UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2020

 

ViewRay, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-37725

42-1777485

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

2 Thermo Fisher Way

Oakwood Village, Ohio

 

44146

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (440) 703-3210

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01

 

VRAY

 

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

 

On April 30, 2020, ViewRay, Inc. (“ViewRay” or the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2020. The press release is attached hereto as Exhibit 99.1.

 

The information in this Item 2.02 of this Current Report on Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), or incorporated by reference in any filing of ViewRay under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On April 30, 2020, ViewRay, Inc. (the “Company”) issued a press release announcing the appointment of Zachary (“Zach”) Stassen as Chief Financial Officer of the Company, effective May 18, 2020. Upon Mr. Stassen becoming Chief Financial Officer, Brian Knaley will no longer serve as Interim Chief Financial Officer. The press release is attached hereto as Exhibit 99.2.

 

Mr. Stassen has over 20 years of experience in the medical device and healthcare industry. Prior to joining ViewRay (from 2017), he served as Chief Financial Officer and Chief Operating Officer for Bolder Surgical, an innovative, privately held company that develops and markets laparoscopic surgical devices. From 2014 to 2017, he held various finance and business development roles at The Spectranetics Corporation, including Vice President of Finance, before its acquisition by Royal Philips. Between 2013 to 2014, Mr. Stassen served as an Account Executive for NetSuite, Inc., and from 2011 to 2013 maintained his self-established strategic planning consultancy, Z Stassen, LLC.  Between 2010 to 2011, Mr. Stassen served as Co-founder and Chief Financial Officer at Emerge Medical, a device company focused on generic orthopedic trauma products, which was acquired by Cardinal Health. From 2005 to 2008, he worked for Piper Sandler’s (formerly Piper Jaffray) medical technology investment banking group. Mr. Stassen earned a master’s degree in business administration from the Kellogg School of Management at Northwestern University, and a bachelor’s degree from Drake University.

 

Offer Letter to Mr. Zachary Stassen

 

Pursuant to the Offer Letter, dated April 20, 2020, Mr. Stassen will receive an annual base salary of $340,000. However, as each employee is currently being paid a reduced salary as part of the Company’s COVID-19 mitigation strategy, Mr. Stassen’s initial annual salary will be $272,000 until the Company achieves established business milestones. Depending on business performance and economic circumstances, Mr. Stassen may recover lost income if outcomes are achieved.

 

Mr. Stassen is also eligible to participate in the Company’s Performance Based Bonus Plan. His target performance bonus is equal to 50% of his base salary, with a threshold of 25% and a maximum of 100% of his base salary. The Company will also grant equity in the Company valued at $1,250,000. This grant will be awarded in the form of both options to purchase shares of the company’s common stock and restricted stock units.

 

The equity awards described above will be granted subject to the terms and conditions set forth in a separate grant agreement and the Company’s 2015 Equity Incentive Award Plan, as amended (the “Plan”). Twenty-five percent of the shares subject to such options will vest on the one-year anniversary of the grant date, with the remaining shares vesting in equal monthly installments over the three years following the first anniversary, subject to his continued service through each such vesting date. One-third of the restricted stock units will vest on each of the first three anniversaries of the grant date, subject to his continued service through each such vesting date. A copy of the complete Offer Letter is attached to this Current Report on Form 8-K as Exhibit 10.1, and the terms of the Offer Letter are incorporated herein by reference.

 

 


 

 

There are no arrangements or understandings between Mr. Stassen and any other persons pursuant to which he was appointed as an officer, and Mr. Stassen has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Stassen does not have a family relationship with any member of the Board or any executive officer of the Company.

 

Item 7.01 Regulation FD Disclosure.

 

The information set forth under Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

 

The information in this Item 7.01 of this Current Report on Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act, or incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

ExhibitNumber

Description

10.1

Offer Letter to Zachary Stassen dated April 20, 2020.

99.1

Press Release dated April 30, 2020 announcing financial results for the fiscal quarter ended March 31, 2020.

99.2

Press Release dated April 30, 2020 announcing the appointment of Zach Stassen as Chief Financial Officer.

 

 


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

VIEWRAY, INC.

