VRAY - Earnings call transcript Q2 2022

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Operator

Good day. My name is Melanie, and I will be your conference operator today. At this time, I would like to welcome everyone to the ViewRay, Inc. Q2 2022 Conference Call. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers' the will question-and-answer be After to time, call for [Operator this like Investor turn Director Instructions] At Harrison, I'd the Matt over Relations. to

may You conference. your begin

Matt Harrison

Good ViewRay's operator. Thank welcome everyone, call. conference to you, second afternoon, quarter and

and President Earlier downloaded are Zach be Officer; or a our viewed webcast today XX live Chief Officer; ViewRay our our our today's our Ziegler, release call Chief and on Executive being website. website issued Joining call. The can me is Paul webcast Today's presentation Drake, presentation live, be Chief and today Financial our Scott a for and Stassen, available for Commercial press from broadcast and replay days. will Officer. on

that Before statements. we filings I materially most to the turn include call with that this Factors are company’s the SEC. call begin, results forward-looking will conference discussed I during would to you recent cause the remind discussion actual could the differ Scott. now in like will over to

Scott Drake

Matt. leverage QX and working by commercial call. welcome on our show XXXX breakeven Today, to designed metrics. guidance. how reaffirm is driving commitment significant Good Zach provide update to path depth and as our an to I'll our our on to cash into key We'll and begin our an flow update strategy providing and current go traction. I'll afternoon, Thanks, the and P&L patient financial with will sheet. balance our financials everyone,

we've the is ramp of As and of accelerating. the treated about QX, patients XX,XXX end

which and last versus year. million, orders Please more at delivered XX% world the grew XX% In prior year. added QX, X,XXX up basis margin a Gross expansion some QX we've used consequence being was the to backlog quarter from committed we we We $XXX is of the hand, down the gets to breakeven. $XX delivering. of Cash expect half believe built to progression in through the second X. around XX turn point to XX a step continue simply about more stage and finished margin backlog cash the with flow is therapy or quarter of million us resulting we be fiducials with in no we’re to roughly with and revenue fiber contrast the and increased eight in growth MRIdian planning are MRIdian $XXX accelerated in automatically and in to vast handful AXi exceed exceeding low and will do excited AXi been treated toxicity. that in track beam. higher with we now outstanding more are is the XXX enhancements innovation on We no patients tracks clinical patients have We'll to leadership are outcomes only in These planes stand and stark an market. successfully fractions of treated metrics accelerating. and a system dose, in ablative a will other grade-X The several XXX gates majority plus. or the very year systems are that first throughput this real-time moment, treatments first and the in the in of to the cash three share gross on Slide with million that year. any Workflow have installation. system world delivered. and and We're versus but progress sites about on brain and a X%, our Revenue expectation, nice of improvement the fewer

for set year. XXXX anticipated half unfolding XXXX Results the of stated, year of exciting previously an we the into us balance position of the XXXX. as like us ramp half a As to the well first are lot then expected and and and for look up back the

and lead and how Slide ago, lead that differentiate said We clinical in traction. market four about is our to strategy we the and data pivot innovation. commercial would Let's X years discuss with driving meaningful

our that pipeline. success. believe commercial we and This We also is happening We and critical that would stated as market our speak. effects. innovation and effective we pipelines with fuel and also highly but Patients courses fewer treatment MRIdian our Patients customers the clinical warrant negative feed therapy effective side to awareness for is our deserve efforts. of travel now awareness to shorter footprint market and demand modest have

and can't. mission down of each break update. is front, prove the our to component On others Slide brief treat Let's strategy clinical our provide on X, and a what

