- Earnings call transcript Q3 2022

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Operator

Good day and thank you for standing by. Welcome everyone to the ViewRay Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. hand Director over for to today, your like Harrison, Matt Investor now the to call speaker I'd Relations. Please go ahead.

Matt Harrison

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

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

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

Scott Drake

and Good I'll financial with our afternoon, Matt. call. QX Thanks, Today, everyone, to begin welcome results. our

centers to clinical Birmingham recent UK their to to looking in key care and next MR our Houston Gilbert forward one China to at motivated premier Following their our highlighted outline depth added to best represents the that, two number cancer provide program orders which their from highly and orders financials order another total family. brings to into key are possible are to a the our the highlights, VA and approval and I'll of our take We're MRIdian Anderson, and they in third excited to new them veterans. welcome an we centers events Zach the opening go by MD we and in the GenesisCare world guidance to QX, announced at of Linac to six. takeaways level. update Upstate MRIdian Houston bring commercial ASTRO. the eight In look Q&A. the New SUNY VA we is and MD York. will wins XXXX including line wins, Anderson

grew Our backlog XX% up revenue XX%. $XXX year, and at now stands million over prior

quarter is prior at highlight or in Another margin, over points XXX gross came year. which XX% this roughly basis

team us deliver XX% for XXX margin about perhaps and consecutive to from for year revenue basis in upside puts a gross improved a second execution XXXX was year points this million. by the Solid in our of full bit quarter Cash year. with $XX growth used position

gross reinforce in and advanced that by me components, to growth, are key purchase and supply Let we manufacturing cash chain investing utilizing fuel margin. of to improve processes mitigating in-sourcing risk

are sight drive tapping we're seeing We our breakeven in order and our in line operating continue book to revenue expect growth we to equity markets. without and will that, gross of margin confident leverage,

Turning to Slide X.

trials. LAP-ABLATE. care, X to the LAP-ABLATE trial MRIdian to will no is about multi-center, radiation in important compare to patient chemo locally for XX the chemo in failures standard Conventional benefit. conventional times, months we shared pancreatic are mission trial alone. line note Right LAP-ABLATE. several following the our in that targeting success plus As our many survival the arm randomized XX was Pancreas of SMART Therapy. It's chemotherapy Survival one SMART proved others treat trial the global prove with cancer. mission plus is to chemo benefit in failed and what trial, in can't. pancreatic is versus months radiation similar of population current in examined we cancer we a Headlining that The controlled have has a to which survival prove LAPXX trial, and Phase announced these radiation advanced

substantially expand lung in for and radiation has will are proof central Treat pancreas prolongs are this trials changed survival treated in accelerating Chung where attempting in and conventional prove to ultra of striving are MRIdian Mike states pancreatic advanced intended what customers and for and meaningful chemotherapy two critical increase, therapy central of and and doing fundamentally both MRIdian a of and We prove deserve. survival trials Lung evidence alone are Dr. how in the years the valuable e and LAP-ABLATE and versus patients provide therapy this failed. that for other addressable clinical provide can't, seek LAP-ABLATE market success, investigators process deeply further STAAR These path our With he worldwide''. these our is the so, paradigm solution MRIdian respectively. that, others in launch disease cancer, a international locally to indeed. the randomized adoption. "excited differentiating SMART trial five-fraction to

Slide to Turning X.

infrastructure. the on healthcare prospect are of is to positioned reach health, We're the and excited help therapy. industry expectancy Linac China. focused is second this We growing of the currently largest the has world. about one cancer the improving million in The plenty China Linac and market MRIdian. the China opportunity approval and people expanding the of per access policy room million. to fastest Chinese in to MRIdian Linac roughly of Healthy life leaving per to four China of is MRIdian needs address excited of announce recommendation well XXXX expansion benefits

the sexual the of incontinence. half, cut cut and treatment form for treatment by margins the fact the XX%. generating. Slide toxicity the XX%, for response remarkable in There include X, was to and healthy tissue are took by volume of show lines effects patients great XX ViewRay. toxicity dysfunction Quick life-altering MIRAGE data the We cut our clinical customers opportunity to arm ASTRO about prostate Acute punch full about the data. to that was MRIdian month Turning highlight these great a takes

