VRAY - Earnings call transcript Q3 2021

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the ViewRay Q3 2021 Earnings 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] I would now like to turn the call over to your host, Cassie Mahar.

begin. may You

Cassie Mahar

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

replay call Earlier our in Joining me Executive Financial press Stassen, Chief be presentation will live, our presentation for site of live President our issued today’s on or Officer. release Chief our call. and portion today are Officer; webcast our Scott on downloaded and webcast Drake, today, a ViewRay available can The and and viewed www.investors.viewray.com. be from is Today’s website Webinar’s and days. broadcast the a Financial Events XX being at for Zach

meaning Before to material differ by we this forward-looking forward-looking from and call and to caution I the laws. statement any due like include uncertainties, could management federal statements These factors. listeners of that risks actual securities involve during those would comments results may in made within numerous projected begin, statements

over uncertainties, Form of a please XX, its For risks Form content Annual quarterly as of other ended periodically this the call. SEC reports the undertakes for XX-Q I XXXX, company’s fiscal XX-K Report conference Furthermore, call filings. time-sensitive December otherwise Scott. after and date of with November on description year to ViewRay’s circumstances see updated the as to the call information accurate this obligation of reflect X, will XXXX. these and statements contains turn on ViewRay to any today, only no update or revise events the or now

Scott Drake

then Today, and Zach with progress look We’ll patient forward answering and we questions. afternoon, in third recent exciting and everyone, and events. we to begin financial will metrics, Thank our quarter to key our welcome QX Good clinical results, our pipelines. you, call. results our your cover innovation Cassie. then share discuss will

referring I’ll on not you’re webcast, Relations site. the the our on from Investor to be slides If presentation

X. Slide to Turning

XX them thousands treat/improve consistent Clinical About remarkable. MRIdian now to outcomes have MRIdian, XX are reported others curiosity systems installed clinically can’t. patients what over have our of in backlog. with We compelling. and on on system is XX,XXX mission Our and that is treated been

of Our clinical to improve customers care. to vital growing efforts our the body have over and is change paradigm trials. data This XX of initiated

with begin Slide Let’s X. results our QX on

We XXXX. have continue to performance solid financial in

This quarter, XXXX. orders QX X we another delivered X MRIdian in versus

have first the orders X of We XX received in than months in XXXX months all XXXX. more

X $XX for now increase quarter, grew was or points million year. backlog the $XXX year was basis at million. based Our primarily prior revenue stands on Revenue for Total X,XXX over XX%, units. over gross prior and $XX of million an margin quarter XX% the

was flat. All keeping of while this achieved operating growth roughly expenses

perspective, million on cash and in cash we approximately the used with of a from quarter $XX Finally, $XXX ended million hand.

our execution results, financial on we Beyond solid commercial and clinical, innovation pipelines. continue

Turning anchor desires. critical X to X. Slide It’s customer on important to always

clinical and low these meets MRIdian work critical Customer elements toxicity. or to has to continues criteria. twofold. the These input the of that meaningful in no five First, deliver the customers want fractions, clinical margins, dose no meaningful want or an define Number clear they fewer how ablative with second, implants, which higher shaped represent grade-X body and They success. only they MRIdian drive our And, goals, very is are are clinical data. X to about tight X. our thing pipeline

cancer patient programs to SMART, frontline more become and to of The the our therapy customers’ greatly adoption, of cycle to proof, leading utilization and First care. is benefiting second, therapy. expand MRIdian clinical more

ubiquitous to in and we X. on treat Slide Last to Turning more insights cancers. a webinar who value both X with conducted key week, provided leaders, opinion tough MRIdian’s

cancer. presented yet XXX cancers survival, versus while patients grade-X technology. Dr. XX on months data in pancreatic what’s month seen minimizing survival maximize or in is delivered XX% to with was MRIdian survival prospective to Michael and local across survival Two-year MRIdian survival, MRIdian compelling goal about of minimal compares effects. on with XX patients, higher XX is toxicity. These which sites, treated commonly to for levels study. commonly are Our side therapy. favorably consistent were which control conventional excellent and been a XX% Chuong control was multicenter with tough-to-treat data-set in Median with local demonstrated customer conventional another

cancer prove results he ubiquitous next that critical value of more the the anticipate. highlighted of Nagar to Nagar designed we we strive value. Dr. like life highlighted of On prostate to series quality and data prove a Dr. upcoming delivers slide, incredible trials In are MRIdian. cancers the in eagerly prostate, groundbreaking the