 

 

 

 

Date: April 30, 2020

 

By:

/s/ Robert S. McCormack

 

 

 

Robert S. McCormack

 

 

 

Senior Vice President, General

Counsel and Corporate Secretary

 

 

vray-ex101_19.htm

Exhibit 10.1

 

April 20th, 2020

 

 

Zachary W. Stassen

 

Dear Zachary,

Congratulations! We are excited to extend you an offer of employment with ViewRay Technologies, Inc.  The details of your offer are as follows:

 

Position:

Chief Financial Officer. Reporting to Scott Drake. This is a regular, full-time position.

Location:

1595 Wynkoop St., Suite 900 Denver, CO 80202

Start Date:

May 18th, 2020

Compensation:

Your annual salary will be $340,000.00 or $13,067.92 bi-weekly.

Each member of our team is currently being paid a reduced salary as part of our COVID-19 mitigation strategy. Therefore, your initial annual salary will be $272,000.00 or $10,461.54 bi-weekly until we achieve our established business milestones. Depending on business performance and economic circumstances, you may recover lost income if the outcomes are achieved.

You will also be eligible to participate in the Company’s Performance Based Bonus Plan. This bonus plan is based on corporate goals established by the Company’s Board of Directors. At 100% to plan, this bonus plan will provide an opportunity to earn 50% of your base salary in variable incentive compensation. Actual incentive compensation may range from 0% - 200% of the target based on performance to goals.  For the first calendar year it is prorated based on your start date.

You will be eligible for our executive level severance package.

Your position is classified as exempt from overtime.

 


 

Equity:

You will be granted equity in the Company valued at $1,250,000.00. This grant will be awarded as a mixture of Stock Options and Restricted Stock Units (RSUs). The total value of this grant will provide you with a 0.4% ownership stake in the Company.

Stock options awarded as part of this grant will be subject to the terms and conditions set forth in a separate grant agreement and the Company’s 2015 Stock Incentive Plan, as amended (the “Plan”).  The Option will be exercisable at a price per share equal to the fair market value of the Company’s common stock on the date the Option is granted.  During the periods of your full employment with the

Company, the shares subject to the Option will vest over a 4-year period as follows:

The first 25% of the shares subject to the Option will vest 12 months after the vesting commencement date (currently anticipated to be your Start Date) and the remainder will vest in equal monthly installments for the remaining 36 months.  

RSUs awarded as part of this grant are subject to the terms and conditions set forth in a separate grant agreement and the Company’s 2015 Stock Incentive Plan, as amended (the “Plan”). During the periods of your full employment with the Company, the award will fully vest over a three-year period. One-third of the award will vest 12 months after the grant date, and additional one-third will vest 24 months after the grant date, and the final one-third will vest 36 months after the grant date.

Any awards are subject to the approval of the Compensation Committee of the Board of Directors. Assuming your start date above, your Grant Date will be TBD, or the following business day.

Paid Time Off

20 days of paid time off annually (which is earned as you work) and 2 days of personal holiday.  We also have 9 company holidays.

 

Health Benefits

We offer teammates medical, dental and vision insurance plans. Coverage begins on your start date. ViewRay pays 100% of the premium for both Short Term Disability up to 66 2/3% of your weekly salary and Long-Term Disability up to 66 2/3% of your base monthly salary, for approved claims per plan. ViewRay also pays 100% of the premiums for basic life and AD&D insurance up to 1.5x your base annual salary or $250,000. Other plans include HSA, FSA, accident, critical illness, hospital indemnity, legal, voluntary life and AD&D, and an Employee Assistance Program.

401K

You are eligible to begin contributions to the Company’s 401k plan on the first payroll date in the month following your hire date.

 

A summary of the benefits available to you is attached. For the full details please refer to the benefits guide. The Company reserves the right from time to time to change the company benefits and related plans.  

 

Consistent with state law, your employment with the Company will be “at-will.”  This means that your employment with the Company will not last for any specific period of time, and either you or the Company can terminate your employment without notice and for any reason or for no reason.  This offer is expressly conditioned upon your successful completion of the Company’s pre-employment screening process, including references, a background check and drug screen (depending on the position).  As part of your employment at the Company, you are required

 


 

to sign the attached Confidentiality and Restrictive Covenant agreement, and at all times, you are required to comply with the Company’s corporate policies and procedures.  

