (4.2 m) | (3.6 m) |

## Gross profit Margin, % | (43%) | (40%) | (16%) |

## R&D expense | 9.4 m | 10.4 m | 11.4 m |

## General and administrative expense | 14.7 m | 21.7 m | 23.5 m |

## Operating expense total | 28.8 m | 37.3 m | 40.5 m |

## EBIT | (31.6 m) | (41.4 m) | (44.2 m) |

## EBIT margin, % | (493%) | (399%) | (199%) |

## Interest expense | 2.2 m | 3.5 m | 6 m |

## Interest income | 1 k | 2 k | 2 k |

## Pre tax profit | (33.8 m) | (45 m) | (50.6 m) |

## Income tax expense | 1 k | 1 k | |

## Net Income | (33.8 m) | (45 m) | (50.6 m) |

USD | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|

## Revenue | 5.3 m | 5.5 m | 299 k | 357 k | 1.2 m | |

## Cost of goods sold | 6.1 m | 6.5 m | 863 k | 1.2 m | 1 m | |

## Gross profit | (775 k) | (1.1 m) | (564 k) | (826 k) | 185 k | |

## Gross profit Margin, % | (15%) | (20%) | (189%) | (231%) | 15% | |

## R&D expense | 2.9 m | 3.4 m | 3 m | 2.7 m | 2.9 m | |

## General and administrative expense | 1.6 k | 4.3 m | 6.3 m | 5.8 m | 5.8 m | 7.2 m |

## Operating expense total | 1.6 k | 7.2 m | 9.7 m | 8.8 m | 8.5 m | 10.1 m |

## EBIT | (9.1 m) | (12.1 m) | (10.7 m) | (10.9 m) | (11 m) | |

## EBIT margin, % | (171%) | (221%) | (3585%) | (3047%) | (893%) | |

## Interest expense | (1.1 m) | (1.1 m) | (1.4 m) | (1.7 m) | (1.7 m) | |

## Interest income | 1 k | 1 k | 1 k | 1 k | 1 k | |

## Pre tax profit | (10.3 m) | (13.4 m) | (12.1 m) | (14.1 m) | (28 m) | |

## Net Income | (1.6 k) | (10.3 m) | (14.1 m) | (28 m) |

- Source: SEC Filings

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Cash | 11.1 m | 20.7 m | 14.2 m |

## Accounts Receivable | 904 k | 830 k | 4.2 m |

## Inventories | 8.2 m | 8.1 m | 8.1 m |

## Current Assets | 28.4 m | 43.6 m | 35.9 m |

## PP&E | 2.9 m | 7.3 m | 11.6 m |

## Total Assets | 34.1 m | 52.2 m | 48.8 m |

## Accounts Payable | 6.9 m | 4.4 m | 5 m |

## Total Debt | 14.6 m | 29 m | 44.3 m |

## Current Liabilities | 29.8 m | 28.2 m | 37.2 m |

## Total Liabilities | 92.4 m | ||

## Additional Paid-in Capital | 1.4 m | 189.7 m | 203.6 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 x | 0.6 x | 0.9 x |

## Financial Leverage | -0.2 x | -7.5 x | -1.1 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|

## Cash | 32.1 m | 5.7 m | 9.4 m | 14.6 m | 49.3 m | |||

## Accounts Receivable | 1 k | 830 k | 1.7 m | 300 k | 3.3 m | |||

## Inventories | 2.5 k | 2.5 k | 2.5 k | 9.6 m | 11.9 m | 11.2 m | 10.4 m | 10.2 m |

## Current Assets | 52.3 m | 26.5 m | 34.5 m | 42.6 m | 78.2 m | |||

## PP&E | 5.3 m | 11.4 m | 12.2 m | 11.9 m | 11.4 m | |||

## Total Assets | 58.4 m | 39.1 m | 47.9 m | 55.8 m | 90.8 m | |||

## Accounts Payable | 1.6 m | 6.7 m | 6 m | 1.7 m | 5.6 m | |||

## Current Liabilities | 23.3 m | 27 m | 31.7 m | 33.6 m | 43.6 m | |||

## Additional Paid-in Capital | 189.1 m | 190.3 m | 191.1 m | 202.7 m | 248.1 m | |||

## Retained Earnings | (182.9 m) | (210.4 m) | (222.5 m) | (236.7 m) | (275.6 m) | |||

## Total Equity | 6.5 m | |||||||

## Financial Leverage | 9 x |

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Net Income | (33.8 m) | (45 m) | (50.6 m) |

## Depreciation and Amortization | 1 m | 1.3 m | 1.7 m |

## Accounts Receivable | 74 k | (3.4 m) | |

## Inventories | (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) |

## Long-term Borrowings | (15 m) | ||

## Cash From Financing Activities | 14.7 m | 53.5 m | 28.9 m |

## Interest Paid | 1.5 m | 2.3 m | 3.3 m |

## Income Taxes Paid | 1 k |

USD | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|

## Net Income | (1.6 k) | (10.3 m) | (14.1 m) | (28 m) | ||

## Accounts Receivable | 1 k | 830 k | 1.7 m | 300 k | 3.3 m | |

## Inventories | 2.5 k | 9.6 m | 11.9 m | 11.2 m | 10.4 m | 10.2 m |

## Accounts Payable | 80 | 1.6 m | 6.7 m | 6 m | 1.7 m | 5.6 m |

ViewRay's Backlog was reported to be 133.2 m in FY, 2016

- Source: SEC Filings

Source: 17 public H-1B filings from ViewRay