is trial a trial, as and prove if XX% MIRAGE MIRAGE successful, patients. reduction and toxicity in or conventional delivers control radiation MRIdian Phase greater to designed therapy. a a the First, ViewRay to compared that III is for prostate landmark event grade-X randomized represents

safely designed to can delivered is technology, post-prostatectomy the weeks conventional prove X-fraction X on that trial be treatment MRIdian SCIMITAR needle-moving trial. of the Second, to X SBRT another versus

be economic increase therapy alternative with the has MRIdian. to randomized conventional demonstrate is SBRT noninvasive, to Cornell of trials profile just for catheter Dr. opportunity versus the these effective Nagar and their directly a as stressed fractions. And XX X MRIdian X-fold a of prove translating in inception safe prostate designed clinical surgery. first volumes second, the since as effect that we that the can this X. SHORTER, take viable, for safety to fractions holds outstanding aggregate designed is to a FORT down that therapy and trial and prove value and Finally, of trial are II to FORT no controlled X-fraction strategic value Phase to The to is X-fraction the therapy promise

the trials. They our According nothing commercial cutting-edge ASTRO to customers. half our there’s the XX at the to cancers, it with week. tough-to-treat Slide afforded Slide releases X. doing. of depth Phase dozen industry. randomized III Turning are opportunity and the data highlight recent everything clinical therapy important filing. was underway. was The customer innovations. in Phase recent the clinical treat data to palpable be The toughest X last with in response key back us value was activity leaders, highlight imminent launch ubiquitous wait our things single-fraction great experimenting ASTRO They’re and to for and we else highlights from studies studying front, It presence the cancers excitement cannot over to and opinion to XXX(k) the I clinical are To a in alike. demonstrating like of terrific. like of newest controlled breadth and dozens cancer to feasibility types. work They summarize customers have on trials it’s They’re and

XX. of Speaking to moving Slide which,

FDA On include as the on tissue are MRI tracking on accepted real-time with clinicians and includes for elements parallel newest the imaging MRIdian The utility. innovation features, for submission steps, features focused customers. tools, a new sequences, by multi-planar These workflow. items the automated and feedback for review integration highest and the work new on-table the recently front, prospective beam and also on-table our of ability customers to display. the generation throughout the such brain automated our auto-contouring enhancing priority patient gating, in clinical adaptive workflow treatment Advancements workflow of XXX(k) was expanding efficiency package

sign move for an will clinical customers exactly to important incremental Turning efforts. commercial customers. underway. to needle proof it and to to capital This more over that process pipelines in that clinical share of changing the and With the financial actively turn paradigm really I customer’s innovations now We more XX. what our MRIdian to Momentum purchasing care identify desire. to has understanding, our systems, work clear Zach and improving to on and the led that Slide our innovation accrue results. is we our hard energy allocate and deliver

Zach Stassen

Scott. Thank you,

We solid financial to continue XXXX. performance in have

of X This versus quarter, X QX in we delivered orders another XXXX. MRIdian

the a of the our growth performance again first represents $XX order grew year a solid units. ending primarily of to Revenue and increase XX% balance revenue Our quarter, on million. new This over for full over XX% in of high, the based XX% We year quarter is a $XXX X with total. XXXX to X million represents QX backlog XXXX. months grew the

gross a Our the was for margin positive quarter. XX%

the our point X to improvement commented margin in driven The basis by revenue units have this XXXX past, in improving QX unit step-up X,XXX incremental QX largely revenue we profile. key year. is in the from of each in to on of As X

perspective, We’re we million orders, same used and backlog, gross cash $XX OpEx, all year. versus flat while controlling growing revenue margin, roughly approximately and quarter. which a From period the in last enhancing the was

to modification of X, Our providing QX this which to and Through cash filed that $X.X from of our adversely XX lower debt We payment a quarter to XX-Q able liquidity of with on our access further we will view covenants liquidity. detailed with early collected was a the X, partnership, tomorrow. Earlier combination we impacted regarding Slide a of more single in cash an available X-K was the use week, QX. $XXX to million our be of performance we covenant by finished file hand. SVB. our P&L, X.XX when down provides were to X.X million

