VRAY - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2019 ViewRay Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions]

to conference like speaker to now Ms. would hand over the your I of Relations. Gallina, Investor Michaella Head Please ma’am. go ahead,

Michaella Gallina

Thank you, Sherry. ViewRay’s third Good afternoon, everyone XXXX results and financial conference call. quarter welcome to

and and is Investor Drake, ViewRay today broadcast a Relations a announcing at results. portion days. XXXX release third www.viewray.com. of press website investor Officer. This available The me Joining live release issued our being President is over Earlier Chief website Scott also today, our the the quarter our will financial its Executive of on relations call is site, replay the on be via Internet call available XX for the

to to XX-Q ended Risk numerous Laws. and actual September And Before material within factors forward-looking projected including comments listeners uncertainties filed year of any statements our that management These risks forward-looking XX, and Commission meaning and XXXX. Form differ may could we in would due subsequent the made the with XX, Federal of including statements any ended include for begin, statements ViewRay’s for XX-K the and like XXXX. Exchange involve reports Securities caution those from during I results by this call XX, the June section Factors Securities quarters the December those discussed in Form

to date only of Furthermore, of obligation contains otherwise today or of as accurate circumstances XX, any conference after November events the ViewRay statements information this or the this no revise content time-sensitive to update XXXX. undertakes call call. reflect

turn to now over call the will I Scott.

Scott Drake

treated MRIdian, the Today, we to answering And thanks update discuss everyone. QX forward making joining and questions. look will on the progress we Michaella. review across we’re call. an and Good organization, our then our you, afternoon, your Thank results begin with with financials patients for

our customers past leading dozens notice. increasingly are is customers and I’ve we clinical the understood provide that the with opportunity engage of the to globe. capabilities Over had quarter, across It taking

patients, and market personalized clearly are physicians, providers, seeking. We Our direction our provide with in noninvasive, line payers is trends. constituents, medicine that

systems around Broad compelling globally. grade critical outcomes over now of treated toxicity to therapy to grow. patients MRIdian clinical XX zero Our have driving three is and the or evidence continues our utilization world higher of with X,XXX adoption

we’re to As MRIdian we in the speak, new Kingdom. bringing a geography patients United

will site we high Our for deliver preparations and and our are first the UK Customers term system well SBRT gated system. be in are are beam near underway up to second and looking positioned. exceptionally running safely dose

similarities like can our While strike see, the one and tries to the offering, draw no to shape tumor competition MRIdian.

Our recent Texas. premier programs MRIdian referred example radiation treatment. institution for in differentiation. demonstrates in a the patient one His receiving A been of in the academic capabilities at grounded Miami to our oncologist our of had patient treatment

been institution in In list. capacity in another of centers. patients fact, sites. have waiting MRIdian at demand interest our treatment catchment several are notice at major increasing area. Patients referred midwestern to There one this a also this driving MRIdian four-week is is This leading taking

fractions adaptive XX the in of first multiple They and day conducted treatments than a have northeast customer impressively, Also, on beyond. conducted merits MRIdian in educating activated They’re more adaptive the on newly one. patients month. their

our full for prepare belt, work share path to have we As our now four under we foundational done quarters have let the me ahead.

care. and newness in functions this dedicated to important vault we’re pipelines. service, our paradigm ago team innovation our would areas to new Several pursuing our our readiness, studies highlight drive year in exist of across clinical these the is increased recognize didn’t clinical training or team enhanced. functional as up either We all such progress field have I significantly initiatives been and Concurrently, a have team. customer investment we our of clinical in of have the It commercial, built areas.

We are this therapy. early the next making of commercializing in progress company generation we’re stages while the across

heard our desire and to They times listened have customers simplified We clearly. for and dose high workflow faster adaptive SBRT. treatment

directly are efforts responsive. Our

and software faster MLC new launching are year. next early a We

reducing XXXX; additions standalone. on we’ll in timeframe, times with therapy. continue parody treatment We These another to critical SBRT beam anticipate high and standard that XX-minute this will path adaptive dose significantly will put our gated capability believe advances We a set will later upgrade from us sub on treatments. auto yet launch enhanced treatment of

in three on units. million the Moving $XX.X upgrades. driven primarily including Revenue We three revenue quarter was eight in QX to results. by took QX orders

$XXX to our the During approximately grew quarter, million. backlog

we capable the that projects have ability and As last to PO call, quarter’s mentioned patient on drive a highly for stages in below permitting months. advanced of we to planning, are first have built down XX treated our operations team customer