the taking and this the enough, are loved proud in enough. is Clinical proven the in on the forward also has also path anyone for encouraged one will trial first table. calling is on prospective in a Too very good grateful ablate UCLA signal. your randomized this to our control and is deliver in pancreatic true survival safely There We often are good cancer. a illuminate card. dose card the if smart Certainly regarding Customers head-to-head by isn't the science is data. ability industry this time the great is trial. of calling This feedback was pancreas

As a both users I ease demonstrated AXi data, our the customers enhancements foundation at upon these pancreas Phase their considerable the building use clinical and of the for have we're mentioned, of AXi. control stories was our about as Also trial. randomized buzz show, about X the there Current, lot shared of LAP-ABLATE, innovations.

to and are We launch forward look our rollout. expanding now AXi of global the

one, three It's and MRIdian is clinical single in see impactful studies Take say had trials two small presentations. large session three meetings. impact Number main we energizing Number the center All pipelines. prospective reported interest had I'd we our of years sets of posters as a these clinical or fair to year, to clinicians. innovation are have innovation enhancements back This clinical high. of data to step as led or next-generation outcomes combined points. highlight two, talks. and ago, brief commercial the the

Young, we Zach. as Coast threefold working. from MRIdian in an West therapy pleased our One last marketing to And preparing strategy demand. program and highly Both three, hungry in opportunity. strategy. East and QX pursue of of data physicists a career MRIdian years Clinical our to much with a customer Coast is with customer four MRIdian on the as the change customers for field and increased MRIdian motivated our number dollars. radiation defining very I'm our saw 'XX see proud on progress to QX is this increase are I'll their turn with data patients oncologists are of over more driving that fourfold and update, prostate zero With it 'XX, systems. team treated

Zach Stassen

filing third this and our I'll our XXXX our cover and Full quarter Scott. press guidance. results can will to today's be XX-Q Today, subsequent to we release, bound business call. Thanks, details in updates be

Slide our team the orders results X, in eight another quarter, to $XX in delivered solid over Turning value. million totaling with

a XX% prior quarter and data introduced the and XX% revenue XX% margin by was million. product nearly basis was product combination a delivering market. nearly strategy the we increased patient prior grew by units. units. backlog at feature revenue in $XX.X is improvement XXX roughly revenue The demonstrating additional recently Gross set clinical in period. around of highlighted working. increase growth evidenced year versus driven in the approximately our period impacting margin XXX increasing the the is energy MRIdian ending the XX%, versus The driven Gross are AXi to million positive of quarter Revenue quarter was led awareness leverage by our a Our point ASTRO margin XX%, the the during by year

path this and quarter-to-quarter bounce position to the we done from about solidly to we feel amount Gross based for bit a installations, expect, the trend as quarter a expansion tremendous work Our of gross margin team ahead. is will has good the positive. but on us the is why margin timing well proof of around

year a million gross prior XX XX point operating more versus basis expenses in the improvement period the in Operating year a solid XXX For leverage. quarter than demonstrating in to deliver we are row, second in position million were a margin. the in

as our $X.XX are the per our to balance. XX offset million $X.XX increased share foreseeable was ways million looking growth sheet, are largely These as balance for cash gain million the was the We outpace year $XX net growth Other share Other expense the the increases OpEx warrants a to more prior to Net in by a income on or expect well income the by meaningfully we X.X continually operate are borrowing on was and compared costs. period. or and efficiently on in loss for quarter. loss sales future. earning impacted interest of both quarter for per

use, quarter approximately Turning cash and to deploying quarter. order solidify on are chain the liquidity with finish persists in inventory mitigate approximately hand. those $XX growth. We risks, in $XXX million strong cash in million a risk to we cash to fuel position the we Supply in to use