and look over several to XXXX both time. results, our business Slide by periods at Taking is quarter-to-quarter a we look It metrics. to XX. more the are at when it’s extended encouraged Turning important multiple important X-month gross all the quarters, In at revenue and is particular, positive X-month are and over prior versus measured over period the year. backlog Order trend growth tracking nicely. to margin look of

slightly operating increases well in by how evidenced the backlog. are operating as costs encouraged performing and team orders down with year-over-year, and is controlling expense in and by We by the demand growth we are and

guidance. XX, issued for year and Now guidance cash full revenue reiterating turning On usage. are to previously our XXXX both we Slide

supply we that anticipate Scott opportunity ahead. abate closing it in turn remarks. to mid-XXXX. for managing encouraged value sometime back over We chain lies in I challenges will are will project is creation for Our COVID-related solid now doing And team and disruptions. that by these work the

Scott Drake

Zach. Thanks,

an such SHORTER of MIRAGE, with groundbreaking exciting MRIdian. low SMART. We innovation demonstrates further toxicity. and We We’re anticipate the clinical SCIMITAR, FDA, technical in pending the are company time enhancements results that midst the intended trials, data-sets patient advantages levels of several clinical care. the for to of and from highlighted therapy, and again, and excellent significant MRIdian as all for

incremental Baptist and revenue, customers our in up bringing our clinical systems, purchasing family, the We innovation in such and as expansion. P&L. more evidenced and Northwestern, are the are Orders, more are all momentum flat. by Health OpEx pipelines The institutions gross Stanford margin while and recent are are visible into backlog world-class and MRIdian significantly

considerable leverage and to over seeking shareholder value are We drive time.

exciting operator, open to like bright the and treated line MRIdian. on are we’d We questions. company’s growth that, our the patients phase in for for future is an of With

Operator

[Operator question comes line of instructions] the from Bednar from Our Piper Jason first Sandler.

You may begin.

Jason Bednar

Congrats on Zach. and Scott another nice afternoon, quarter good Hey, here.

Scott Drake

Jason. Thanks,

Jason Bednar

do remaining have feel much we you think the any of that, have that were been like try X this per XXXX. guys levels dangerous mean, these course, been And And how visibility yeah, kind whether You of orders X now X you’re quarter? in – booked running GenesisCare but consistency XXXX. model next it’s could you to confirm you as quarters? you’re you orders I mean, order welcome near have you’re here. in to guys the a several I within I know dots, you the also and there orders a funnel – in connect here of into quarter then, per of ahead running quarter

Scott Drake

Jason. again, the here. Thanks Appreciate Yeah. question

I you’re think right.

qualitative both confidence level of nature I’m like last as it say of very commercial that very the closely. have you a And level consistency funnel. monitor we is I out newer I pleased year of and nicer and at reached with And feels you this And point activity. increasing. know, think we’re quantitative our the year. commercial our both level we would

than it the in orders, look important at certainly up just speaking, longer of to quarter signing at a commercial over team I’m are more gratified very is this the end. by doing. included, one I think metrics, beginning business They work the it’s many that our the at quarter. to period of important than generally orders note is our

I sign that’s a us. think very for nice

on know we that because economically. customers, holding pricing, to represent and our value firm we our clinically, are strategically We the

have don’t it announce, As we Jason. here specifically relates GenesisCare, to to any with orders anything

customer. with are any across wouldn’t very I individual working opportunities We closely overthink on But landscapes. targeted GenesisCare

We opportunities have centers, community feel with chains, good centers, freestanding hospitals, a funnel. we that very and for-profit academic about of order lot

with working partnership very So to while encourage we the would broadly care our about investors across deeply landscape GenesisCare, on. opportunities of that I look we’re

Jason Bednar

maybe bit from Thanks. Got mostly it it. Scott. have Zach’s of that’s install of maybe there, up those themselves? more color that to on year. sounds starting you if on mean, all and some flip comment Are installs great. was to additional on since some order expand Very But It loosen activity installs sight helpful there Maybe line the like hospital delays Is side, focus. that you’re remarks the I resolving over next the just up? access any on construction there be seeing. I what a would opening there