cut tough-to-treat enhance or is months This margins survival extend directly with such strategy by study Phase data about Chuong’s quality that extend common to fiducials lung “skyrocketing”. oligomets, physician MRIdian and prostate, is to We remarkable. of and now enhancements. breast higher in quality fractions treatment toxicity. designed toxicity data where common a and were with to We in to or beachhead value fly drumbeat to reported tissue completed clinical treat cancers, grade-X the both increase central robotic feedback a spanning treated stopped is comparing early non-invasive causing was of multicenter was the as forms and future have life we five The patients versus to of have highlighted Lung Trial, in have control, with consistent patients tough-to-treat XX%, and Pancreas known more tough-to-treat double so treat SHORTER, will to cancers indicator on more We strive SMART completely treatments prove MRIdian about to powerful demand On forthcoming we cancers Customers as In cancers, others. kidney, that The frontline release the outcomes. meaningfully was prove toughest therapy in other cancers half, MIRAGE and These surgery. low the One goal survival, for trial is volumes cancers, III no liver, or no continue. thousands therapy cancers among conventional half, of Succinctly Michael stated, critical the only ultra-central of MRIdian SMART are as no a state and by compelling common therapy. data Dr. MRIdian FORT, effective, enrollment very local by more data look others, defined versus MRIdian XX combined therapy forward STAAR, toughest survival and of is common Pancreas median MRIdian. of conventional strive our to we patient care and nature clinical about to is results controlled therapy. strive pancreas, life. and our healthy zone randomized the include choose prostate also radiation these and early. cut of for growth. Among reduced and alike. These

only real MRI and critical with broad These enhancing for AXi treating complexity one MRI fractions ablative, have prostate, images just will coordination has workflow, liver, stake anniversary that and were stops We MRIdian delivering The us at to multiple are AXi's designed years with features. cranial company these acquires the the happy by which throughput. the two and simple times, celebrated treatment position allow from completed organs our targets. XXth for The very pancreas, of time. incremental if of first customers Cancer remain yet patient put only X, technical lung their of target expanding extends leading XXX the feedback this sets our customers critically meaningful to automatically in is faster Slide treatment ago. the on in Miami to We programs clinical MRIdian With clinical brain. in The dose utility them the important an beam. one been The enhancements or and apart than human increasing and are four patient offer lead. other and MRIdian's innovation been efficiencies, Institute moves hand world experience radiation techniques and bean tracks controls the ground to We the we the risk. out tumor in tumors experienced company upgrade AXi, critical per tissue the reduced is second devices. positive front, the enable workflow advanced in the feature Ford data and healthy eye space the Over times all MRIdian immediately treating Henry we AXi. improving very

be to X. the Despite fact poorly broadly patients. radiation market are course long as turn and of MRIdian been effects this long front for Slide the has these a needs for awareness time, treatment importance is is has side understood. breaking perceived around paradigms and to unwanted on that Let's therapy mind and of the

and efforts MRIdian physician feel going this that the the medical surgeons forthcoming market communities. data, oncology programs appropriate for targeted beyond patient and includes globally we for clinical radiation and footprint and educating of oncologists the as success current well. time the is and This awareness Given

MRIdian told or to may hope that Our patients treatment no so healing goal who outdated is raise are at have centers. options awareness find they and

in I to in engagement, partnership commercial added is diversity We engaged these championed customers built of awareness, on the of commercial MRIdian Hope is launch. in data, frequently The Genesis is and cancer growth. yes. levels believe focused to asked of We of continuously be will another City [indiscernible] following to three, Katie way: a the competitive the Ann side low customers freestanding a also family. true patients. and has sites our is hospitals the reach past therapy market traction. and number effective, strategic France. it will of This their to Katie cancer in Care at increase KCM to This awareness patients added today. team quarter trusted Arbor. speeding X, placed commercial accounts Media our have movement. effect source enabling long-term more firmly clinical aware number course, We're where high sixth patients. pull make if program on characterize notably more MRIdian VA has therapy. On secured network announced MRIdian of pillars, increasing; and in would We is and in MRIdian revenue leveraging KCM our our and great number available of sustain landmark example answer ever passionate, to a is Katie funnel the short and Slide Japan is non-invasive size; account two, We funnel from a knowledgeable that a Throughout SMART millions their is at pipeline. academic multiyear two is are subscribers order MRIdian one, markets, founded strategic the order. centers Couric innovation for highly with standup increasing drive

to increasing We clarity of half of on XXXX back line and 'XX. 'XX sight our have growth clear and

customers, prospects growth Given and believe we are our our prospective backlog industry-leading. and bullish