increased of end new cash. challenging Slide prior between proud million $XX from use delivering from raising primarily are timing million million team revenue the now an guidance and we range what to Let's $XX we are $XX with system is use, visibility our for $XXX growth payments. front, is differences we We couple to X. will believe The $XX million is $XX of of range a environment. bottom our cash year-to-date, approximately be million to again million. on XX%, million. year XXXX Shifting in have on and in utilized guidance on increase large discuss from confidence of the The to and XX% $XX derived a cash Based range the implied

impact an on regularly to payment the can related and do project timing can are issues track, collection, and inner have of system result for year construction timelines but change types the and to these dynamic. shipments and in be We permitting with timing. high in While deal quarter can routinely confidence

us allows delivered on a commercial margin date finally, basis look to benefit available growth we said current and in to financial we assumptions ahead at improvement backlog not leverage. in with We collection our pipeline said and our XXX gross year. Year-to-date, delivered meet additional objectives. XXXX resources a well approximately are the XX% to expense in deliver regarding additional clear would us up need We path to encouraged XX%. to Year-to-date, our we towards operating XX, we delay we our expect we will We cash, growth full our our these said believe progress X,XXX believe the will XXX the we capital remain revenue progress long-term to to provide given path by would making robust objectives. do we our take deliver basis QX. which On raise Slide points. what set XX% we cash. that We are would breakeven equity points confident we and of meaningful see And deliver let's drive for

forward clinical benefits realize Our we grow and on continue our revenue steps the strategy took growth fronts. year, continues to infrastructure. the and as This we our innovation, into growth outpace of OpEx to significantly financial material

in stages early the are the in new Our impacting data market. clinical innovations of

the confidence On flow we positive front, them ability and reach financial our cash to are bolsters continue expect to the years breakeven. and into in trends future

Investor line to Turning business Day. you some market the diving can New Q&A. virtually that, users at Slide to and you upcoming our importantly we York or key With on outlook, you open look operator, strategy, for for into of to forward deeper person November will more in from XX. our hope please opportunity, in attend hear XX, We our

Operator

from comes question Instructions] line Piper Our [Operator you. Thank with the Sandler. of first Jason Bednar

is open. Your now line

Jason Bednar

run of but and to the on, your hoping X cancer. I here evidence why and do you we ASTRO question Good start another are there couple I the pancreatic afternoon. goes a to all in or that need not recently Congrats to there, is the for with accomplish on from Primarily Same show? all to are of benefit. MRIdian conventional trial here. have picture another radiotherapy. release safety in from wanted to one the just at out like mean, us the A you that big feel the data trial? you outcomes What or than customer evidence patient better maybe touch Maybe clearly survival partners, data items understand, help saw quarter launch guys. I decision, Phase

you that you it is already single a point more there? indication then to data a to of follow this RCT like I've have? think drive for again, adoption? is, more you provide color you what don't So ups. question couple got Do uptake? trial another any Or a Just need have does sticking the And

Scott Drake

Yes, in from would a weigh you and me like. first he add welcome thanks for of VP with color Clinical guess, cancer. of and ton that Paul to us, I oncology. one our of guidelines our in and question. perspective, is macro Strong to as him kind time spend It's We oncologists the let consortiums. with our trial this pancreatic any are field that clinical engaging aware Jason, I our the others to incredibly an is also tell radiation MAB you is medical change believe that, customers and beyond for run really just And would and important necessary a

an I think proving in as have central that I we And in prepared And and in more here. value FORT. doing now tough-to-treat the think broadly Chung, those, central cancers people we benefit cancers that and we've think said, treat cancers, the as credit lung. fundamentally if SCIMITAR, and the change and I to I as Mike we're done MIRAGE give prove and us said pursuing in with nail SHORTER toughest ultra remarks, to So, really opportunity, in landscape will I and survival common we also are pancreas, quoting such

part So, much clinical it's very the of strategy.

any and Let to then welcome me follow-up to there, ask, in, Jason. you're Strong ask Dr. weigh

