NasdaqGM:VRAY

Stock Analysis Report

Executive Summary

ViewRay, Inc. designs, manufactures, and markets radiation therapy systems.

Snowflake

Fundamentals

Adequate balance sheet with limited growth.

Risks

  • ViewRay has significant price volatility in the past 3 months.

Similar Companies

Share Price & News

How has ViewRay's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.0%

NasdaqGM:VRAY

-0.9%

US Medical Equipment

1.3%

US Market


1 Year Return

-58.5%

NasdaqGM:VRAY

9.1%

US Medical Equipment

2.0%

US Market

VRAY underperformed the Medical Equipment industry which returned 8.7% over the past year.

VRAY underperformed the Market in United States of America which returned 1.7% over the past year.


Share holder returns

VRAYIndustryMarket
7 Day-1.0%-0.9%1.3%
30 Day-14.2%0.7%3.9%
90 Day-58.3%4.4%3.4%
1 Year-58.5%-58.5%10.0%9.1%4.2%2.0%
3 Year-16.4%-16.4%70.7%65.5%47.2%37.6%
5 Yearn/a130.7%104.3%60.5%42.9%

Price Volatility Vs. Market

How volatile is ViewRay's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is ViewRay undervalued based on future cash flows and its price relative to the stock market?

3.05x

Price to Book (PB) ratio


Intrinsic Value Based on Future Cash Flows

Unable to calculate intrinsic value for ViewRay to establish if it is available at moderate discount.

Unable to calculate intrinsic value for ViewRay to establish if it is available at substantial discount.


Price Based on Earnings

ViewRay is loss making, we can't compare its value to the US Medical Equipment industry average.

ViewRay is loss making, we can't compare the value of its earnings to the United States of America market.


Price Based on Expected Growth

Unable to calculate PEG ratio for ViewRay, we can't assess if its growth is good value.


Price Based on Value of Assets

ViewRay is good value based on assets compared to the US Medical Equipment industry average.


Next Steps

Future Growth

How is ViewRay expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

25.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

ViewRay's revenue is expected to grow significantly at over 20% yearly.

ViewRay is not considered high growth as it is expected to be loss making for the next 1-3 years.

ViewRay's revenue growth is expected to exceed the United States of America market average.

Unable to compare ViewRay's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.

Unable to compare ViewRay's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if ViewRay will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.


Next Steps

Past Performance

How has ViewRay performed over the past 5 years?

-23.5%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

ViewRay does not make a profit and their year on year earnings growth rate was negative over the past 5 years.

Unable to compare ViewRay's 1-year earnings growth to the 5-year average as it is not currently profitable.

Unable to compare ViewRay's 1-year growth to the US Medical Equipment industry average as it is not currently profitable.


Return on Equity

It is difficult to establish if ViewRay has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.


Return on Assets

It is difficult to establish if ViewRay has efficiently used its assets last year compared to the US Medical Equipment industry average (Return on Assets) as it is loss-making.


Return on Capital Employed

It is difficult to establish if ViewRay improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.


Next Steps

Financial Health

How is ViewRay's financial position?


Financial Position Analysis

ViewRay is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

ViewRay's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

ViewRay's level of debt (45.1%) compared to net worth is high (greater than 40%).

ViewRay had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 4.2x debt.


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

ViewRay has less than a year of cash runway based on current free cash flow.

ViewRay has sufficient cash runway for 1.5 years if free cash flow continues to grow at historical rates of 46.2% each year.


Next Steps

Dividend

What is ViewRay's current dividend yield, its reliability and sustainability?


Dividend Yield and Payments Analysis

Unable to evaluate ViewRay's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate ViewRay's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as ViewRay has not reported any payouts.

Unable to verify if ViewRay's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as ViewRay has not reported any payouts.


Future Payout to Shareholders

No need to calculate the sustainability of ViewRay's dividends in 3 years as they are not expected to pay a notable one for United States of America.


Next Steps

Management

What is the CEO of ViewRay's salary, the management and board of directors tenure and is there insider trading?

1.2yrs

Average management tenure


CEO

Scott Drake (51yo)

1.2yrs

Tenure

US$22,679,057

Compensation

Mr. Scott William Drake has been the President, Chief Executive Officer and Director of ViewRay, Inc., since July 24, 2018. Mr. Drake is Chairman and Director of AtriCure Inc. since May 22, 2018 and Septem ...


CEO Compensation Analysis

Scott's remuneration is higher than average for companies of similar size in United States of America.