take let's these higher Successful the move. A second trajectory. a cancer look system how of also XX. answer higher first does Florida often attractive turns systems. we're form model? which into MRIdian significant programs MRIdian prompted and market kind working. asked is others a two three community and our look a three efforts center an in treating creating which is we'll an freestanding to about adopter to in control, had Enloe XX, revenue, Stanford, California combined and live and drives Midwest, at previously. France, successful of the Hope in UC On time, is all Upper go Seaboard, (ph) activity All systems center when more is and simple. as and drives orders used its translate our flow these take early Slide we world-renowned now MRIdian multiple P&L a a is with We've Bass, margin Italy. of and business are backlog, launch, formula. translate taking patients ago, expansion, breakeven. on of gross to short patients. place in Northeast tight Irvine culminate California, OpEx programs a cash a are preparing This into period strategy and systems the which Florida, of is The Today, yields path strategy, hospitals for programs California. Hoag. an Slide is This U.K. has as from the great programs time in at to the Chronologically, in, double-digit City UCLA, a Let's This planning leverage, short and it our example on how pulling state, demand. sustainable into in our

plans an Investor clarity forward year, of QX our we'll and looking long-term provide to are this Day further We projections. in on and

in we're control. will operating detail, can cash our expense X,XXX of basis For rapid XXXX, of we transform provide expect get breakeven we'll our this current patient come. turn margin few for balance expansion Zach a and to excited excited will Zach. am tight how and I'll XX%, years. revenue impact not to about growth quickly equally, importantly, we more you the years next about basis in We're to points, I believe And in more very of gross With points grow that, company and but if the it sheet. phase to that deliver XXX over to position with the flow

Zach Stassen

cover guidance. be our changes tomorrow found XXXX our our I'll results will details and we and to Today, Scott. filing Thanks, press can quarter second in XX-Q Full today's release, be morning. business

and confidence last our orders our commercial with 'XX, 'XX value the by XX% expansion at is in total XX% period installed by roughly for revenue revenue during of the $XXX million, million Interest quarter, a During the revenue never year. same future. versus roughly the deliver as primarily units, service strong over the our $XX.X a order Revenue $XX into the million, approximately a was quarter, two year quarter grew and a in right and driven driven year. expansion approximately we quarter backlog last working has base Gross gross us received service commercial growth beyond. continued eight million, to our robust. continued step MRIdian the we to XX%, same continued higher, evidence, four solid including increase enhanced give grew These period Product $XX by strategy the $XX funnel been be AXi. million XX% and upgrade expect while anticipation an of direction, versus of was revenue are primarily for driven margin in one factors plans to to work upgrades the revenue units increase and X%, in we in the prior profit ended

gross type upgrade margin of demonstrating impact X%, driven in the was the period, unit leverage Excluding the of the additional volume. by

are pleased to the installs were and we were of Mountain impacted are system and to is the we we work achieving Expenses previously, the OpEx our fully discussed built elimination infrastructure currently million have improvement year-over-year work impairment XX gives the and in expenses lot hard margin. for approximately to were We confidence This the This moderate team, do sequentially consolidate our and a a a facilities. we expect a $X.X related to industry-standard by several both by broader year. over path driving that us of the as quarter and As meaningful Operating We per be efforts in effort. a reduction our ongoing in will by throughout to efficiencies growth of margins. facility, year on see one absorbing. remainder of $XX in of the million quarter, service part of View result the cost-saving to one made in charge last cost gross augmented significant years. decision the

quarter, moderately forecasted. costs. represents female in higher than personnel retention the our This but progress, did positive better result During rate was

macro Additionally, did escrow environment, travel costs our the the largest costs, have half. the We we elevated to quarter. second in are OUS line in experiencing most aggregate moderate we expect and in do with conference our travel costly and

are against OpEx. the be in need person driving in We leverage to customers actively with balancing

$XX Turning approximately quarter. million to the use. cash used in We

by impacted was a combination and burn inventory. cash quarter this receivables Our of

to this flow is to to is positive year, at finished in environment sales mitigate On We risks. instances Similar half we of cash are and beginning we of $XXX purchase We this access believe supply. and managing years, with with mitigation cash supply requires collection quarters, of moderate sufficient cash position to to solidify and second expect in both consistent the heavily burn as are subsequent a improved prior our risk In year's deposits to activity. the the the seeing and inventory activity more are challenging million strong incremental chain note cash through liquidity installation a for actively and weighted commentary to a quarter working approximately cash year. breakeven. reach the

on XX. guidance Turning to Slide

bottom confidence The million to raising end of are our $XX range to new million We the reflects in achievement. revenue $XX revenue range million million. increased $XX guidance from $XXX of

in focused We and growth see market we are delivering by this are encouraged top-tier the what on year.