Dr. Paul Strong

little many about I'd is and thanks Yes, Jason, We color oncology that would referring oncology. agree more physicians. point within to these even Scott. make just data oncology, surgery a add we radiation we on the medical Scott's patients might know radiation as of not that it have very powerful but

moves the to into in So, referring of a and of onto that level convinces the need guideline really proving other halos one set differentiates, evidence to larger have the one and the population MRIdian toughest that sites. treat cancers tumor of idea the

a in add a only Scott. clinical that's strategic trial investment differentiate, it's really my So, and there, yes, to

Jason Bednar

ahead your XXXX, guidance the what don't just Scott have on temperature, looking take wanted but revenue in here, here modeling to one, picture doing I growth to XX% of top bigger but maybe another you're we streets Maybe, XXXX. know

in, since we're you've that and mentioned I that a of the level I P&L not to word the how the those big strength for to medtech free description. closer ability past, sustain and in of year? forward that or growth the with you in the in XXXX transition just guess similar months the to at we're, about isn't quarter, feeling growth you you line? a gross weigh in a we're comments. one reported seeing to in made seeing step comfortable emblematic you're XX% the the And you're maybe that one right tier top Zach, now then, transition take have you margins top feel another less still in profile Is question fits at a think just few margins light last next

Scott Drake

able completely four but numbers, Day very more revenue And up us short rev years pipeline eyes. stop at our that see and going here few of from you before top-line tier you Jason, pipeline of that I'm as tell and growth, clinical fueled anticipate hear drew top our can We right ago. Yes, you'll to being a I we to in course. much happening specific weeks. wrote our Investor by deliver just it our is or being innovation three what

also have really We said expansion. attractive translate gross that revenue will growth into that very margin

both a and And points year. gross margin do we'll and think a be this in sourcing. saw timeframe continue that OpEx our better, with timeframe. And this out You I expansion take 'XX cost cost in maybe million to bit and last 'XX top-line that to growth basis down that flip positivity that in to to XXX plus margin going that allows that's goods discipline that 'XX, with along augmented business 'XX, timeframe. and dollars out growth 'XX cash at of anticipate year in to program targeting top-line drive gross flow tight of what the about concurrently is is 'XX happen about our to expansion going really I

going So, it of where as ago. we happening Again, good good that but specific feel I'll several innovation comments, it's really about well. perspective about as feel We financially stop good we really just feel clinically we years really any of from this short drew up business that. an is all and

Operator

Thank you.

from comes Rick Our next Wise line question Stifel. with of the

is line Your now open.

Rick Wise

we Or orders? what expand see a mean folks Scott, the the translates about in a how as into hoping meeting is, of having can, described where that just you the mean? understand What's second you and all Hi, you'd the to on an had you great obviously, you maybe had, Does install. impactful what logistics you half imagine meetings. progress. should orders? year? help great a environment, macro commercial ability us your way ASTRO Scott, with How part transformed to received talked was that that Zach, data, of talk And company this that as about you excellent meeting great that, I

seeing So accelerate. Are given at given momentum? might, to if forward going backlog the this the backlog, rate we're we you commercial able faster install a

Scott Drake

Yes, absolutely, Rick.

is having answering take that the and about first, the me that best way talk cut at I can installations to a where and question exemplary let centered and then where we're describe terms industry the technology, three I emblematic ASTRO just think it or of ago, logistics is this when conversation years around So were ASTRO is as two well. contrast The we of been. in today has we'll which conversations historically really

time X find about You X what and Phase spending technology talking what data. in versus technology of is form does companies prospective more their generally the their Phase

customer, data, we think, and that, how contrast multiple customers given all differentiate a about program making customer. area in about a ground the to a MRIdian's cancer they're if a strategies impact talking in MRIdian the they're can if a get I really of conversations are in new And really having center. that off they we're and clinical we're deploying significant stark with an today are existing

gone Phase So, of Phase data. about talking was and how today how prospective we've about to MRIdians are of X we're industry that MR most sense competitive changing, technology, of an in kinds of little gratified things Linac, there's the that these of how you X the multiple But to is a all from terms and playing dynamic out. you Hard where different where tell kind in describing things bit is, gives markets Rick. hopefully talking