Insufficient data for Scott to compare compensation growth.


Management Age and Tenure

1.2yrs

Average Tenure

51.5yo

Average Age

The average tenure for the ViewRay management team is less than 2 years, this suggests a new team.


Board Age and Tenure

3.3yrs

Average Tenure

49.5yo

Average Age

The tenure for the ViewRay board of directors is about average.


Insider Trading

More shares have been bought than sold by ViewRay individual insiders in the past 3 months.


Recent Insider Transactions

BuyUS$241,20015 Aug 19
Shahriar Matin
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares60,000
Max PriceUS$4.02
BuyUS$500,04813 Aug 19
Scott Drake
EntityIndividual
Role
Chief Executive Officer
President
Shares131,260
Max PriceUS$3.81
SellUS$19,503,12113 Aug 19
OrbiMed Advisors, L.L.C.
EntityCompany
Shares5,149,019
Max PriceUS$9.57
BuyUS$388,20014 Nov 18
Scott Drake
EntityIndividual
Role
Chief Executive Officer
President
Shares60,000
Max PriceUS$6.47
BuyUS$161,75014 Nov 18
Shahriar Matin
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares25,000
Max PriceUS$6.47
SellUS$7,131,29413 Nov 18
OrbiMed Advisors, L.L.C.
EntityCompany
Shares722,317
Max PriceUS$10.15

Ownership Breakdown


Management Team

  • Ajay Bansal (57yo)

    Chief Financial Officer

    • Tenure: 3.3yrs
    • Compensation: US$953.68k
  • James Dempsey (48yo)

    Chief Scientific Officer & Director

    • Tenure: 11.7yrs
    • Compensation: US$1.03m
  • Shar Matin (44yo)

    Chief Operating Officer

    • Tenure: 1.2yrs
    • Compensation: US$11.48m
  • Scott Drake (51yo)

    President

    • Tenure: 1.2yrs
    • Compensation: US$22.68m
  • Michael Saracen

    Vice President of Marketing

    • Tenure: 0yrs
  • Jim Alecxih (54yo)

    Chief Commercial Officer

    • Tenure: 1yrs
    • Compensation: US$1.76m
  • Michaella Gallina

    Senior Director of Investor Relations & Communications

    • Tenure: 0yrs
  • Rob Fuchs (52yo)

    Chief Human Resources Officer

    • Tenure: 0.9yrs
  • Robert McCormack

    Senior VP

    • Tenure: 0yrs
  • Martin Fuss

    Chief Medical Officer

    • Tenure: 0yrs

Board Members

  • Caley Castelein (48yo)

    Director

    • Tenure: 11.7yrs
    • Compensation: US$114.43k
  • Brian Roberts (48yo)

    Director

    • Tenure: 3.8yrs
    • Compensation: US$115.93k
  • Carlos Perez

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Dan Moore (58yo)

    Chairman

    • Tenure: 1.6yrs
    • Compensation: US$339.14k
  • James Dempsey (48yo)

    Chief Scientific Officer & Director

    • Tenure: 11.7yrs
    • Compensation: US$1.03m
  • Scott Drake (51yo)

    President

    • Tenure: 1.2yrs
    • Compensation: US$22.68m
  • John Bayouth

    Member of Scientific Advisory Board

    • Tenure: 3.3yrs
  • Jeffrey Bradley

    Member of Scientific Advisory Board

    • Tenure: 3.3yrs
  • Michael Steinberg

    Member of Scientific Advisory Board

    • Tenure: 3.3yrs
  • R. Huennekens (54yo)

    Director

    • Tenure: 1.6yrs
    • Compensation: US$311.30k

Company Information

ViewRay, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ViewRay, Inc.
  • Ticker: VRAY
  • Exchange: NasdaqGM
  • Founded: 2004
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Market Cap: US$375.210m
  • Shares outstanding: 98.48m
  • Website: https://www.viewray.com

Number of Employees


Location

  • ViewRay, Inc.
  • 2 Thermo Fisher Way
  • Oakwood
  • Ohio
  • 44146
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VRAYNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDJul 2015
6L9DB (Deutsche Boerse AG)YesCommon StockDEEURJul 2015

Biography

ViewRay, Inc. designs, manufactures, and markets radiation therapy systems. The company offers MRIdian, a magnetic resonance image-guided radiation therapy system to image and treat cancer patients. Its MR ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/16 00:24
End of Day Share Price2019/09/13 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.