Intrinsic value of ViewRay - VRAY

Previous Close

$6.75

  Intrinsic Value

$0.01

stock screener

  Rating & Target

str. sell

-100%

Previous close

$6.75

 
Intrinsic value

$0.01

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of VRAY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  54
  84
  126
  183
  258
  354
  475
  624
  803
  1,015
  1,260
  1,540
  1,857
  2,209
  2,597
  3,021
  3,480
  3,974
  4,500
  5,060
  5,651
  6,274
  6,927
  7,611
  8,325
  9,070
  9,846
  10,654
  11,493
  12,365
Variable operating expenses, $m
  74
  114
  170
  247
  349
  479
  643
  844
  1,087
  1,372
  1,704
  2,084
  2,511
  2,988
  3,514
  4,087
  4,708
  5,375
  6,088
  6,844
  7,644
  8,487
  9,371
  10,296
  11,262
  12,270
  13,320
  14,412
  15,547
  16,727
Fixed operating expenses, $m
  38
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
Total operating expenses, $m
  112
  153
  209
  287
  390
  521
  686
  888
  1,132
  1,418
  1,751
  2,132
  2,560
  3,038
  3,565
  4,139
  4,762
  5,430
  6,144
  6,901
  7,702
  8,547
  9,432
  10,358
  11,326
  12,335
  13,387
  14,480
  15,617
  16,798
Operating income, $m
  -57
  -68
  -84
  -105
  -132
  -167
  -211
  -264
  -328
  -404
  -491
  -591
  -704
  -829
  -968
  -1,118
  -1,281
  -1,456
  -1,643
  -1,842
  -2,052
  -2,273
  -2,505
  -2,747
  -3,001
  -3,265
  -3,540
  -3,826
  -4,124
  -4,433
EBITDA, $m
  -54
  -63
  -76
  -93
  -116
  -144
  -180
  -224
  -277
  -339
  -410
  -492
  -585
  -687
  -800
  -924
  -1,057
  -1,201
  -1,354
  -1,517
  -1,688
  -1,869
  -2,059
  -2,258
  -2,465
  -2,681
  -2,907
  -3,141
  -3,384
  -3,638
Interest expense (income), $m
  0
  7
  17
  34
  58
  91
  134
  189
  259
  345
  448
  569
  710
  872
  1,054
  1,256
  1,480
  1,724
  1,988
  2,271
  2,574
  2,896
  3,236
  3,595
  3,971
  4,364
  4,775
  5,204
  5,650
  6,114
  6,597
Earnings before tax, $m
  -64
  -85
  -118
  -163
  -223
  -301
  -400
  -523
  -673
  -851
  -1,061
  -1,302
  -1,576
  -1,883
  -2,224
  -2,598
  -3,005
  -3,444
  -3,915
  -4,416
  -4,948
  -5,509
  -6,099
  -6,718
  -7,365
  -8,040
  -8,744
  -9,476
  -10,238
  -11,030
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -64
  -85
  -118
  -163
  -223
  -301
  -400
  -523
  -673
  -851
  -1,061
  -1,302
  -1,576
  -1,883
  -2,224
  -2,598
  -3,005
  -3,444
  -3,915
  -4,416
  -4,948
  -5,509
  -6,099
  -6,718
  -7,365
  -8,040
  -8,744
  -9,476
  -10,238
  -11,030