Scott Drake

invite I’ll well. Zach Yeah, to in and start as absolutely. Maybe chime

steadily landscape, in relates two think kind As front, competitive I to say improving. it even maybe Jason. it I one, landscape. significantly improving, things the ways. of Number on And about are very the would that

extraordinary. series there particular, customers breast I but at understood that cancers there the is current are in prospective a I trials and therapy prostate that then, think really we in better we think our single-fraction The Dr. Chuong’s patients, toughest-to-treat as story ubiquitous by presentation are the by cancer. in like both also better with have evidenced are are our And cancer. in cancers and are that for articulating experimenting it of pipeline clinical of more toughest-to-treat is likewise, some ASTRO and things customers. Michael And groundbreaking

of is side, I the say customers understanding building on us. side, that deeply on momentum more would and value are and I to Then likewise, there clearly our the feel MRIdian So feels clinical innovation good delivers. very the like what

our it want. those And things pipeline speak, clinical accrues just list what we prioritized of FDA customers pending innovation All those are, attributes as of a pipeline. what are the to that and of all accrues, we highlighted the with commercial our and that is

the And will our of as of with landscape. and out with companies and next hopefully supply-chain, kind challenges other there. that’s of are the add? in And challenged anticipate really workers, revenue, seen course, to that point hiring the it do to the So of couple XXXX. to have you what-we-control of construction the remain quarters goal our and open and of locations manage our few the view that partners, XXXX then, but challenges in there. really pandemic all to goals in continue into your we we relates their abate backlog We do see back Zach, our to customers’ certain half up things from accelerate difficulty those into things anything

Zach Stassen

Yeah.

shovel the ground us completion, we that line the project, get I very on key the is ultimate the the we big think over for good have the construction once of kind the into customer. system of in sight and turning to

now hopefully will the of like of the and steam right pick-up think see half signs But mid-next-year of pandemic. a as the And of kind the challenge just projects. are there those customers we in we life. the said, of in speaking, our I opening level some that result do a year. of kind at remarks, back globally think of abate in is and just coordinating kind of I involved is constituencies lot hospital And positions various the

Jason Bednar

in hop All the right. queue. back helpful. Very I’ll

Scott Drake

Jason. Thanks,

Operator

will Anthony from the Our of Petrone from next come line Jefferies. question

may begin. You

Anthony Petrone

Delta congratulations on expectations, got a actually renewed wanted to there had funnel, focus you’re installation back a on cycles. so a hospital the ahead so and access shortages. installations. hearing was of a obviously, on I The track, we’ve follow-up would staffing looks Thanks installations we’re through quarter. headwinds, the maybe like revenue on then as update about an on our working it lot just good generally And be and bit

access for on terms follow-up then, Thanks. So, wondering And out how I’m in playing have the data. I’ll of just that’s salesforce. hospital a

Scott Drake

Yeah.

to that would Anthony. I a there’s hospital Thank couple installations I and points access, you. You make. of think, Relative got it,

from number terms foremost, to all X, job stuff would and good the we very accounts, I account X, I we what doing take number question. challenges, after that X acknowledging the to face. location a to is supplier team be in when into is, challenged get managing our being did out I guidance of best continue think way in just here: location to QX; set that First of there’s our we in of into a But, challenges we mentioned that able our that that point prior think, Anthony, things, really worker challenges, we and

only directly not are suppliers. our with working We

we suppliers future trying believe business mid here. with trying that secondary that the manage as working and from mitigate, XXXX, get corners, deliver even see standpoint meaningfully get we We’re Zach into are XXXX really believe think to around and We larger. best really going half the to we numbers back tertiary mentioned, the possible way can. into attractive numbers when pretty even growth we And into to year, see percentage we’re We the can situation, we our compelling a though think a next forward today. really

time. our So at best that’s this assessment

Anthony Petrone

Baptist the be follow-up That’s in And on helpful. pancreas. study would the

you grays certainly survival. of had benefit ASTRO terms retrospective study, substantial and than of in and survival. the I’m again, just even takeaways certainly here data higher an XXX at presented, at noticed this Just after was of believe, X sort And, dosing of the some now but, years at of the I wondering overly XXX-gray in X outcome positive dosing, years

pancreatic the data So oncologists congratulations, again. you’re next was as presented, hearing and side steps this and from maybe Thanks. just radiation cancer what on

