Buoyed by sales of its MRIdian linear accelerator, image-guided radiation therapy developer ViewRay reported higher revenue but also a growing net loss in its third quarter (end-September 30).
Total quarterly revenue increased 45% to $17.7 million, compared with $12.2 million in the third quarter of 2017. The company's net loss reached $32.9 million, compared with a net loss of $11.2 million in the same quarter a year ago. This year's third-quarter net loss included $5 million for severance expenses for certain terminated executives and $6.7 million related to a change in fair value of warrant liabilities.
ViewRay also reported that new orders for its MRIdian systems totaled $36.2 million in the third quarter, with a backlog valued at $200.9 million as of September 30.
For the nine-month period, ViewRay more than quadrupled its total revenue to $60.3 million, compared with $14.1 million in the same period of 2017. The company's net loss increased to $62.4 million, compared with a net loss of $47.5 million in the same nine months of 2017.
Looking ahead, ViewRay projected that total revenue for 2018 will be approximately $80 million.