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  214
  330
  494
  716
  1,010
  1,389
  1,864
  2,448
  3,150
  3,979
  4,941
  6,040
  7,281
  8,663
  10,186
  11,848
  13,648
  15,582
  17,648
  19,842
  22,160
  24,602
  27,165
  29,847
  32,649
  35,570
  38,613
  41,779
  45,070
  48,491
Adjusted assets (=assets-cash), $m
  214
  330
  494
  716
  1,010
  1,389
  1,864
  2,448
  3,150
  3,979
  4,941
  6,040
  7,281
  8,663
  10,186
  11,848
  13,648
  15,582
  17,648
  19,842
  22,160
  24,602
  27,165
  29,847
  32,649
  35,570
  38,613
  41,779
  45,070
  48,491
Revenue / Adjusted assets
  0.252
  0.255
  0.255
  0.256
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
Average production assets, $m
  19
  29
  43
  62
  88
  121
  162
  213
  274
  346
  430
  525
  633
  753
  886
  1,030
  1,187
  1,355
  1,535
  1,725
  1,927
  2,139
  2,362
  2,595
  2,839
  3,093
  3,358
  3,633
  3,919
  4,217
Working capital, $m
  13
  20
  29
  43
  60
  83
  111
  146
  188
  237
  295
  360
  434
  517
  608
  707
  814
  930
  1,053
  1,184
  1,322
  1,468
  1,621
  1,781
  1,948
  2,122
  2,304
  2,493
  2,689
  2,893
Total debt, $m
  103
  208
  355
  555
  820
  1,161
  1,589
  2,114
  2,746
  3,492
  4,357
  5,347
  6,463
  7,707
  9,078
  10,574
  12,194
  13,935
  15,794
  17,768
  19,855
  22,053
  24,359
  26,773
  29,295
  31,924
  34,662
  37,511
  40,474
  43,553
Total liabilities, $m
  192
  297
  444
  644
  909
  1,250
  1,678
  2,203
  2,835
  3,581
  4,447
  5,436
  6,553
  7,796
  9,167
  10,663
  12,283
  14,024
  15,883
  17,857
  19,944
  22,142
  24,448
  26,862
  29,384
  32,013
  34,752
  37,601
  40,563
  43,642
Total equity, $m
  21
  33
  49
  72
  101
  139
  186
  245
  315
  398
  494
  604
  728
  866
  1,019
  1,185
  1,365
  1,558
  1,765
  1,984
  2,216
  2,460
  2,716
  2,985
  3,265
  3,557
  3,861
  4,178
  4,507
  4,849
Total liabilities and equity, $m
  213
  330
  493
  716
  1,010
  1,389
  1,864
  2,448
  3,150
  3,979
  4,941
  6,040
  7,281
  8,662
  10,186
  11,848
  13,648
  15,582
  17,648
  19,841
  22,160
  24,602
  27,164
  29,847
  32,649
  35,570
  38,613
  41,779
  45,070
  48,491
Debt-to-equity ratio
  4.820
  6.300
  7.190
  7.750
  8.120
  8.360
  8.520
  8.640
  8.720
  8.780
  8.820
  8.850
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -64
  -85
  -118
  -163
  -223
  -301
  -400
  -523
  -673
  -851
  -1,061
  -1,302
  -1,576
  -1,883
  -2,224
  -2,598
  -3,005
  -3,444
  -3,915
  -4,416
  -4,948
  -5,509
  -6,099
  -6,718
  -7,365
  -8,040
  -8,744
  -9,476
  -10,238
  -11,030
Depreciation, amort., depletion, $m
  4
  5
  8
  12
  17
  23
  31
  40
  52
  65
  81
  99
  119
  142
  167
  194
  224
  256
  290
  326
  364
  404
  446
  490
  536
  584
  634
  685
  739
  796
Funds from operations, $m
  -61
  -80
  -110
  -151
  -206
  -278
  -369
  -483
  -621
  -786
  -980
  -1,203
  -1,456
  -1,741
  -2,057
  -2,404
  -2,781
  -3,188
  -3,625
  -4,091
  -4,585
  -5,106
  -5,654
  -6,228
  -6,829
  -7,456
  -8,110
  -8,791
  -9,499
  -10,235
Change in working capital, $m
  5
  7
  10
  13
  18
  23
  28
  35
  42
  49
  57
  66
  74
  82
  91
  99
  107
  115
  123
  131
  138
  146
  153
  160
  167
  174
  182
  189
  196
