Viewray (VRAY) Receives a Buy from B.Riley FBR

In a report released today, Andrew D’silva from B.Riley FBR maintained a Buy rating on Viewray (VRAYResearch Report), with a price target of $9. The company’s shares closed yesterday at $6.74.

D’silva wrote:

“ViewRay (VRAY) reported 2Q19 results, AMC, 8/8, and posted a top-line/adj. EPS/adj. EBITDA of $30.1M/$(0.27)/$(20.3M), vs. our/consensus’ estimates of $24.8M/$(0.26)/$(19.3M) and $25.9M/$(0.23)/$(21.1M), respectively. The top-line beat was primarily due to VRAY installing 5 MRIdian Linacs versus our expectation for 4. The bottom-line miss was due to higher opex. Meanwhile, management lowered its 2019 guidance, from a top-line of $111M-$124M and cash burn of $65M-$75M, to a top-line of $80M–$95M and cash burn of $80M-$90M. Guidance compared unfavorably to our/consensus’ previous top-line estimates of $118.1M/ $118.5M—our FCF estimate was $(68.3)M.”

According to TipRanks.com, D’silva is a 3-star analyst with an average return of 2.9% and a 40.2% success rate. D’silva covers the Healthcare sector, focusing on stocks such as Cumberland Pharmaceuticals Inc, Sensus Healthcare Inc, and Anixa Biosciences Inc.

Viewray has an analyst consensus of Strong Buy, with a price target consensus of $9.83, implying a 45.8% upside from current levels. In a report issued on July 25, Northland Securities also assigned a Buy rating to the stock with a $20 price target.

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Based on Viewray’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $33.36 million. In comparison, last year the company had a GAAP net loss of $21.99 million.

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ViewRay, Inc. engages in the design, manufacture and market magnetic resonance imaging (MRI) system. It develops MRIdian to address the key limitations of existing external-beam radiation therapy technologies, and employs MRI-based technology to provide real-time imaging that clearly defines the targeted tumor from the surrounding soft tissue, and other critical organs, both before and during radiation treatment delivery. The company was founded by Dinara Akzhigitova on September 6, 2013 and is headquartered in Oakwood Village, OH.