We this have successfully multiple in achieved instances.

as long-term customer extend We can process instances, our pace which have delays also is this experienced we we’re is for this when at relationships. believe In as advanced, right customer’s preparation not moving simply significantly. these

We that want set have also are the they well. may elongated capability build variability to out here new and latest we our cancer timeframes although the orders centers, The of received customers building see as we punchline, we multiple nature view technology, have from business. this as the now

Turning to cash.

as in approximately was was $XX quarter. Our cash million anticipated. the utilization This

The the investors is create right believe optionality. we company, capitalization path of and line are of the listened we to on have worked investors. carefully interest best hard we in to Regarding the with

to not directly the also further yet guarantee As details a will company. that we of long-term reiterate we with investors are in as place, the goals are the that not cannot in and on I share will we working line outcome. is agreements responsive definitive solution

our over turn now will Michaella the QX to financials. I to discuss call

Michaella Gallina

you, Scott. Thank

period XXXX, same total last the Total million was fiscal same revenue units $XX.X period units revenue last revenue revenue quarter in primarily million compared September of year. compared three year. million XX, the three and ended million For from was $XX.X $XX.X cost to as the to in $XX.X

year. were $XX.X $X.X expenses Total the period $X.X million gross profit compared last to compared operating same period as the million million for to was same $XX.X Total year. million last over

or per compared the to $XX.X share $XX.X Finally, last the share year. or period loss million net million $X.XX same for quarter per $X.XX for was

orders to as received of to in last period In new including the million $XX eight upgrades, now XXXX, approximately orders $XX the and third totally totally in we same Turning orders three compared for backlog. quarter million approximately year.

was stood of in September of backlog the as XXXX, As the from One our $XXX backlog third removed XX, million quarter. compared to XX, million approximately approximately at system September XXXX. $XXX

$XX total approximately of As previously approximately with million shared, of and we $XX cash We cash equivalents the quarter use ended cash. million.

guidance for Lastly, we are our reaffirming XXXX.

range full $XX million total expect million to to range to cash be $XX used million in the the of to $XX $XX million be revenue the year. of continue for to and We in

that, with open will the And for line we questions. now

Operator

[Operator you. Our question Thank will Guggenheim. first come Instructions] Chris from Pasquale with

Chris Pasquale

of in Scott, And the are year? on to when you XX-minute have be just quickly do then you on Thanks. One, of couple next prepared position you a the points just working in share that you front, financing might expect some made you on? that up follow to guys treatment did you a remarks. to I hear your at a things late times by wanted be sense I for correctly that

Scott Drake

Chris. Thanks,

don’t hard make I want – any declarations. to think I

very think we’re reduction in making I the treatment progress, steady times.

training practices. of Others we’re spreading more Some best practices our are based best are those of that based. of via and those things customers identification innovation

or cases I progress I dependent its think I as for to a as XXXX. anticipate cancer we longer throughout would some little such make cases, would site continue little a cases example. will well. take very bit steady tricky prostate bit would breast pancreas say some dependent and than type

a I it’s So to progress. I comment, difficult think we patent continue do to will but steady very make make believe

paper. to able more you in financing given remarks. and can’t We just the to prepared say to liked share long-term of on relates ink path terms Chris, definitive it’s I’d of than responsive we’re we really I my And really investors. to the I more it’s good But needs on. are company. that with have We be think not until what can’t as think anything in completed. any in love it say very the agreements said We hand specificity the

Chris Pasquale

just at trends the over to activity their maybe then of bit of started And get more last for a on one pace curious changed have the enough. around since the customers little as a or whether couple thoughts Fair arms ASTRO has all your Okay. Thanks. the last me, here. just APM, months

Scott Drake

kind than for by of conquer. would in several ASTRO, We last Chris. pace as of would Yes. have ASTRO we in year have executives meetings. factor. many Thank as Thanks and demonstrably had year over the a I at divide what say had and liked. not nearly a activity was your little rooms just different questions. recall to this meetings higher and you, ago some I I This year we onslaught would of executives

higher. will higher it anticipate pipeline forward. The calling is I the reports. on number was that also So we’re customers that And in is clearly our activity before. And measure than that continue level that we of going

say heels say way last I to very only the that to are that quarter. on of activity And the So responding our would thing it it quickly want say I that like The would here. said Chris, increasing. are levels I that, customers our I propositions. I value

say we’re said “high easy that with again going into think here it small of “low paradigm much And of these numbers to we’re until in QX, I more quarter.” or drive shifting have to variability to this we’re it’s quarter” order technology think make to a a I a period market. time want deeply too I I in QX, dealing order a just the really for when able

Operator

you. Thank

Oppenheimer. question with Kalia comes from next Suraj Our

Suraj Kalia

me, Good all afternoon, everyone. Can hear right? you

Scott Drake

We afternoon. can Good Suraj.