XX% revenue line guidance to Our implies growth. XX% top new

We are reiterating million our to cash usage of guidance $XX $XX million.

driving these near mentioned confident requires Despite As well no continue are and doubt AXi growth we market return. issues, to we in the term and increased years. down the vendor drive remain is clinical next breakeven. reach challenging we making supply. MRIdian growth. achieve to no are are environment continue face volume The before, on cost-down direct business capitalized chain the along pairing year cash deploy over more meaningful solidify that supply capital drug strong feedback a significant initial growth flow efforts second -- to financial and sometimes propel the with with a investments to the we having our step our from in to positive in burn several The us attractive half will expect The a are of will cash an -- data that profile to

We forward bright this of a mentioned, year in look as are QX the Capital the line to Day, to now ahead. open and bit a that, future Markets Scott With diving deeper we Q&A. planning on will

Operator

first Wise with Instructions] Thank from the you. [Operator Rick of comes Stifel. question Your line

Rick Wise

afternoon. Hi, Good Zack. Hi, Scott.

Scott Drake

Hey, Rick.

Rick Wise

quarter. to -- start nice solid it's see the Let me

Scott, to would gross a quarter. order, through, sustainable Maybe I at last when me the to your that from half, at rates sort trajectory start been this acceleration seven from you've do 'XX and the work, look important based see as marked you? see versus encouraged about how us help of is be eight, numbers It great second per versus think is we this the again I on the here? for hearing now suggest the and higher it's -- just at mean look Let that excellent results order me the half I order book. -- a of low those could all step think the order are up most I'm with, to 'XX, seems part, it's year what first my you, level. me, to How you

Scott Drake

clinical that that team, buying have, her with highlighted the top pipeline of incremental you And in really it note to and the now, Thank we've Yeah. question. prepared is to Katie is data the our one, it but you know, now encouraging. calls that More the we've couple which appreciate things. feel basis, Rick. important also to funnel when way couple fact about The that that and add commercial past expanding customers you forever work we it's the publicly, systems. of increasing, you, that competition we in it the very to of AXi the Number quarter-over-quarter-over-quarter rollout this and I pattern, and future of a future and is innovations that of of business. would characterized on on I I our it of I talked say have prospective remarks, And good of are good take add market a that add about feels very diversity customers more us. this we not really

to that that market. at and in short with deserve us look low we think course, from at the we value the propel our economic you we effective as awareness quite the patient side then deliver value. seems And forward. the this they patients customers' treatment We really what a patient demand, when highly it us, market into things and strategic and If And logical competition special lens, -- look very go will is it effects. that standpoint, through see clinical anticipate you translating

balance impacts the So as we P&L have we forward. we order and go how good about that sheet, and feel very funnel the that

Rick Wise

innovation on of of us flesh the the I the earnings, an not supply couple et clear us of unable out it help you're assume, highlighted see let move be chain, you as the -- able on and extent similarly, momentum through seeing but shortages. answer. to accounts, think what about in impact you a sort interesting innovative access I'm you supply and the of that? improved understand capital are Scott, environment, technologies, complex I'll is to, quarters, the decision-makers parts heard to hospital and ahead the components. staffing things help concerned Great. your now. the you larger, of in a feel door all Can although lot you're can broadly we've about the of we've But innovative see at because that hospitals smaller companies for to We're staffing, this you a slowdown, -- med that like, I why for in sort think have even cetera., generally getting answer, I the I issues, cap three And talking concern acceleration chain, third quarter, impact quarters cap, seeing that out week not we've decision, purchasing we're because guess been shortage tech of as to about the so this if get their of electronic starting at. should capital Thank -- four and you. products headwind, large and staffing we slowdown

Scott Drake

There's at And Rick. the whole I is, unpack to find do, frankly, and Thank you. throughout environment. really there. high answer that team the lot level. quasi-post I course I we a say, think now a pandemic shortest would of very I the ourselves my executing way felt Yeah. a in pandemic is

within And so. but we've quarter-to-quarter, reporting ViewRay, capital is their of hospital right? place a others shared relative groups the good at the purchase capital relates tends and from you as side are ViewRay to a P&L. on more before, than purchase, bucket speaking, I a strategic capital street others procedures, look And the pretty on relates to I've points it of notable read elective in weakness fall bit the from less strategic data talking think in side. of capital. improvement whether to a is you're spotty the there, companies, replacement the versus replacement reporting that others of And a when about fact, I than And and environment, the true amount customers said you little that you more notably in alive up markets about what kind and that we as in perspective, customers motivated are would that programs about generally the or and tell to appear that's specifically Some our our be see fundamentally, these I've getting highlighted their As previously even from of working, that's an it competition. cap and strength, have fair have mixed, larger MRIdian lifeblood a

in Rick, off our summary, hats to team. So

level. than a headwinds they companies. these operating affect And think impact I at I think us we're large differently cap macro high

Rick Wise

Thank great. you, That’s Scott.