 

By accepting this offer, you represent and warrant that (i) you are not bound by any employment contract, restrictive covenant or other restriction preventing you from entering into employment with or carrying out your responsibilities for the Company and (ii) you will not bring to the Company any confidential or proprietary information or material of any former employer; disclose or use such information or material in the course of your employment with the Company; or violate any other obligation to your former employers.   Further, you agree to execute any and all documentation necessary for the Company to verify your right to work in the United States and to conduct a background check, and you expressly release the Company from any claim arising out of the Company’s verification of such information.

 

If you wish to accept this offer, please sign and return this letter (keeping a copy for yourself). Your signature below indicates your acceptance of the terms of this offer and the representations contained above.  This offer is valid through 4/24/20. If you have any questions, feel free to call me.

We appreciate the time you have invested in this process and we look forward to welcoming you to our team!

 

Sincerely,

 

/s/ Rob Fuchs_____________________________________________

Rob Fuchs, Chief Human Resource Officer

Viewray Technologies, INC.

 

 

Acknowledged and accepted:

 

/s/ Zachary Stassen_________________________________________

Name

April 20, 2020           _________________________________________

Date

 

 

vray-ex991_6.htm

Exhibit 99.1

ViewRay Reports First Quarter 2020 Results

 

CLEVELAND, April 30, 2020 — ViewRay, Inc. (Nasdaq: VRAY) today announced financial results for the first quarter ended March 31, 2020.

 

First Quarter 2020 Highlights:

 

Total revenue of $14.3 million, primarily from three revenue units including one system upgrade, compared to $20.3 million, primarily from four revenue units including one system upgrade, in the first quarter of 2019.

 

Received four new orders for MRIdian systems totaling $22.6 million, compared to seven new orders totaling $42.8 million in the first quarter of 2019.

 

Total backlog was $230.8 million as of March 31, 2020, compared to $237.5 million as of March 31, 2019.

 

Cash and cash equivalents were $190.2 million as of March 31, 2020.

 

The Company is withdrawing its 2020 guidance, provided on March 12, 2020, as the full impact of COVID-19 remains unknown.

 

The Company announced Zach Stassen as Chief Financial Officer.

 

“As we manage in this challenging environment, we are focused on what we can control.  Value creation lies in driving our clinical, innovation and commercial pipeline while enhancing efforts to conserve capital,” said Scott Drake, President and CEO.  “On another important note, we are excited to welcome Zach Stassen as our Chief Financial Officer.  Zach has an excellent track record as an operator and CFO in the medical technology space. I’d like to thank our Interim-CFO, Brian Knaley, for his work to drive the business forward over the last several quarters.”

First Quarter 2020 Financial Results:

 

Total revenue for the three months ended March 31, 2020 was $14.3 million compared to $20.3 million for the same period last year.

 

Total cost of revenue for the three months ended March 31, 2020 was $16.4 million compared to $25.6 million for the same period last year. Total cost of revenue in the first quarter of 2019 was impacted by approximately $7.0 million of charges, primarily driven by higher than anticipated installation costs related to historical upgrade commitments.

 

Total gross profit (loss) for the three months ended March 31, 2020 was $(2.1) million, compared to $(5.4) million for the same period last year.

 

Total operating expenses for the three months ended March 31, 2020 were $27.9 million, compared to $25.0 million for the same period last year.

 

Net loss for the three months ended March 31, 2020 was $27.5 million, or $0.19 per share, compared to $33.4 million, or $0.34 per share, for the same period last year.

 

ViewRay had total cash and cash equivalents of $190.2 million at March 31, 2020.

 

Financial Guidance

 

Given the existing uncertainty related to COVID-19 globally, the Company is withdrawing 2020 guidance, issued on March 12, 2020, as the full impact of coronavirus remains unknown.


 

Conference Call and Webcast

 

ViewRay will hold a conference call to discuss results on Thursday, April 30, 2020 at 4:30 p.m. ET / 1:30 p.m. PT. The dial-in numbers are (844) 277-1426 for domestic callers and (336) 525-7129 for international callers. The conference ID number is 8982097. A live webcast of the conference call will be available on the investor relations page of ViewRay's corporate website at www.viewray.com.

