ViewRay Inc. ($VRAY) jumped in its previous trading session as the company announced receiving the FDA approval for the MRIdian Linac system, its next generation linear accelerator-based MRI-guided radiation therapy system. The first two MRIdian Linac systems in the United States are expected to be installed at Henry Ford Hospital in Detroit and Barnes-Jewish Hospital at Washington University in St. Louis.
The company also reported the financial highlights for its fourth quarter. The company obtained four new orders for MRIdian Systems in the fourth quarter of 2016, totaling $24.3 million, and 13 new orders for MRIdian Systems in 2016, totaling $77.0 million. Its cash and cash equivalents stood at $14.2 million as of December 31, 2016.
ViewRay earned revenue of $16.1 million in the fourth quarter of 2016. Its full year revenue was reported at $22.2 million. The net loss for the company stood at $11.0 million in the fourth quarter of 2016 and $50.6 million for the full year 2016. The company also reported total backlog of $133.2 million as of December 31, 2016, representing 23 signed sales contracts.
ViewRay stock has gained over 38 percent this year so far. The company stock ‘s gain in the past 12 months stands at close to 19 percent.