VRAY · Viewray, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Revenue | $102.21M | $70.12M | $57.02M | $87.78M | $22.24M | $34.04M |
| Cost of Revenue | $92.16M | $69.78M | $61.08M | $93.26M | $25.87M | $27.71M |
| Gross Profit | $10.04M | $335.0K | ($4.06M) | ($5.48M) | $6.60M | $6.33M |
| R&D | $32.43M | $31.85M | $25.01M | $23.79M | $16.52M | $14.71M |
| SG&A | $52.44M | $56.09M | $61.73M | $65.72M | $50.11M | $31.38M |
| Total Operating Expenses | $117.17M | $103.98M | $101.92M | $115.32M | $81.69M | $54.50M |
| D&A | $4.90M | $6.00M | $6.40M | $4.70M | $3.40M | $2.20M |
| Operating Income | ($107.13M) | ($103.65M) | ($105.98M) | ($120.80M) | ($75.09M) | ($48.16M) |
| Interest Expense | $5.06M | $4.24M | $3.31M | $4.33M | $7.70M | $7.25M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | ($107.33M) | ($110.05M) | ($107.91M) | ($120.20M) | ($76.40M) | ($72.18M) |
| EPS - Basic | ($0.59) | ($0.73) | - | - | - | - |
| EPS - Diluted | ($0.59) | ($0.73) | - | - | - | - |
Balance Sheet
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $135.96M | $218.35M | $156.72M | $226.78M | $167.43M | $57.39M |
| Accounts Receivable | $41.38M | $21.66M | $11.77M | $16.82M | $36.87M | $20.33M |
| Inventory | $31.30M | $29.62M | $46.64M | $55.03M | $49.46M | $19.38M |
| Accounts Payable | $28.30M | $9.20M | $9.98M | $13.74M | $10.21M | $11.01M |
| Current Assets | $228.35M | $283.55M | $224.43M | $311.86M | $277.68M | $122.69M |
| Total Assets | $271.40M | $321.81M | $261.55M | $350.02M | $294.97M | $135.71M |
| Current Liabilities | $96.58M | $76.24M | $56.91M | $59.07M | $53.89M | $56.19M |
| Long-term Debt | $73.34M | $54.03M | $56.94M | $53.99M | $55.36M | $44.50M |
| Total Liabilities | $189.16M | $152.01M | $131.29M | $133.84M | $127.66M | $133.72M |
| Stockholders' Equity | $82.24M | $169.79M | $130.27M | $216.17M | $167.31M | $1.99M |
| Retained Earnings | ($844.46M) | ($737.13M) | ($627.08M) | ($519.18M) | ($398.98M) | ($319.85M) |
Cash Flow
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($91.71M) | ($62.09M) | ($63.47M) | ($79.57M) | ($28.16M) | ($70.05M) |
| Investing Cash Flow | ($3.90M) | ($1.56M) | ($6.18M) | ($7.82M) | ($7.04M) | ($2.16M) |
| Financing Cash Flow | $18.29M | $125.28M | ($350.0K) | $146.21M | $28.93M | $115.41M |
| CapEx | $3.90M | $1.56M | $6.18M | $7.76M | $3.69M | $2.16M |
| Free Cash Flow | ($95.61M) | ($63.65M) | ($69.66M) | ($87.33M) | ($31.84M) | ($72.22M) |
Ratios
| Metric | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 9.8% | 0.5% | -7.1% | -6.2% | 29.7% | 18.6% |
| Operating margin | -104.8% | -147.8% | -185.9% | -137.6% | -337.7% | -141.5% |
| EBITDA margin | -100.0% | -139.3% | -174.6% | -132.3% | -322.4% | -135.0% |
| Net margin | -105.0% | -156.9% | -189.3% | -136.9% | -343.6% | -212.0% |
| Free cash flow margin | -93.5% | -90.8% | -122.2% | -99.5% | -143.2% | -212.1% |
| FCF / Net income | 0.89 | 0.58 | 0.65 | 0.73 | 0.42 | 1.00 |
| R&D / Revenue | 31.7% | 45.4% | 43.9% | 27.1% | 74.3% | 43.2% |
| SG&A / Revenue | 51.3% | 80.0% | 108.3% | 74.9% | 225.4% | 92.2% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -39.5% | -34.2% | -41.3% | -34.3% | -25.9% | -53.2% |
| Return on equity | -130.5% | -64.8% | -82.8% | -55.6% | -45.7% | -3632.4% |
| Return on invested capital | -54.4% | -36.6% | -44.7% | -35.3% | -26.6% | -81.8% |
| Liquidity | ||||||
| Current ratio | 2.36 | 3.72 | 3.94 | 5.28 | 5.15 | 2.18 |
| Quick ratio | 2.04 | 3.33 | 3.12 | 4.35 | 4.24 | 1.84 |
| Cash ratio | 1.41 | 2.86 | 2.75 | 3.84 | 3.11 | 1.02 |
| Leverage | ||||||
| Debt / Equity | 0.89 | 0.32 | 0.44 | 0.25 | 0.33 | 22.40 |
| Debt / Assets | 0.27 | 0.17 | 0.22 | 0.15 | 0.19 | 0.33 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -21.2x | -24.4x | -32.0x | -27.9x | -9.8x | -6.6x |
| Equity multiplier | 3.30 | 1.90 | 2.01 | 1.62 | 1.76 | 68.30 |
| Liabilities / Assets | 0.70 | 0.47 | 0.50 | 0.38 | 0.43 | 0.99 |
| Efficiency | ||||||
| Asset turnover | 0.38 | 0.22 | 0.22 | 0.25 | 0.08 | 0.25 |
| Inventory turnover | 2.94 | 2.36 | 1.31 | 1.69 | 0.52 | 1.43 |
| Days sales outstanding | 148d | 113d | 75d | 70d | 605d | 218d |
| Days inventory outstanding | 124d | 155d | 279d | 215d | 698d | 255d |
| Days payable outstanding | 112d | 48d | 60d | 54d | 144d | 145d |
| Cash conversion cycle | 160d | 220d | 294d | 232d | 1159d | 328d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 45.8% | 23.0% | -35.0% | 294.8% | -34.7% | 53.1% |
| Revenue CAGR (3y) | 5.2% | 46.6% | 18.8% | 58.0% | 28.9% | - |
| Revenue CAGR (5y) | 24.6% | 25.8% | 40.6% | - | - | - |
| Gross profit growth (YoY) | 2898.5% | - | 25.9% | - | 4.3% | - |
| Operating income growth (YoY) | -3.4% | 2.2% | 12.3% | -60.9% | -55.9% | -9.0% |
| Net income growth (YoY) | 2.5% | -2.0% | 10.2% | -57.3% | -5.8% | -42.5% |
| EPS growth (YoY) | 19.2% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -50.2% | 8.6% | 20.2% | -174.3% | 55.9% | -105.2% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -51.6% | 30.3% | -39.7% | 29.2% | 8320.2% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$70.12M totalProduct$51.87M · 74.0%
Service$17.78M · 25.4%
Distribution Service$475.0K · 0.7%
Geographic
$98.07M totalUS$42.17M · 43.0%
Non Us$27.95M · 28.5%
Rest Of World$14.04M · 14.3%
FR$7.87M · 8.0%
TW$4.87M · 5.0%
GB$1.17M · 1.2%
Stability scores
Altman Z′
FY 2022 · bankruptcy risk
-2.96
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2022 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electromedical & Electrotherapeutic Apparatus
Comparing ViewRay against the 5 most active filers in the same SIC group.