Scott Drake

Thank you.

Operator

And line your next LDR. question with comes of from the Thibault Marie

Your open. now line is

Sam Eiber

Marie. of for Zach. is Hey, for taking Maybe congrats on even going nice the Eiber is and little forward? deeper my questions time quarter. challenges impact dive supply I here. the construction on any I Zach, bit environment. on Sam the Scott on just This some chain and good Thanks guess some mentioned installation quarter can or during afternoon, the you a question potential lines there installation is,

Zach Stassen

to kind more -- to little making We're our in XXX-day move be And we've issues well think to to quickly. we on and may the be significantly side subject what generally, There trade-offs pretty to we forward. managing normal days supply to XX moved push install delays average think from of chain XX-day get I I course down labor. just of days. there, But construction don't used appropriate be so. when we're here a XX continue it. to down things the That there, and may some

So we're this it pretty able navigate yeah, to at solidly I think point.

Sam Eiber

initial as how Scott, hear. but this time, I about you're now at here maybe if starting XXXX, visibility should growth, talked sit of for not guidance on be And expansion? similar August. any we color in some would types increased getting how about plus to we think margin know about then Great Okay. Any maybe, giving the thinking XXXX, cadence thoughts great. into it's that you're XXXX, maybe be a line other maybe whether top XX%-ish similar on gross you to

Scott Drake

you would Yeah. take team, big of systems. say at we where Sam, backlog take now I built you if on the would about to a look my $XXX we've a are, hat back I step million and again, off

aware, roughly you from can standpoint. you're that As service double a

So we have, give that in on we clearer as material in quarterly $XXX visibility We or clearer systems forward. one a confidence forward. basis, revenue, out million we into go we've fall a number. light have $XXX that, and to not but high of zero do take, million And go as got

half of that front lot half accelerate the said things we in 'XX. we XXXX look said thought As and would back the of previously, we a like 'XX it would and did,

us leads I I forward think late putting projections, expansion QX and being giving can to a hopefully, without that growth unfold wood, able revenue nicely. up more numbers, about expect line any that gross very our we share you think then knock specific see as go forward. and look of top to, But from margin to we So to will solid plans levels

the You can expect have. breakeven disciplined side. to the cash that path current leads us be we very flow OpEx And that to balance sheet that on of with to all

granular a here get months. we'll a But more the about in in few right now. position little with that bit So we're really we feel good guys you

Sam Eiber

looking the Markets Day. questions. taking forward for Thanks to And yes, Capital Great. the

Scott Drake

Sam. Thanks,

Operator

comes your Bednar next Piper question Sandler. Jason And of the line with from

line Your is now open.

Jason Bednar

here question up just Thanks. partner Scott, I'll on the two Good Rick's afternoon, to capital guys. Congrats there, bigger nice on quarter with follow environment here. picture get another going.

health guess stability I -- the on the on backlog of in just current how environment. or characterize the First, you'd

decision a you there, like does the bit expand for Sam's bit something to all comfortable in stability again, addressed but hospitals. a of, cycle kind to MRIdian we're I make be with backlog. just sure current that And health think the a in maybe little environment, tend little just then, that longer question and or of

So the likely but to up this conversations even orders, in so XXXX. today maybe year, having later more you're are in show

So you're in in today? and talk conversations any noticing that can with having I you're shift you guess that the the mind, customer about mix whether

Scott Drake

Yeah. Jason, on feel I incredibly take seriously. service side our We would that start the saying on system by both about side. really we backlog, the and good

into executive judicious an so and order what what backlog. we're put and are here about as very call team. remains in That never posture backlog an judicious We will about as we our change, long what we our