  204
Cash from operations, $m
  -66
  -87
  -119
  -164
  -224
  -301
  -398
  -518
  -663
  -836
  -1,037
  -1,268
  -1,530
  -1,823
  -2,148
  -2,503
  -2,888
  -3,304
  -3,749
  -4,222
  -4,723
  -5,251
  -5,806
  -6,388
  -6,996
  -7,631
  -8,292
  -8,980
  -9,695
  -10,439
Maintenance CAPEX, $m
  -2
  -4
  -5
  -8
  -12
  -17
  -23
  -31
  -40
  -52
  -65
  -81
  -99
  -119
  -142
  -167
  -194
  -224
  -256
  -290
  -326
  -364
  -404
  -446
  -490
  -536
  -584
  -634
  -685
  -739
New CAPEX, $m
  -7
  -10
  -14
  -19
  -26
  -33
  -41
  -51
  -61
  -72
  -84
  -96
  -108
  -120
  -132
  -145
  -157
  -168
  -180
  -191
  -202
  -212
  -223
  -233
  -244
  -254
  -265
  -275
  -286
  -297
Cash from investing activities, $m
  -9
  -14
  -19
  -27
  -38
  -50
  -64
  -82
  -101
  -124
  -149
  -177
  -207
  -239
  -274
  -312
  -351
  -392
  -436
  -481
  -528
  -576
  -627
  -679
  -734
  -790
  -849
  -909
  -971
  -1,036
Free cash flow, $m
  -75
  -100
  -139
  -192
  -261
  -350
  -462
  -599
  -764
  -959
  -1,186
  -1,445
  -1,737
  -2,063
  -2,422
  -2,814
  -3,239
  -3,696
  -4,184
  -4,702
  -5,250
  -5,827
  -6,433
  -7,067
  -7,730
  -8,420
  -9,140
  -9,888
  -10,667
  -11,476
Issuance/(repayment) of debt, $m
  59
  105
  147
  200
  265
  341
  428
  525
  632
  746
  866
  990
  1,116
  1,244
  1,371
  1,496
  1,620
  1,741
  1,859
  1,974
  2,087
  2,197
  2,306
  2,414
  2,522
  2,629
  2,738
  2,849
  2,962
  3,079
Issuance/(repurchase) of shares, $m
  86
  97
  134
  185
  252
  339
  448
  582
  743
  934
  1,157
  1,412
  1,700
  2,021
  2,376
  2,764
  3,185
  3,638
  4,121
  4,636
  5,180
  5,753
  6,356
  6,986
  7,645
  8,332
  9,048
  9,793
  10,567
  11,373
Cash from financing (excl. dividends), $m  
  145
  202
  281
  385
  517
  680
  876
  1,107
  1,375
  1,680
  2,023
  2,402
  2,816
  3,265
  3,747
  4,260
  4,805
  5,379
  5,980
  6,610
  7,267
  7,950
  8,662
  9,400
  10,167
  10,961
  11,786
  12,642
  13,529
  14,452
Total cash flow (excl. dividends), $m
  70
  101
  142
  194
  256
  329
  414
  508
  611
  721
  837
  957
  1,079
  1,202
  1,325
  1,446
  1,566
  1,682
  1,797
  1,908
  2,017
  2,124
  2,229
  2,333
  2,437
  2,541
  2,646
  2,753
  2,863
  2,976
Retained Cash Flow (-), $m
  -86
  -97
  -134
  -185
  -252
  -339
  -448
  -582
  -743
  -934
  -1,157
  -1,412
  -1,700
  -2,021
  -2,376
  -2,764
  -3,185
  -3,638
  -4,121
  -4,636
  -5,180
  -5,753
  -6,356
  -6,986
  -7,645
  -8,332
  -9,048
  -9,793
  -10,567
  -11,373
Prev. year cash balance distribution, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -14
  4
  8
  9
  4
  -9
  -34
  -74
  -133
  -214
  -320
  -455
  -621
  -819
  -1,051
  -1,318
  -1,619
  -1,955
  -2,325
  -2,728
  -3,163
  -3,630
  -4,127
  -4,653
  -5,208
  -5,791
  -6,402
  -7,039
  -7,705
  -8,397
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -13
  4
  7
  7
  3
  -7
  -23
  -46
  -76
  -112
  -152
  -194
  -236
  -275
  -309
  -335
  -352
  -360
  -358
  -347
  -327
  -301
  -270
  -237
  -203
  -169
  -137
  -109
  -84
  -63
Current shareholders' claim on cash, %
  50.0
  34.4
  24.5
  17.8
  13.2
  9.9
  7.5
  5.7
  4.4
  3.4
  2.6
  2.0
  1.6
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

