Shares in ViewRay (NSDQ:VRAY) fell today despite the medical device maker posting first quarter earnings that beat expectations on Wall Street.
The Cleveland-based company posted losses of $7.5 million, or 11¢ per share, on sales of $26.2 million for the three months ended March 31, seeing losses shrink 73% while sales grew over 2000% compared with the same period during the previous year.
Losses per share were ahead of the 19¢ consensus on Wall Street, where analysts expected to see sales of $12.1 million, which the company handily topped.
“During the first quarter we continued to build momentum by generating new orders to surpass the 50 MRIdian system order milestone and installing four Linac systems and upgrading one MRIdian Cobalt system. We also received Shonin approval to market our MRIdian Linac system in Japan, the world’s third largest market for radiation oncology. The growing interest in our technology was demonstrated by the attendance of hundreds of oncology experts at our recent symposia in Amsterdam and at ESTRO in Barcelona, who heard about the compelling advantages of the MRIdian System in clinical use,” prez & CEO Chris Raanes said in a press release.
ViewRay reiterated its financial guidance for the full year, expecting to post sales of between $80 million and $90 million.
Despite the positive posting, shares have fallen 3.6% today, at $7.46 as of 10:46 p.m. EDT.