Suraj Kalia

So on quarter. Scott, the congrats

to for too talking works? off is question of Would and strategic I’d some you’re say far sort in agreements, there the that it follow be Let is on assumption? up arrangement me safe when about in definitive Chris’ the

Scott Drake

your I we can’t thrust can’t are Suraj. But forward to go more to more Like specificity. the very investors agreement. there, comment this much I just I more in sharing curious time. deeply give could said, it question. appreciate wish just look into point I definitive know we I when get and of at about I it I

Suraj Kalia

that anticipate before get you out year Do it the a could of QX? possibility or stretched into there the end is

Scott Drake

I’d said, specificity. give I you Like Yes. to more love

line in can’t with investors in also any company. desires time. we think share we’re to I at with their the and I heard is interest best this obviously of I what line the just from more doing long-term what responsive and have

Suraj Kalia

you question, The Cobalt treated you Linac us the treated patients One can how queue. Scott, the I’ll versus pie on the enough. in Scott, more hop on so Fair chart looks far, give Thank on back is and breast? X,XXX questions. patients what’s great? least, is Any possible at specific for treated, or there my majority, if being these taking it the patients prostate, what would and color indications have it be

Scott Drake

to Happy Suraj. Yes.

been some majority have on Let me pie find the And for the reflective do that to of color with a is varies we’re this. on which I you Linac interesting happy from cancer we been totally of if of there. and Cobalt. interesting patients there. a couple to The significantly chart have provide customer treated edge, don’t don’t terms scratch And what you of of breakdown the the versus pretty the things. exact an think another, very it I in treated, types one have I followup

have cancer, pancreas. in another that would of breast account their be have prostate treated still customers patients a We and preponderance another

coming hand, of extensively hand. cancer that more And practices with has. that’s doing are week breadth relates and capabilities that one tells utility a one system as full think some day on you’re capability treatment the utilizing is we of it set seeing and I it and work can deeply forms spreading period evidence And for some the and job treatment, the me that best even that online, customers us have first MRIdian. what more the of of So of then other do to now system customers adaptive of multiple on the better their of our the treating been time

continue we’ll current pleased accounts with doing new we’re the both And at ones that I’m and work expand So think system on utilization to I the of as the well. that the front.

Suraj Kalia

you. Thank

Scott Drake

Thank Suraj. you,

Operator

Thank you.

question next comes from O’Brien Our with Jaffray. Matthew Piper

Matthew O’Brien

talk deferrals as as just perspective some both of Afternoon. internationally there other Thanks was a you system distributor and in in going on the lot little for can QX bit, things taking my questions. from and here far Scott, the then dynamics U.S. a

to assuming dynamics either revenue those at that to what a you So have range. bit, really of of feel stick into modest the with any pretty system little in all up comfortable convert going a is you’re sales. you’re loosened those I’m number still QX, midpoint And getting the

comfort the you So less the is end there anything end that that lower range? or of high or in gives more

Scott Drake

for Matt. Thanks the Yes, question.

we what timeframes. distributor deals MRIdian convicted those QX, with they line we in three that two be longer originally customers the had elongated all in time and Just than dynamics in of said of will a customers remained just the that We hoped for. period

don’t there’s any front. on So think I that change

And relatively relates that’s revenue as pretty it baked to far advance. in well

anticipate demonstrably I have I it anything been wouldn’t guiding here. so leave to than we And what would at different that. And

Matthew O’Brien

Okay.

years. And coverage, of we system installs new everything of you’ve years; organization mid-teens is the team so the the business at for terms sounds I the force set as look installation about it last today, of think well couple of else. kind wise, in like sales the done couple last

get into but team is the do XXXX in too of what seen something, into as we of set years. to installs higher in you meaningfully into into to up we as do the So as guidance XXXX head wanted the couple XXXX that and versus here, now get last much we activity, think terms head we’ve

Scott Drake

XXXX built the But Yes, we’re with would to Matt, set. I I have this you at not we share capability would that point. guide going the –

timeline. bit our the new can’t punch And or or out And at the moving aggressive, customers but capability capability more pace systems I across is and doing being more really think specifically where the calling they an standpoint. us that I to phase, And ready customers in our those permitting we more we to mentioned, proposition What we’re customers’ moving really are built effectively. slower pace. and value the as position we’re install quickly to center then installation are we’re very and on at line getting are a we more on really either there’s planning, do organization, have the a be we with propositions out, our customers’ and influence the built, value that our from build is for where delivering brand trying word the cancer more appropriately our out as as set so.