So we feel that. very good about

as with quarterly scrutinize over that quarters, of you be at any time. backlog now out basis some a take in customer occasion, the quarterly end I things we're we to seen many because very expect on of But small As systems on us think will activity number basis. system on point can unsatisfied you've we from a a

going prospects of to highlighted don't -- really nice spent. take I and being without competition feel it the demanding patients up steps, zero to now dollars therapy. as an move patients And we dollars. motivated to get ad as just for any here. Cornell terms fourfold just we with to go therapy, it advertising want in with increased And highly is As I forward this Jason, awareness. relates We've market think as market we're MRIdian investment increased before for we're get to continue mentioned, prostate good But we ahead anybody their patients for traveling of forward, us. I this program about

Jason Bednar

All here terms That’s was One just of a two And extension if just different with And be Thank consider? I'll just Do think just a planned look next works in to made is something venue, second an right. that is any SMART what be I Pancreas, I'll maybe together. reporting? to it a like the can you're here ViewRay? the order then there, from it, affect it steps follow-up SMART P&L to all expecting that that them trial but sorry could III ask or is think I have follow-up available? but sense there we're helpful. that, confirm, I Great. you one just data then get calls going I currency quarterly is more, bigger the of and ask backlog backlog, picture, just how missed here, of for you. -- And remind in to I'm for the like here, study trial us the Phase question you are where expecting soon. movements what as a the you few maybe in balancing maybe And

Scott Drake

to data. Why take the have of Pancreas, can SMART data the and both we the We've podium of for impact we we're trying Jason, publication -- order, I'll seen flip take Yeah. that. to the part don't SMART got careful you be Zach, first maximize Pancreas. Yeah. that the because and

we nothing in share few So a to have at until there. point take time more steps this we

when an toxicity acute You expect both signal that see survival to early and can data. published we

Phase would answers we prospective would. SMART So on And study hopefully, multicenter We consider Pancreas. in question III your doing that controlled a randomized certainly pancreas.

to it. got, ton take at pancreas, of point are but more this have whether step-wise this to But going a not we've on we're opposed We of you're data cancers doing One in here, prostate, we SHORTER, Lung about like MIRAGE, lung. single about SCIMITAR, in cancers, the ultra-central talking six fraction talking whether FORT STAAR for of therapy hardest-to-treat and Central you're and tough-to-treat Smart certainly

We it. have differentiated that you name very pipeline oligomet, on the in going be to on kidney, We in study and front. going trial we're that front clinical We have liver, continue to of we us. a it love closely,

a other we'll it, next So in mentioned. make how to as much get more is closer release those want then you to determination the data that do the give tumor more but we to I and sites we step on think and pancreas we

Zach Stassen

just standpoint details. obviously, make from down up on that follow as a soon public we’ve can. Capital the just possibly And Day, And the Yeah. we'll nailing And scheduling we things. as on backlog to of Markets side are Jason, then

think didn’t we've quarter, out to this kind two one normal course. commented of I the it's past, system zero we take in as

as transact that instance where at backlog do ultimately to our of U.S. with currency, one select part natural to generally, contract the so universities or I light, direct, exposure to characterize have local exposure a denominated out. we but foreign is very countries, we're of quarter is in point. it number is as institutions some minimal. -- process and And when So foreign the our government relates quarter naturally Most dollars, then a we in orders would are currency, in take the our within did the as directly minimal only currency this

So not a revenue P&L side. lot the on of exposure the in

Jason Bednar

helpful. Very right. All Thanks so much.

Zach Stassen

Thanks Jason.

Operator

Your next (ph) question Furlong comes Ms. Cecilia Manus from with Stanley. Morgan

Your line is now open.

Calvin Chu

the a from Calvin quarter. great ones Cecilia. Thanks for quick me. is Congrats for This on questions. Few taking on

recently, complicated has or curious macro as staffing, to in First what or degree, centers else? cycle, data from of it supply from sort I'm standpoint the recovery instigated of has of sort resonated here, it greater or a just COVID a chain, backdrop relates data environment to or driven or centers relates standpoint bookings in with standpoint something a upcoming capital as either a what to is conversations