Scott Drake

at that Thank you conversations if has customers. data of you, Yeah, it’s compelling. ASTRO and since we’ve was compiled, really a Anthony. I been really at And with reaction say then would look the had number positive, the

in multicenter are X, a levels I presented in and of this lung, by outcomes been that clinical patients more high-low very and Then kidney. toxicity. Moffitt, across with followed pancreas. way, ultra-central of the XXX the out getting pancreas. things: published institutions lung study Chuong data I would there you patients low liver, a niche healthy that the in generating there We And and has the to that a cancers landscape of whole cardiac X know talked this Anthony, well, those any safety consistent about, are and SHORTER, demonstrated studies talk successful toughest-to-treat just only data MIRAGE, FORT. we’re on referenced for are in kinds we not of of and has outcome the want of that of prostate. But kind dose outstanding compelling data, number look even in data. we look some have but studies in signal. here, those couple number we’re for consistent The aggregate very in You about, tissue of with results thousands is point we that SCIMITAR, what ubiquitous compelling with at WashU, and highlighted But Dr. importantly study. no cancers, more look you more That out ViewRay, central prostate patients. been followed at profound The for effect sarcoma,

So ago us stake a I you, in right-headed we data. and over Standing we to was more move would here frankly, little years make. think and differentiate for lead lies today, even I I going put what ground a clinical with that tell X think is that ahead, the exciting. said to a were And

that with has very there’s So our proud that I customers, of ahead. think that done lot lies in the a I’m of and partnership work team

Anthony Petrone

Thanks back. I’ll Thank again. hop you.

Operator

next from will question of from Thibault line BTIG. Marie Our come the

begin. may You

Sam Eiber

Marie. on questions. Zach. my and taking Thanks Scott Eiber afternoon, is good for Sam Hey, This for

Scott Drake

Hi, Sam.

Sam Eiber

ago. should on the about rollout think How here cleared? Maybe a the we package first timing submitted maybe and few the weeks here once new innovation

Scott Drake

that’s here, an desires important has that a in understand to as think, very robust Sam, what’s ongoing well, been to filing has deeply guess understanding joined overall place. it And us. I team is the prospective clinically work focused customers have led market. and point you’re Well, from needle is on done list I of I ViewRay to standpoint. the understand that clearly of from customers would our is, team move is but we desire since our our true and and provide customers, most the pretty consistent customers the process both deeply really I that that very context from for things our innovation the voice that It customers that the the and that think teammates And clearly the going I current we XXX(k) of our would out both customers,

the We do And to into so forward very and but work those we them those forward much much look the at to respect we look driving to their into market. FDA very marketplace. want the getting innovations pace, the innovations

Sam Eiber

Understood. may related is maybe And there. X read the on recognition roughly like looks quarter. systems some the revenue have here to that one to come little color It down considering installed bit. product a during revenue there ASPs just maybe just Thanks for then aspects? into Anything

Scott Drake

Yeah.

think, over between in orders keep direct – what’s distributor how orders I there’s and mix is changes that and important time. to mind the

other things Sam, that are it, versus can move new orders. upgrades true The

to as it So I don’t to relates anything think point there’s to ASP.

would I line a think there doing job holding very Zach, our we add the you our extracting in we customers. of deliver the is anything? team value good to think that

Zach Stassen

Yeah, I’d I bit ASP gross is that add considerations. orders revenue. do think that nuances just value deals order in reflection different can little versus dictate some of we contracts over always better rev-rec There’s that and kind that a of Sam,

you at we’re million aspects. in sometimes bit if that still range. quarter, look So, it a clouds that $X little technical But the some orders of in the million think I with revenue to $X.X

Sam Eiber

Makes sense. taking for Thanks Perfect. the questions.

Scott Drake

Thank you, Sam.

Operator

Oppenheimer. from line next from of Our will come question Mike Ott the

begin. may You

Mike Ott

Scott Zach. can by region if in China order Good space some taking I and you for saw any my know strength questions. additional provide Wondering recently. in afternoon, the another name Thanks guys color

Scott Drake

two-thirds, in. U.S.; you’re on you the Mike, when from Yes, we It U.S., of But, reflects relatively kind – that point quarter, I small our quarter in Europe, really this time, I to is market, generally think about order to talking about succeed at want numbers Japan, we for us. which need markets really focus think, obviously, the OU.S. changes, overall the one-third, business and

that getting we’ll be hopeful market. China the are into We

our call markets the be at to really well we’re yet focused expand to place that that. But in quite look to time. doing over able and not We’re

Mike Ott

Makes Absolutely. sense.