I mentioned XX that patient with and to treated comfortable months first of occasions inside now that done built And there. we’re we’ve the PO as we’ve multiple capability on

Matthew O’Brien

you. thank Helpful,

Scott Drake

you. Thank

Operator

Thank you.

Our next comes question from Jefferies. Anthony with Petrone

Anthony Petrone

data the to Scott start on I’m thanks. out clinical just for noise I Great, apologize just Maybe one the front, background traveling.

the data the clinical still prostate I you data so? smart two Just several Do received follow-up. steps study? on prostate to have should next what next a far, with data And pancreatic And the was or expect cancer front, the in so we how quarters Thanks. the then study. toxicity then a expect months for

Scott Drake

of Anthony. kind great that’s Shar the I’ll for high in. Thanks and level start Yes, question. to chime ask

last the interact mentioned, dozens opportunity to in I of here dozens had continents As I’ve the literally the with across customers and quarter. multiple globe

higher actually toxicity toxicity was much I three or than was resonating investigators there grade think anticipated. grade The the and the that prostate lower data fact very is zero well. two

is well. noteworthy as I think that

want that all what you do on front? on comment at seen Shar you’ve to

Shar Matin

Yes, I’d at data team look of we’re still with so you and customers. in the say using stages, our that our data, deploying that if early

interesting I the think track. and up is we’ve analysis our what’s built done top

about fractionation, HYPRO from fractions on with that’s when for and If customers. you CHHiP higher MRIdian, track XX%, prepared XX the and toxicity fractions. hypofractionation team of our you you drops go and studies, to over perspective creating XX go XX%. When to five conventional look top the we’re increases the And or GI grade getting actually actually it using at two fractions

early that’s as days I’d related. far say it’s as So

include critically only fractions. understand fudicials and spacers to the it, also system tracking five the our the for to elements on-table it’s – is And key is of that MR or didn’t that of think is it’s way gating. do and I and really therapy MR important what’s real-time real-time guidance but adaptive

getting were the some not other where studies clinical of all combination prostate these on-table and those outcomes, risk high for prostate all to across a for or patients. these combination moderate adaptive. just earlier these MR were that patients drive of stage it’s really So in message more And

data So team early means in our patient that. It’s about again, outcomes. of excited speak the what say the and clinically. and this arming for getting them we’re I’d days to But

Scott Drake

would for I I you Anthony, looking out were more Green share, think, follow-on follow-up and was on kind study. a of peripheral color publication Interesting, lung came there that data. Journal

lung that capabilities to to with kinds very we’re continue this important XX% kinds are or aggregate of PTV in excited do think the And things. and peripheral are to of compendium data. of set conventional These Linux of drive bring able critically Shar I that XX% than capabilities be we mentioned study. these the MRIdian that

to relates the it study, As enrolling very nicely. SMART it’s

sites bringing We more more study. the into are new and

relatively not to pause We of might that anticipated new have agreement. One have have we here, the thing we are we to do. that’s going to study do originally that the

is going continue to on get data to that enrollment with to out. terms able front pace good being which in overall able and study we’re that the the of of news be So

hopefully that your Anthony, Happy any So answers follow-up. questions. entertain to

Anthony Petrone

is competitive helpful. update yes for of would follow-ups Well, adaptability more a be with just about an very time the talking and obviously better on there their And variants the out landscape, new now solutions. Elekta some just

there? update any just So

then quick that is or to financing lastly, Thanks the just financing? specific And that customer on is a financing, ViewRay one clear, just be again.

Scott Drake

able actually in talking would it to time, beam, in that there being the set, out competitive I because an to helpful organs that, financing order. was what to in automatically think, gate soft track going are stands out the the I reverse as healthy tissues about to ablative that pretty as company. is the about. The Let what’s tissue, tumor dynamics, on stark referring dose, hitting capitalization others to you were the there preserving take the risk relates tell tumors in able being while of concurrently full with we’re to at and them capability we real me market And contrast us in talking competitively

And I frankly more at with about market, better, getting talk others and all capabilities, stark to and bring I diminish don’t contrast I the more articulate what’s the think story. what but that our we’re is telling the happening think at competitively, we

Anthony Petrone

Thanks. helpful. Very

Scott Drake

you. Thank

Operator

Thank you.