 

After the live webcast, a replay of the webcast will remain available online on the investor relations page of ViewRay's corporate website, www.viewray.com, for 14 days following the call. In addition, a telephonic replay of the call will be available until May 7, 2020. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use the conference ID number 8982097.

 

About ViewRay

 

ViewRay®, Inc. (Nasdaq: VRAY), designs, manufactures, and markets the MRIdian® radiation therapy system. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purposely built to deliver high-precision radiation without unnecessary beam distortion, and consequently, help to mitigate skin toxicity and other safety concerns that may otherwise arise when high magnetic fields interact with radiation beams.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the rate of new orders, upgrades and installations, ViewRay's financial guidance for the full year 2020 and ViewRay's conference calls to discuss its first quarter 2020 results. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length and severity of the recent COVID-19 (coronavirus) pandemic, including its impacts across our businesses on demand, operations and our global supply chains, the results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates, and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Reports on Form 10-Q, as updated periodically with the company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.


 

VIEWRAY, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

Product

 

$

11,470

 

 

$

18,874

 

Service

 

 

2,661

 

 

 

1,291

 

Distribution rights

 

 

119

 

 

 

119

 

Total revenue

 

 

14,250

 

 

 

20,284

 

Cost of revenue:

 

 

 

 

 

 

 

 

Product

 

 

13,129

 

 

 

22,033

 

Service

 

 

3,228

 

 

 

3,615

 

Total cost of revenue

 

 

16,357

 

 

 

25,648

 

Gross margin

 

 

(2,107

)

 

 

(5,364

)

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

6,337

 

 

 

5,031

 

Selling and marketing

 

 

5,823

 

 

 

4,885

 

General and administrative

 

 

15,788

 

 

 

15,109

 

Total operating expenses

 

 

27,948

 

 

 

25,025

 

Loss from operations

 

 

(30,055

)

 

 

(30,389

)

Interest income

 

 

695

 

 

 

220

 

Interest expense

 

 

(1,038

)

 

 

(759

)

Other income (expense), net

 

 

2,866

 

 

 

(2,433

)

Loss before provision for income taxes

 

$

(27,532

)

 

$

(33,361

)

Provision for income taxes

 

 

 

 

 

 

Net loss and comprehensive loss

 

$

(27,532

)

 

$

(33,361

)

Net loss per share, basic and diluted

 

$

(0.19

)

 

$

(0.34

)

Weighted-average common shares used to compute net loss per

   share attributable to common stockholders, basic and diluted

 

 

147,457,116

 

 

 

96,741,309

 

 



 

VIEWRAY, INC.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

190,208

 

 

$

226,783

 

Accounts receivable

 

 

21,490

 

 

 

16,817

 

Inventory

 

 

55,031

 

 

 

55,031

 

Deposits on purchased inventory

 

 

4,235

 

 

 

6,457

 

Deferred cost of revenue

 

 

3,554

 

 

 

3,466

 

Prepaid expenses and other current assets

 

 

5,849

 

 

 

3,310

 

Total current assets

 

 

280,367

 

 

 

311,864

 

Property and equipment, net

 

 

23,570

 

 

 

23,399

 

Restricted cash

 

 

1,860

 

 

 

1,404

 

Intangible assets, net

 

 

54

 

 

 

55

 

Right-of-use assets

 

 

11,175

 

 

 

11,720

 

Other assets

 

 

1,717

 

 

 

1,577

 

TOTAL ASSETS

 

$

318,743

 

 

$

350,019

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,232

 

 

$

13,739

 

Accrued liabilities

 

 

16,310

 

 

 

21,390

 

Customer deposits

 

 

16,307

 

 

 

9,662

 

Operating lease liability, current

 

 

2,332

 

 

 

2,264

 

Current portion of long-term debt

 

 

6,222

 

 

 

1,556

 

Deferred revenue, current

 

 

9,861

 

 

 

10,457

 

Total current liabilities

 

 

58,264

 

 

 

59,068

 

Deferred revenue, net of current portion

 

 

3,193

 

 

 

3,553

 

Long-term debt

 

 

49,375

 

 

 

53,995

 

Warrant liabilities

 

 

2,504

 

 

 

5,373

 

Operating lease liability, noncurrent

 

 

9,865

 