Okay. had little any surprises Curious or bit. RO finalized this was if have the any a And shifting color additional on APM that then, week. you guys

Scott Drake

came anticipated. in of the its Yeah. we It final surprises that No terms No timing. the out, really of terms way surprises form. Mike, in

that of that customers are as our and X, to a they’re want as and several payment We’ve are will a have There of kind included courses treatment shorter those the customers pretty what in of We conversations result going of X RO consequences to we anticipate driving new number a of treatment; shorter is but excess would number we is: had APM. that targeted view courses unanimous the with that that APM X, customers, ZIP may as tell of not the patients. are the marketplace. the of have impact out capacity I codes with outside only there. that RO lot that there up to understand those that have drive in consequence the you capacity scheme fill

XX% And think, SBRT, if of think overall courses what the XX% SBRT what our so be at or MRIdian competition are time. about market going with offers, to And patients. in shorter customers give U.S. you And about take I the for X-fraction is treatment, increased SBRT. delivering there’s the we number of offer, U.S. X, along

catchment on patients to for similarly, compete wouldn’t their any hear So looking very MRIdian you’re of consistently that system patients, that treat treatment, come to that if if about customers treat for we’re patients you from system. outside do well-positioned our they the XX% courses you’re that. or looking they are or other short couldn’t on from area of to XX% their And either

some think And that’s instigating I well incredibly prospective well. for conversations think with customers RO-APM. we’re So the positioned I as

Mike Ott

That’s you all Thank for so much to hear. detailed great update. that

Scott Drake

Mike. Thanks,

Operator

Riley will [Operator line instructions] Walsh of Justin Our the B. from from Securities. next come question

You may begin.

Justin Walsh

the can there ASTRO is impressive. of The engagement these And applications I’d pancreatic any future share there. presentation really data color imagine are results people? your was if customers. current have and with I’m on or any congrats Hi, types you that quarter. cancer around facilitate particularly excited packages Obviously, how up wondering

Scott Drake

certainly customer Justin, that clinical within curiosity think Yeah, I is we our the referenced, base.

XX I all the was I have, or the as from cancers ubiquitous I cancers, think so or think control randomized way Everything to give work waterfront and Phase it last highlighted. MRIdian. Clinical on within going number trials more of to that I the they spans take, Phase we’ve trials III feasibility, heard. toughest-to-treat the

and So the there. lot pulling leading us. customers our I for way ago cancers. were the would and thinking you, interest half of of two a about curiosity there’s a year tell years frankly, dozen are not therapy single-fraction And or quite a We hardest-to-treat

condition lung, Our one, where think customers see since best this in couple we traveling, certain now survival instigating or other are our central, of well. ones sarcoma, the are prospective two-year liver, two, And as prostate, data things all to are markets attention a find And the in And kind for name cardiac, really I moving the their of whatever it pushing value in the data, this of the commercial loved kidney, envelope. care it’s on when pancreas, go you you in are have. customers virtually number demonstrated it. Internet therapy. really have the they may patients interest traveling patients And Number incremental favor. patients cancer MRIdian. for has

won performance, words in want But marketplace our with right to investors with the we to We going on very much what’s factual not that’s So what’s our now. happening. and be speak. transparent

Justin Walsh

lot follow-up Maybe doing as been push help some investments a looking spend continue of of think for. post-mid-XXXX are trials see sort impact shooting great you that well guys R&D of Clearly, point. that on it. that. you the in a a next have have as your you helpful. on that mentioned. Thanks. going customers to That’s making Got that R&D how to are quarters. that to very Obviously, I’m you is And guys breakout curious couple you if meaningful in the your

Scott Drake

Yeah.

Justin, I think really in you’re nice to going our leverage see to continue P&L.

in growth on flat. will expenses will Difficulty] [Technical invest operating think do that orders, we by be we commercially. significantly in revenue more outstripped I backlog, margin, revenue continue think growth But top-line. I will nice and more roughly think invest saw You I to the

of to do, going and the what for We the as continue from lot need in P&L. clinically think see have I ourselves to pathway we think we to see significant on. I it leverage customers you’re along a that clarity relates to innovation But an perspective,

Justin Walsh

Great. for Thank you question. the taking

Scott Drake

you. Thank

Operator

instructions] not questions [Operator moment. showing further any at you. Thank And this I’m

Scott Drake

to thanks, Thanks Well, joining forward our it for next Perfect. for We quarter. doing here for everybody, again call. your ViewRay. QX in us look interest

Operator

for our Thank And for conference participation. call you today. this conclude will

may a great You now Have day. disconnect.

ViewRay (VRAYQ) 7 Nov 212021 Q3 Earnings call transcript