Mizuho Securities. Difei next with Our question from comes Yang

Difei Yang

my Hi, good taking question. thanks for afternoon. And

So Scott, three you us side grade perspective, things put zero if you effects. could help into mentioned think, I to

typically, so SPRT treatment what expecting typical the there? a And we be for regardless type, cancer should

And then, you I can talked additional time with or improvement bring down the – think, earlier also discussion treatment the down in you the minutes you to XX about less. can

so currently back time the is Thanks. And finally any the current range? orders. what is bring – of range – plans to down treatment Then what

Shar Matin

you’re Thank Yes, welcome. your questions. you for

the Let of and you. them. me here mark attempt answer hit hopefully to for three all I’ll Difei

the Regarding apples like something it context SPRT to with overall time. the XX% is the others. and an To And your yet XXX% there, give give XX% SPRT our of treating for the comparison the system you of time. even market first difficult U.S., with question, of SPRT in limitation of the dose example, treats apples for very because our to are high customers capabilities of

clinical limitations. just what that’s utilized because of at frankly we and are we why terms very driving systems can what their do are different how exactly to pipeline prove of competitive so in how prove others capabilities And system our is utilized of So cannot. because to the and its it’s steadfast

on an difficult for give it’s to front. you very apples So that apples

the to take relates there. is let generally that or SPRT timeframe context timeframe timeframes, the for. marketplace we’re to current in me that shooting The you treatment do little XX give minutes, it As give

high bring different what an SPRT that We perspective. beam-gated is SPRT than delivered equation which from to dose, generally speaking is

is which into our be generally oranges it’s considered some many though or So get can many in we SPRT treatments conventionally one And or than us. five, fraction more for kind that treatments instances apples with there we’ll believe of an even than able be fewer timeframe. fewer, just what to

me your question remind you of third Difei. Could

Difei Yang

to Yes one bring backorders. final down the plans on is the

Shar Matin

we Yes shared when very that’s our it’s really planning move And we my so backlog in good not bring when the I pace, to with down can a the at what prepared at very, remarks are just goes case, in and line customers’ moving pace. permitting swiftly.

clear quickly So relationships. they’re we move do believe we our capability customers with so friction that. that for And falsely we’re will trying don’t have to are timeframe built set prepared is beneficial when to drive the make trying it and it when for our them, to we having long-term to very not,

pace be really clear to relatively we’re trying hand, on our we’re do that think we’re that’s other on with one appropriate. equipped So at customers’ moving the and well hand we quickly to where

Difei Yang

for question. thanks Okay, taking my

back something order, so installation Just longer to understanding? no Is clarify on bottleneck. the a like capability the right that is

Shar Matin

is understanding. correct That the

Difei Yang

Thank you.

Operator

Thank you.

comes Our from next Jason with Bednar question Baird.

Jason Bednar

the Thanks. conversations your here update first tonight Good ask just [Indiscernible] I on don’t in afternoon. around an heard orders, we think unit this multi effort.

XQ the the Just Health Penn State had win. obviously

of how your if you or the state would maybe here characterize just you conversations months three sitting six were these efforts ago? today versus around So

Scott Drake

the Jason, I thanks quarter, would same commentary would Yes that question. shared say last again. I the share I for

we’ve on and ever We’re more we they’re than had than have opportunities ever out multi-system there customers calling deals previously. before, more

those We’re fronts. on cautiously optimistic

kind fact perhaps than of matured they’ve multi-system we those of a bit think the of in I more since So terms opportunities same little spoke. the last that other

Jason Bednar

upgrades Okay, discussed. Scott. the And hardware that’s helpful and on then you questions a software just few maybe

ago can And for guess couple need rollouts a the in plant to charge tied of all types partnering with did of these And sub-XX-minute can I licensing? this next the efforts we’ll own with But to quantify treatment step you these upgrades? months year. of change then sure you times do at the do if you to So not you to think any internal see or your more small with the target is you do get the VUmc. you licensing or plan