good very feel we that. about So,

of has as couple and be logistics to the challenging environment to for relates continues installations, it As been years. past the it

chain whack-a-mole, will, you items. supply We are playing if on

well challenges, they're run I expand job Our XXXX, think, done and four remarkable got standpoint, installation and we And and positioned into that team capacity in we've large really still a well we and has these abating, From I managing advance. think but difficulty very for growth in here the there. are plenty capacity warning we that anticipate by of to beyond. through a

think I So, well-positioned, Rick. very we are

story, think macro strong us. kind and our I building Jason into feed gross And ago, and we adjusted in I EBITDA of quickly of the theme that revenue are we solid kind we Today, future. was. building balance were really street A a and growth the and growth relatively obviously the of staying and are looked switched a of taking margin question revenue with given way where at a we orders company, your story years into story out orders kind that's think revenue are and where sheet growth. on the few and the business think I we

but So wish. I to in of dig hope areas happy that's you those responsive, any as

Rick Wise

Yes.

us rapidly to It's comments market. incredibly to was on start the one move help something accelerate, you clearance. hopefully does your visible? on growing early start your funnel China because Scott, be But experience we or have you'd will or better hoping more when me accelerate initial I you. understand maybe see I obviously, expand approval, your since days. an early other your Thank month a has it commercialization the plans. question. Let as to mind? revenues been and you when about partner say, And China know orders in to it's Does huge your partnership got order

Scott Drake

way preparing is, long to us are Chindex all a medtech think upside on facets period for view required until very our give little very really an it model, to about different time. as are But in capable I under of opportunity. for the viewing very more that's investors time I this partner smart a to everybody's how China the are would China, of it been here. has get that I'm succeed. The belt, we're a opportunity of we a of Yes. excited launch with Rick, dig positioning we in. bit little They

traveling programs to publicly that out really some for near-term. me what in But As of before, the surprise I've is not are relative see MRIdian China that us, are markets come said us patients catalyzes to. it orders working, would for

California, Florida, et these UK, Midwest before Northeast, have and examples the cetera. We about talked upper

don't little being any take get to us to China. enthusiastic. that while want as to commentary to come a I going in not that that's point across of us So

us street but are, We China. with I momentum business our in opportunity, the of don't and this get to that's ahead building want the beyond

Rick Wise

do Elekta's for as to you what of Elekta, describe if question, most sneak automated your going don't the this CE How Unity in you, you recently I'm want announcement ViewRay's to think comprehensive, headwind in they MRIdian? this non-issue, system one for mind. of received true strategy, a management approval us extra future gating context validation Mark functionalities. a your some competitor a combination of of about commercialization, Is tracking, Thank Scott. all that?

Scott Drake

Rick. Yes. Thank you,

Here's anybody -- They and view clinical dose the do very of look I to that deliver customer's their it point for they higher are. five do want to and able or fiducials, clinical important and We lower that's terms think safely. customers we of with margins, more or our clear Rick, are our want deliver of want deliver kind tight consistently, definition success. than in foremost to no ablative much and kind to and first of grade Candidly, fewer three an toxicity. is that of fractions, They therapy that no mine. data

of as far I've therapy. deliver else anybody aware, seen that So not I'm kind

require is meaningful data as just Phase they deserve and patients that to I'm care. therapeutic decisions really and to judgment there and better our that X point Phase going So, really and customers X clinical reserve for to make continue data. for

Operator

you. Thank

Marie Our from comes next BTIG. Thibault with question

Your line is open.

