ViewRay Cuts FY19 Revenue Outlook, Shares Sink 50%

(RTTNews) - ViewRay Inc. (VRAY) Thursday lowered its full-year 2019 revenue outlook, sending its shares plunging more than 50% on extended trading session.

For the full year 2019, ViewRay now anticipates total revenue in the range of $80 million to $95 million, down from prior estimate of $111 million to $124 million. Analysts polled by Thomson Reuters currently estimate revenues of $118.52 million for the year.

"We are disappointed to take down guidance for the year, but we believe it is prudent given the timing of installations around year-end," said Scott Drake, President and CEO. "We remain focused on the long-term opportunity versus short term nuances and are confident that we will demonstrate the momentum of our growing pipeline and end-user demand moving forward."

Second-quarter loss widened to $30.8 million or $0.32 per share from $22.0 million or $0.30 per share last year. Revenues for the quarter rose to $30.2 million from $16.4 million a year ago.

Analysts had expected loss of $0.24 per share and revenues of $25.89 million for the quarter.

The company also announced the departure of Chief Financial Officer Ajay Bansal.

VRAY closed Thursday's trading at $6.74, up $0.23 or 3.53%, on the Nasdaq.The stock, however, dropped $3.44 or 51.04% in the after-hours trade.