ViewRay, Inc. designs, manufactures and markets MRIdian, the magnetic resonance imaging (MRI)-guided radiation therapy system to image and treat cancer patients simultaneously. The Company offers radiation therapy technology combined with magnetic resonance imaging. MRIdian integrates MRI technology, radiation delivery and the Company's software to locate, target and track the position and shape of soft-tissue tumors while radiation is delivered. MRIdian delivers radiation to the tumor accurately while delivering less radiation to healthy tissue. MRIdian provides real-time imaging that defines the targeted tumor from the surrounding soft tissue and other critical organs during radiation treatment. MRIdian allows physicians to record the level of radiation exposure that the tumor has received and adapt the prescription between fractions as needed.

FINANCIAL RATIOS  of  ViewRay (VRAY)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

VRAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRAY stock intrinsic value calculation we used $34.042 million for the last fiscal year's total revenue generated by ViewRay. The default revenue input number comes from 0001 income statement of ViewRay. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VRAY stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for VRAY is calculated based on our internal credit rating of ViewRay, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ViewRay.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VRAY stock the variable cost ratio is equal to 135.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $37 million in the base year in the intrinsic value calculation for VRAY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 16.3% for ViewRay.

Corporate tax rate of 27% is the nominal tax rate for ViewRay. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VRAY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VRAY are equal to 34.1%.

Life of production assets of 5.3 years is the average useful life of capital assets used in ViewRay operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VRAY is equal to 23.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1.987 million for ViewRay - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 67.654 million for ViewRay is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ViewRay at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Why ViewRay Inc. Is Sinking Today   [Nov-09-18 01:31PM  Motley Fool]
▶ ViewRay: 3Q Earnings Snapshot   [04:44PM  Associated Press]
▶ ViewRay® to Participate in Upcoming Conferences   [Aug-31-18 08:01AM  PR Newswire]
▶ VRAY: Solid Q2, FY2018 Guidance Intact. New CEO Outlines Vision for Growth   [Aug-13-18 02:15PM  Zacks Small Cap Research]
▶ ViewRay: 2Q Earnings Snapshot   [Aug-03-18 07:53AM  Associated Press]
▶ ViewRay, Inc. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Here's Why ViewRay Jumped 37% Today   [Jul-25-18 11:39AM  Motley Fool]
▶ Should You Buy ViewRay Inc (NASDAQ:VRAY) At US$07.07?   [Jun-26-18 01:51PM  Simply Wall St.]
▶ May Growth Stocks To Look Out For   [May-27-18 12:02PM  Simply Wall St.]
▶ ViewRay: 1Q Earnings Snapshot   [May-10-18 05:07PM  Associated Press]
▶ Harry Boxers biotech-stock breakouts to watch   [Apr-19-18 11:55AM  MarketWatch]
▶ VRAY: 2018 Could Be Pivotal For ViewRay   [Mar-21-18 02:30PM  Zacks Small Cap Research]
▶ What Is ViewRay Incs (NASDAQ:VRAY) Share Price Doing?   [Mar-12-18 01:58PM  Simply Wall St.]
▶ ViewRay reports 4Q loss   [07:37AM  Associated Press]
▶ ViewRay, Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ ViewRay® to Participate in Upcoming Conferences   [Feb-27-18 08:30AM  PR Newswire]
▶ BRIEF-ViewRay Announces $59 Mln Equity Financing   [Feb-26-18 08:38AM  Reuters]
▶ VRAY: 2017 Financial Highlights. What To Expect In 2018   [Jan-16-18 03:00PM  Zacks Small Cap Research]
▶ ETFs with exposure to ViewRay, Inc. : December 11, 2017   [Dec-11-17 02:15PM  Capital Cube]
▶ ETFs with exposure to ViewRay, Inc. : November 30, 2017   [Nov-30-17 02:36PM  Capital Cube]
▶ ViewRay® to Participate in Upcoming Conferences   [Nov-21-17 04:01PM  PR Newswire]
▶ VRAY: Financial Results For Third Quarter 2017. Revising Revenue Guidance   [Nov-20-17 03:00PM  Zacks Small Cap Research]
▶ Why ViewRay, Inc. Jumped Today   [Nov-16-17 04:39PM  Motley Fool]
▶ ViewRay reports 3Q loss   [Nov-13-17 07:13AM  Associated Press]
▶ ViewRay, Inc. to Host Earnings Call   [06:10AM  ACCESSWIRE]
▶ Here's Why ViewRay, Inc. Is Rising Today   [Nov-03-17 02:00PM  Motley Fool]
▶ ViewRay Raises $50 Million through Sale of Common Stock   [Oct-24-17 06:51PM  PR Newswire]
▶ ETFs with exposure to ViewRay, Inc. : October 4, 2017   [Oct-04-17 11:03AM  Capital Cube]

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