Marie Thibault

geographies? your certainly, high another order for U.S. sounds like and get to the Is any or similarly and you in Wanted hear to the could things particularly optimistic? there different and feeling CapEx take, is in Scott. question thinking Europe Wanted funnel on level the of I APAC. quite hesitancy spending open of if here hear any there are environment are healthy Maybe We're your any

Scott Drake

question. thanks Marie, for first the

really questioning it. I way of on have continue conversations for that eye have our signal. you of area, in that this a any did I much and quarter see same this look to had think we we ago and very We kind between, in concerning the we line

seen as haven't We any yet.

many You to ASTRO tell gosh, even seem at the talking I and from even programs they for-profit be thereof. customer to interested were how really couldn't very we had around all conversations and expansion And world. hospitals, in MRIdian you

So, is the pretty But continues that good on it, being us. our we pollyanna, and pretty moment. definitely feel we very for have strategic bucket at in be of but don't it advantageous capital I positive want to think to eye

Marie Thibault

then, part, my both follow-up, any revenue brief glad a Is on just and with AXi And there I'm questions, to that's two that. check go on underway. probably very back the maybe clarification notes that? my see should forgetting rollout, involved

on revenue is then for impact around want any Just the to of there clarify. And payment recognition? revenue Zach from the that decoupled risk that at system Thanks to related again is payment, receipt and completely all or taking for questions.

Scott Drake

You got it, Marie.

highest a for includes tech customers that plan us real getting level service In AXi, refresh. driver our onto been has it terms for of

vast very in future associated with and So tech And in would of there level it there bolster Zach. event that a that fact I'll turn Innovations revenue that majority revenue a driver the think has refresh, are selecting been as high doesn't customer system think will but And the customers have I be in pretty an fact with upgrade, AXi it. one it service. of to I that significant payments, over associated to relates attractive

Zach Stassen

Yes.

shipments about we on system I machines moving Marie, and revenue great So, no feel risk, think time.

by sometimes it happens or is, get we impacted the quarter add can definition I and to rerelated really course nature. things construction think to be permitting install in months, delays what little a a here and as timelines to closer that normal of

yes, overall. given any the impact no terms And no demand revenue deal, payment sometimes just but risk, to on

Operator

you. Thank

of line Chris comes the from question next Our [indiscernible].

Your line is now open.

Unidentified Analyst

Devon question. Chris. is my Hi, kicking this Thanks for for

challenges, have grow in one, budgets, quick I was know to challenges. backlogs or seen updates hospital scheduling delays just qualitative because and far and one as there, there supply CapEx some any of peers some of due Just your commentary also as and installation staffing

provide any just wanted updates there. you So could

Scott Drake

on is peers we industry different bucket timing, alluding bit these Yes. a time-to-time impact harbored to think the certainty either in us Marie's of we're Frankly, some similar, I question larger customers hereto but differently. can probably of capital share payments. significant replacement than would a impact revenue a safe or or where and of And timing, versus I construction programs. that these ourselves somewhat little spot have payment our in delays as area from strategic permitting bit really not find delays macro headwinds that a capital. the that we're And are our very of

relatively well we're protected So, I think there.

up but you follow hopefully for So that's a responsive happy your wish. to if again, question,

Operator

Instructions] comes line of Opp from [Operator with Our question Mike the next Ott Co.

Your now line open. is

Mike Ott

I Suraj. on Zach, I'm believe updated launch a you for you expanding, XXX know our call Don't questions. have if Thanks numbers mentioned, you for any live and is two there? AXi have over I the you customers can fractions. Scott, that at know were guys Scott taking done share and last

Scott Drake

cranking at I know a we're our it. bunch. what number the don't are is, with Mike, customers but

the first much have AXi it, not the know but with regulatory globally confident roll has satisfied And their pending opening one they've we're I that and our this we with don't from or We third QX. done that customer any to installation ready of up customer approvals to this are point. we're treatments here very that almost very very based at kind required market feel feedback their out whether upon complete in aperture next.

we're get and excited hands. of all positive our customers' very to is into this feedback So,

Mike Ott

the increased mix making the And to supply up fair timing issues a as collection of cash the XX, of that that Scott. you're of guide Zach some XX is chain inventory investments then it well XXXX for usage that as characterize to Thanks, mentioned? to Excellent. the as kind

