Modifications to the CRG Term Loan Agreement include:
- Addition of a
$15.0 milliontranche of borrowing capacity available at ViewRay’soption through September 30, 2017.
- Availability of the existing
$5.0 milliontranche at ViewRay’soption through June 30, 2017.
- Extension of the interest-only and PIK period to
March 31, 2020.
- Certain other changes, such as lowering the combined 2016 and 2017 revenue covenant to
$60.0 million(previously $80.0 million) and an increase in the back-end facility fee between 1.5% to 1.75%.
ViewRayreceived 2 new orders for MRIdian Linac Systems in the first quarter of 2017, totaling $12.3 million, compared to 2 orders totaling $11.2 millionin the first quarter of 2016. ViewRayalso received 3 orders in the first quarter of 2017 totaling $5.8 millionto upgrade 3 installed Cobalt Systems to Linac Systems.
- Total backlog, as of
March 31, 2017, was $144.9 millionrepresenting 25 signed sales contracts.
- Consistent with previous guidance,
ViewRaydid not recognize revenue from any new MRIdian installations or shipments in the three months ended March 31, 2017. ViewRayhad total cash and cash equivalents of $49.3 millionat March 31, 2017compared to $14.2 millionat December 31, 2016. This increase is a result of $26.1 millionraised in a private placement in January 2017and $21.5 millionin aggregate net proceeds from the sale of common stock through “at the market offerings” in February and March 2017.
Forward Looking Statements:
This press release contains forward-looking statements. 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 and installations,
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