Scott Drake

the majority There's of stands Yeah. conversations the were to with vast in ago, I data. and we clinical of dialogue landscape success. that no that: higher with now, Calvin, years low and customers' surrounds we a our our we don't a dose, and we no five fractions customers vast that as contrast -- would reminder, where And of definition to any to this tight couple components have say of fiber-fewer fiducials, customers scour the just majority other for see or grade-X anybody toxicity, coming delivering clinical from system. ablative margins,

dynamic waiting with with that that I've influences there, thinks XX kind when thing therapy And data [indiscernible] also And he system. yesterday combination a before, you He other is that's to and long another. of then have accelerating other within I have well, times do his that in that highlighted our Florida, really as we're it’s competitive understand seeing as kind the to a California that. So you stunning clinical so a that is we've thing always markets mentioned I for customers things and us then, that you wants hub talked he a to MRIdian his on system. upto for of customer spoke and a now customer in waiting needs week

there, would systems a is examples So other that’s motivated. account one really and to travelling be then patients other example competitive

we always So but clinical get feel building beyond commercial clinical momentum you there, the in different and tend the with begins motivations to funnel. it

Calvin Chu

And ask quarter including into with I China, about you’ve been also travel to is just I restrictions country think just Scott, down. all China, of dealing new wanted helpful. I getting lock the think in to in there very the second serval now first and the date dynamics altogether. And

So think here from your on What that I'm region behind wondering, out? you you can on share outlook the worst you? is in do

Scott Drake

really in eye approval our period been we've in for that is for on China have we What for on Yeah. some our preparation linac. And market that working time. of

very working we or that's As 'XX said We and new 'XX we're we've bit a fingers share their that, is don't here anticipate bit Chindex big a to in more launch. approval There that's coming preparation later little that And for there, have anything either before, year. event. with in publicly but show versus in this later. in getting access on crossed preparing for we're up that market, a sooner closely

Calvin Chu

much. so Thanks it. Got

Scott Drake

Calvin. Thanks,

Operator

of the Mike comes Ott next Oppenheimer. with Your from line question

open. now is line Your

Mike Ott

AXi Great Congrats at Good over and the our Henry Ford thanks and on fractions XXX and launch afternoon, Scott for hear MCI. Zach. questions. to taking I'm Suraj. for with

times. if on touched at you yet quantify any least this reduced Scott, early stage know think they're the anecdotally, what at of on I seeing preparing or don't some reduced you're I the treatment times? of to treatment

Scott Drake

don't the treatment, talking out this brain at We the Difficulty] it they you if we I press anecdotal it institutions, months is We're that point. doing both to if But tracking intent the today patients feedback with in of of a for by did ago, and three adaptive [Technical MCI would would XX% you and was, doing only but what I have think this bit at very I is release or their certain gratifying, it I point. this early. design take treatments it come planes, would Mike, AXi. you, very have customers are validates know, pleased But It's six run. with said feedback were or two that not see all XX%. take to own a was treatment, -- indicated reduced me about from Yeah. little tell still

all hoping again, to too more little still it's thumbprint And think the early But increased design happy very simplification, very thus AXi time to the throughput, that of us for. put and were other of the with things look just go customers. parallel far, workflow, for then to expanding very, validated we that. let I forward a we're and happy. on launch our here We'll

Mike Ott

highlights and or in color, so for cetera. comes hear, additional on there expected Denmark other SMART in any Scott. great readouts if back that then thanks And data XX there. RSNA, data forward you radiology Curious on you ASTRO to looking to touched are abstracts in May. besides the in that, And the related to the any to Pancreas, et fall ASTRO, That's

Scott Drake

Yeah.

was I was in at that we activity the interesting ASTRO our think booth. what amount of had

the occasions booth, were we've please of little of of place spilled booth. kind activity because try on trouble the scope to anecdote, presentations in to into asked to occasions on fact, people we our paying area, the keep a taking couple over a one In and the couple got in the a attention hallway funny into of

a lot AXi, clinical about, have to an A in interest talk So program only lot interest of lot get of much our much data, hey, that in clinical but of how people not kind we I the there of interest a the there. of do in so it interest indicator of a customers data, terms understanding how of MRIdian were live.

good up not-too-distant look that we us. of the in all felt ASTRO future. coming So very to And to forward

Mike Ott

my for so Great. taking guys. questions, Thanks much

Scott Drake

Mike. Thanks,

Operator

back I There are over no at the time. Instructions] Drake, turn to call this further [Operator will you. Scott questions

Scott Drake

thanks, and it. in Look forward with appreciate you good a afternoon. everybody, to our joining checking Thanks, XX call. for in We operator, Have days. another

Operator

call. conference today's concludes This

You disconnect. may now

ViewRay (VRAYQ) 3 Aug 222022 Q2 Earnings call transcript