Shares of ViewRay (VRAY -2.64%) vaulted 13.8% higher on Friday after the medical-device maker announced its first-quarter results following the market close on Thursday.
ViewRay's total revenue in the first quarter rose 8.4% year over year to $15.5 million. That easily beat the consensus analysts' estimate of $14.2 million.
The company posted a net loss of $26.7 million, or $0.17 per share. That result was an improvement over the net loss of $27.5 million, or $0.19 per share, recorded in the prior-year period. It also met the average analysts' estimate.
ViewRay's cash burn in Q1 totaled around $28 million, excluding the impact of its January stock offering. This was much better than its cash burn of around $36 million in the prior-year period.
The company achieved its solid revenue growth in the first quarter thanks to a 51% year-over-year increase in service revenue. Its product revenue declined slightly.
Things could be looking up for this healthcare company. During Q1, ViewRay received seven new orders for its MRIdian magnetic-resonance-guided radiation therapy system, compared to four orders in the prior-year period. The company's backlog increased nearly 15% year over year to $264.3 million.