 

 

10,479

 

Other long-term liabilities

 

 

1,528

 

 

 

1,377

 

TOTAL LIABILITIES

 

 

124,729

 

 

 

133,845

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized

   at March 31, 2020 and December 31, 2019; no shares issued and outstanding

   at March 31, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock, par value of $0.01 per share; 300,000,000 shares authorized at

   March 31, 2020 and December 31, 2019; 147,396,985 and 147,191,695 shares

   issued and outstanding at March 31, 2020 and December 31, 2019

 

 

1,464

 

 

 

1,462

 

Additional paid-in capital

 

 

739,258

 

 

 

733,888

 

Accumulated deficit

 

 

(546,708

)

 

 

(519,176

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

194,014

 

 

 

216,174

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

318,743

 

 

$

350,019

 

 



 

Contact:

 

Investor Relations:

Michaella Gallina

Vice President, Chief of Staff, Head of Investor Relations and Communications

ViewRay, Inc.

1-844-MRIdian (674-3426)

Email: investors@viewray.com

 

Media Enquiries:

Karen Hackstaff

Vice President, Strategy and Brand

ViewRay, Inc.

Phone: +1 408-242-2994

Email: media@viewray.com

 

vray-ex992_18.htm

Exhibit 99.2

ViewRay Names Zach Stassen as Chief Financial Officer

 

CLEVELAND, April 30, 2020 – ViewRay, Inc. (Nasdaq: VRAY) announced today that Zach Stassen has been named Chief Financial Officer, effective May 18, 2020. Mr. Stassen will report directly to Scott Drake, President and Chief Executive Officer.

 

Mr. Stassen has over 20 years of experience in the medical device and healthcare industry. Most recently he served as Chief Financial Officer and Chief Operating Officer for Bolder Surgical, an innovative, privately held company that develops and markets laparoscopic surgical devices. Prior to Bolder Surgical, he held various finance and business development roles at Spectranetics, including Vice President of Finance, before its acquisition by Royal Philips. Previously, Mr. Stassen was Co-founder and Chief Financial Officer at Emerge Medical, a device company focused on generic orthopedic trauma products, which was acquired by Cardinal Health. He also spent time with the Piper Sandler (formerly Piper Jaffray) medical technology investment banking group. Mr. Stassen earned a master’s degree in business administration from the Kellogg School of Management at Northwestern University, and a bachelor’s degree from Drake University.  

 

“I’d like to thank our Interim-CFO, Brian Knaley, for his work to drive the business forward over the last several quarters,” said Scott Drake, President and CEO. “After an extensive search, we are pleased to welcome Zach Stassen as Chief Financial Officer of ViewRay. He possesses a deep understanding of the medical device industry, and his financial expertise will be a valuable asset to our organization.”

 

"I'm very excited to join ViewRay,” said Mr. Stassen. “The Company’s ground-breaking technology and relentless focus on improving the lives of cancer patients is inspiring. I am looking forward to contributing to the next phase of growth as we work to transform the paradigm of care in radiation oncology.”

About ViewRay 

 

ViewRay®, Inc. (Nasdaq: VRAY), designs, manufactures, and markets the MRIdian® radiation therapy system. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purposely built to deliver high-precision radiation without unnecessary beam distortion, and consequently, help to mitigate skin toxicity and other safety concerns that may otherwise arise when high magnetic fields interact with radiation beams. 

 

Forward-Looking Statements 

 

This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the rate of new orders, upgrades and installations, ViewRay's financial guidance for the full year 2020 and ViewRay's conference calls to discuss its first quarter 2020 results. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length and severity of the recent COVID-19 (coronavirus) pandemic, including its impacts across our

 


 

businesses on demand, operations and our global supply chains, the results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates, and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Reports on Form 10-Q, as updated periodically with the company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

 

Contact: 

 

Investor Relations: 

Michaella Gallina 

Vice President, Chief of Staff, Head of Investor Relations and Communications 

ViewRay, Inc. 

1-844-MRIdian (674-3426) 

Email: investors@viewray.com  

 

Media Enquiries: 

Karen Hackstaff 

Vice President, Strategy and Brand 

ViewRay, Inc. 

Phone: +1 408-242-2994 

Email: media@viewray.com