ViewRay cuts FY23 revenue view to up 0%-15% from up 25%-40%, consensus $136.37M

The company said, "The Company is updating its 2023 guidance based on delayed installation schedules and growing financial pressures impacting schedule of deliveries, particularly for international distributors. The Company is reducing its revenue guidance range to approximately zero to 15% growth for fiscal 2023 compared to its previous guidance range of 25% to 40% growth. The Company also updated its Adjusted EBITDA guidance range to a loss of $75 million to $85 million for fiscal 2023 compared to its previous guidance range of a loss of $70 million to $80 million. Cash usage in the first quarter of 2023 was approximately $57 million, primarily due to a working capital impact caused by delays in cash collections from international customers and outlays for inventory. As a result, we anticipate that our cash balance of $86 million will get us into the first quarter of 2024. We intend to decrease cash usage to a range of $25 million to $50 million in 2024, inclusive of our operating expense initiatives."