ViewRay Inc. (VRAY) stock starts to go down pre-market, reaching $5.51 with a decrease of 11.13% against its previous day close at $6.20. At the previous close, the stock saw a small increase of 0.16% at a volume of 826.25 thousand. The stock saw a day range of $6.03-$6.28 on November 15. In the past month, the stock lost 9.88%, while it has gained 62.30% year to date. Currently, VRAY trades at a market capitalization of $1.02 billion, with 164.74 million outstanding shares.
On November 16, VRAY announced a public offering of common stock along with its pricing. This announcement was followed by the fall of the stock in the pre-market session on November 17.
ViewRay Inc. (VRAY)
Founded in 2004, ViewRay Inc. (VRAY) designs, manufactures, and markets radiation therapy systems. The company offers MRIdian, which simultaneously image and treat cancer patients by combining MRI and external beam radiation therapy. It serves various platforms, including university research, teaching hospitals, private and government practices, and freestanding cancer centers.
VRAY is headquartered in Oakwood, Ohio.
VRAY’s Public Offering
As per the announcement, VRAY has commenced an underwritten public offering of 12,500,000 shares of common stock. The shares would be offered at a price of $5.60 per share to the public. Furthermore, the company also expects to grant a 30-day option for the purchase of 1,875,000 additional shares to the underwriters. This offering will result in gross proceeds of $70 million, before deducting discounts, commissions, and expenses. Moreover, all the shares to be sold in the public offering would be offered by the company itself.
In addition, the expected close date of the offering is on or about November 19, 2021, which is subject to customary closing conditions.
The company intends to use the net proceeds of the offering for general corporate purposes.
Q3 Financial Highlights
On November 4, ViewRay Inc. (VRAY) disclosed its financials for the quarter that ended September 30, 2021. According to the results, total revenue for Q3 2021 was $19.2 million, compared to that of $10.1 million for Q3 2020.
In addition, the net loss for the three months ended September 30, 2021, was $25.3 million, against $28.1 million for the same period last year. Accordingly, the net loss per share was $0.15 for Q3 2021, compared to $0.19 for Q3 2020.
Reiterated Financial Guidance
Based on the Q3 financials, VRAY reiterated its financial guidance for the year 2021. According to the reiteration, the company expects total revenue of 2021 between $63 and $73 million. The company also expects total cash usage of $58-$68 million for 2021.