Scott Drake

to the there we I there’s is I team share think, those one times treatment that, lot that beyond going that I so to line stop Jason The sub-XX-minute a think have unpack. both types, consistently but harder And with others. and as XX to is our get there It’s first in practices, going certain of it be driven. cancer mentioned, I best clear is to there. in below pathway sight We certain to that’s think best innovation is innovation-driven amount not goal can of we get of a that’s a practices easier Yes, and some think on. I a amount minutes. would actually it

balance So both. of it’s a

And fully today, high time, those – think that that ones work may optimize reasonable innovation practices, come be the in probably a to there, our think, things done those have utilizing terms across some coming on-table doing to is because customers will we more externally going of but from are that this come the that and But the of those is treatment customers instances gain are gain there things very help more we at going in to that lot system already. they’ve of effectively Board, adaptive innovation percentage other to clearly shared about haven’t point. very I even it’s of best

Jason Bednar

just not yet? to you’re rolling disclosed the you for year out charge And quick, you that or plan in real do next Okay. have upgrades them

Scott Drake

things commitments been have that on but customers. instances upgrades, plan have them. We There to do some where been these some for our to plan value to of previously for those we charge made have charge absolutely

Jason Bednar

Great. Thanks much. so

Scott Drake

you. Thank

Operator

Thank you.

from next B. Andrew Our Riley with FBR. D’Silve comes question

Andrew D’Silve

questions. taking thanks my afternoon, good Hey, for

items know systems fell And calls. had to some off amortization? systems And and you asked give for for of I jumping you of the that could if stock was us free far last reason just it you based or something flow let then any then me could a different? flow you these, But was same as cash quarter? one between of depreciation what cash your comp, also the why was few Sorry as year

Michaella Gallina

was operations the on it Scott was Hey and comp let backlog. quarter use then and depreciation me financials and cash $XX to Stock-based Andy, the for million. memorization your in over $X.X I’ll handle million, $X.X from questions the million, was hand

Scott Drake

And on Andy, and that the the assessment both backlog. the is system criteria there backlog, out for came time-based of regarding our our activity-based

just So we we that account. the them with activity our don’t and the what that’s when will or in hope of is particular that’s let Meridian still if take level happened clear, customer, this But we like instance. happening the out our backlog. To timeframe not And of have them criteria. to we’re on a just order from an make satisfied be customer either

And out came they so this time.

Andrew D’Silve

strategic investor. Previously that Okay, great. Fosun China. focused as from direction Board, big you weren’t a then far goes the Xie Kevin joined you he’s obviously noted And really as on process Any sort next where variant there? what that you of question last are thought and the related a And just are well in change is my of to litigation, the steps?

Scott Drake

Yes, let me flip the order.

well-informed Kevin investment a in a had Board Board we’re Board. company it believe thrilled the any our along Board valid and highly joining Kevin add to that them. on made the that with they very the claims. is take relates to right Regarding suit seat. to to we’re they’ve we’ve our as to And member. And not him have do we constructive the thrilled infringed They, IP large

Andrew D’Silve

change Okay. year. of No this direction with China as

Scott Drake

you’re got I growing back the from China. in fastest is Linac world. as market Nothing largest just aware. It their capacity about market in to world. Linac They’re the announce. It’s tripling second the the

that So have we make keenly sure. announcements no to interested market. are in I But

Andrew D’Silve

Okay, great. Thank the out Good closing you. year. luck

Scott Drake

Andy. Thanks

Operator

Stanley. ext Thank Morgan from with comes our you. And David Lewis question

Mason Austen

and Thanks there? should on would my was more any consider loosed Scott, any earlier color but year, you for Mason for potential about alternative is thinking customer this taking you a bit be financings David the it little wondering today. in this question. could Hi, on if timelines provide we you

Scott Drake

Mason. thanks Yes,

new that. to the There today that things here us, customers don’t anything of So still as financing kind I forms about. I would those think that that’s talking various don’t you we’re share anything to I on newer industry. that are stage with to with what our there’s are to we’re things some pilot qualify of in note but offer. have And others

Mason Austen

on Great. follow-up, updates And new then CFO you provide just as could search? any quick a the

Scott Drake

really retain I that share. making to with the and candidates. of we’ve nothing But what got got a we’re team patient that’s there underway, doing. can We’ve be steady would a have, fortunately a in we we very search just say. pipeline Yes progress, And choice

Mason Austen

very Thanks much. Great.

Scott Drake

you, Mason Thank

Operator

call no remarks. now in further would any for like questions queue the to I’m at Speakers, over to I closing management the time. this showing turn back

Scott Drake

thank all Well, look moving us, you updates everyone much have so joining further to you today. Hope We forward. a evening. for forward great

Operator

for conference participation, you call. this disconnect. Ladies may Thank today’s and you all your gentlemen, concludes

ViewRay (VRAYQ) 12 Nov 192019 Q3 Earnings call transcript