What happened

Shares of ViewRay (VRAY) vaulted 13.8% higher on Friday after the medical-device maker announced its first-quarter results following the market close on Thursday.

So what

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.

$1 bill folded into an arrow pointing up

Image source: Getty Images.

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.

Now what

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.