Scott Drake

it's that a our clinical expansion. and would happening said that's heard Yes. micro a yielded XX% see, really that year a been saying both have last think items, investors growth. that, And for years to that, I and perspective. we times for you have those understand any Mike, basis innovation would approximately pipeline year. XXX that important newer We drive growth points in this gross margin drive many macro It's perspective, from we ViewRay macro growth. and two cash From Mike. now Exactly,

expansion flow set tight growth allows up business And top-line are 'XX for we and flip, and timeframe. very year discipline coupled this to revenue expansion that better well with 'XX to or what cash the margin gross that do in in will positivity is OpEx and this We really 'XX, 'XX.

indigenous on. get the we not And quarter-to-quarter the for perspective, out, we a we forward then remarks look When micro business. of that's from to to from Zach out, something both a the equity construction in that prepared glove We that and milestone just and believe with in deal see has Q&A, path that's installation tap pointed collections then that's a this basis. on So with markets Company to point will that's stuff project ourselves push go push fluctuations, a that, out to that real that's macro perspective, very will have achieving. do in cash as we positivity, regular that a to hand

and to perspective both the So, understand the have important you the are business. in from micro for it's macro investors two cash components those and think this it, really a nailed I

Mike Ott

That's for helpful update. color. the right. All very Scott. Thanks

Operator

Thank you.

Our next with from comes Li Young Jefferies. question

line open. Your now is

open. Please your button. check your line is mute Young Lee,

Young Li

at Thanks taking and good kind of that. question. forward have to I'm looking presented XXXX. data the question, about I I really ASTRO Sorry guess first for guess some curious, you just

if us of ones more on Was the some That's can Lung timing some for clinical like key have expected in STAAR trials. FORT? SHORTER, You maybe progress. wondering you and update

Scott Drake

Young, what, forthcoming. some to I'm to Dr. to are know touch highlights over Strong turn You on going that that

Dr. Paul Strong

of nearing SHORTER briefly which is, really is study study single expect a Yes, at toxicity about very will in following and come to will And online The Scott. SMART-X we that. and year. know excited That for looking Thanks time. the trial some multiple clinical that data from Lung acute then That many tumors sure. XXXX enrollment, for see in Yes, treatment about patients. single fraction STAAR open take MRIdian end enrollment.

project data, today open we So I when ongoing. see will and that that is can't but

will to obviously Pancreas from that data follow-up continue look So at then we studies I in complete think some some coming big the years. for SMART will and data

to So is responsive question. hopefully that your

Young Li

one give weeks? you wondering, us should Markets two Day guess Capital quick was I what just in helpful. for if expect at like I very some Yes, follow-up. the we can preview

Scott Drake

Yes.

are innovation our Zach business going we a year good kind a being alike. all some strategy, you front taking for excited a pipeline, that leaders And the of cancers are to our said, of of MRIdian where how business guidance answer for clinical beginning in kind [Technical we you opportunity is and time one an investors MRIdian how generated the very data ask important, our this as think of will sixth Young, progressing give will think, our executive we're them questions year. or toughest the calendar view, provide have pretty view a investors here of to very and well, also be more four. how commercial get that's why many to And clinical to the in business we're our And to about rolls there long doing MRIdian in terms to treat few system. I our years really third, reinvesting will cancers because to give Difficulties] overall key of to of of on in we're the put P&L? up customers wonder questions, of that the the understand, pipeline, next our opinion of first so a pipeline, I the also of second, financially a always common It's at we been to very,

the we our in the to be that with highlights time forward those and and will of think I investors. that viewpoint really So, look sharing event

Operator

showing back closing Drake over currently for no a to I'm hand questions. remarks. Scott And At to call further I'd time, this like

Scott Drake

very Take in November your evening. much New York. seeing everybody. Look you in have Thanks care interest for and ViewRay. forward Thank XX a good you to

Operator

conference you This concludes today's participating. Thank for call.

You may now disconnect.

ViewRay (VRAYQ) 2 Nov 222022 Q3 Earnings call transcript