VRAY on NASDAQ

ViewRay

Logo: viewray.com⁴

Medical technology company based in Cleveland, Ohio.¹

Price unavailable

Last updated Oct 19, 2026.

Overview

2004Founded¹

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TickerVRAY on NASDAQ¹
IndustryElectromedical & Electrotherapeutic Apparatus¹
HeadquartersCleveland¹
Websiteviewray.com
Incorporated inDE⁵
Business address2 Thermo Fisher Way, Oakwood Village, Oh 44146⁵
Legal formProfit Corporation³
LEI5493006XTUBSKFU3W106³
StatusActive³
LEI statusLapsed (not renewed)³
Registered addressC/O Business Filings Incorporated, 89703 Carson City, United States³

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ViewRay image from its website — Image: viewray.com⁴

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

9.8%Gross margin⁶

-104.8%Operating margin⁶

-105.0%Net margin⁶

45.8%Revenue growth, 2022⁶

-130.5%Return on equity⁶

0.89×Debt to equity⁶

-$95.6MFree cash flow⁶

Where the money goes

Where each dollar of revenue went, fiscal 2022

Cost of revenueResearch and development

Cost of revenue71¢$92.2M
Research and development25¢$32.4M
Interest4¢$5.1M

Out of $102.2M in revenue.⁶ The company lost money this year.

Financial statements

Revenue⁷⁸⁹¹⁰⁶$102.2M in 2022+360% since 2016

Gross profit⁷⁸⁹¹⁰⁶$10.0M in 2022

Operating income⁷⁸⁹¹⁰⁶-$107.1M in 2022+143% since 2016

Net income⁷⁸⁹¹⁰⁶-$107.3M in 2022+112% since 2016

Fiscal year	2016	2017	2018	2019	2020	2021	2022
Revenue	$22.2M⁷	$34.0M⁸	$81.0M⁹	$87.8M¹⁰	$57.0M⁶	$70.1M⁶	$102.2M⁶
Cost of revenue	$25.9M¹⁴	$27.7M¹⁴	$74.4M⁹	$93.3M¹⁰	$61.1M⁶	$69.8M⁶	$92.2M⁶
Gross profit	-$3.6M⁷	$6.3M⁸	$6.6M⁹	-$5.5M¹⁰	-$4.1M⁶	$335.0K⁶	$10.0M⁶
Research and development	$11.4M⁷	$14.7M⁸	$16.5M⁹	$23.8M¹⁰	$25.0M⁶	$31.8M⁶	$32.4M⁶
Selling, general and admin
Operating expenses						$104.0M⁶	$117.2M⁶
Operating income	-$44.2M⁷	-$48.2M⁸	-$75.1M⁹	-$120.8M¹⁰	-$106.0M⁶	-$103.6M⁶	-$107.1M⁶
Interest	$6.0M⁷	$7.2M⁸	$7.7M⁹	$4.3M¹⁰	$3.3M⁶	$4.2M⁶	$5.1M⁶
Income before tax						-$110.0M⁶	-$107.3M⁶
Income tax	$0⁷	$0⁸	$0⁹	$0¹⁰	$0⁶	$0⁶	$0⁶
Net income	-$50.6M⁷	-$72.2M⁸	-$76.4M⁹	-$120.2M¹⁰	-$107.9M⁶	-$110.0M⁶	-$107.3M⁶
Earnings per share				-$1.18¹⁰	-$0.73⁶	-$0.67⁶	-$0.59⁶
Earnings per share (diluted)				-$1.18¹⁰	-$0.73⁶	-$0.67⁶	-$0.59⁶
Shares (weighted, basic)						164.5M shares⁶	180.7M shares⁶
Shares (weighted, diluted)						164.5M shares⁶	180.7M shares⁶

Total assets¹⁴⁷⁸⁹¹⁰⁶$271.4M in 2022+457% since 2016

Total liabilities¹⁴⁷⁸⁹¹⁰⁶$189.2M in 2022+105% since 2016

Shareholders’ equity⁸⁹¹⁰⁶$82.2M in 2022

Cash¹⁴⁷⁸⁹¹⁰⁶$136.0M in 2022+858% since 2016

Long-term debt¹⁴⁷⁸⁹¹⁰⁶$73.3M in 2022+66% since 2016

Fiscal year	2016	2017	2018	2019	2020	2021	2022
Cash	$14.2M¹⁴	$57.4M⁷	$167.4M⁸	$226.8M⁹	$156.7M¹⁰	$218.3M⁶	$136.0M⁶
Receivables						$21.7M⁶	$41.4M⁶
Inventory						$29.6M⁶	$31.3M⁶
Current assets	$35.9M¹⁴	$122.7M⁷	$277.7M⁸	$311.9M⁹	$224.4M¹⁰	$283.5M⁶	$228.4M⁶
Property, plant and equipment						$20.2M⁶	$19.6M⁶
Intangible assets						$44.0K⁶	$38.0K⁶
Total assets	$48.8M¹⁴	$135.7M⁷	$295.0M⁸	$350.0M⁹	$261.6M¹⁰	$321.8M⁶	$271.4M⁶
Accounts payable						$9.2M⁶	$28.3M⁶
Short-term debt						$3.2M⁶	$0⁶
Current liabilities	$37.2M¹⁴	$56.2M⁷	$53.9M⁸	$59.1M⁹	$56.9M¹⁰	$76.2M⁶	$96.6M⁶
Long-term debt	$44.3M¹⁴	$44.5M⁷	$55.4M⁸	$54.0M⁹	$56.9M¹⁰	$54.0M⁶	$73.3M⁶
Total liabilities	$92.4M¹⁴	$133.7M⁷	$127.7M⁸	$133.8M⁹	$131.3M¹⁰	$152.0M⁶	$189.2M⁶
Retained earnings						-$737.1M⁶	-$844.5M⁶
Shareholders’ equity	-$43.7M⁸	$2.0M⁹	$167.3M¹⁰	$216.2M⁶	$130.3M⁶	$169.8M⁶	$82.2M⁶
Shares outstanding	43.6M shares¹⁴	67.7M shares⁷	96.3M shares⁸	147.2M shares⁹	148.6M shares¹⁰	179.2M shares⁶	181.6M shares⁶

Cash from operations⁷⁸⁹¹⁰⁶-$91.7M in 2022+226% since 2016

Capital spending⁷⁸⁹¹⁰⁶$3.9M in 2022−45% since 2016

Free cash flow⁷⁸⁹¹⁰⁶-$95.6M in 2022+172% since 2016

Fiscal year	2016	2017	2018	2019	2020	2021	2022
Cash from operations	-$28.2M⁷	-$70.1M⁸	-$122.2M⁹	-$79.6M¹⁰	-$63.5M⁶	-$62.1M⁶	-$91.7M⁶
Depreciation and amortization						$6.0M⁶	$4.9M⁶
Stock-based compensation						$23.9M⁶	$21.6M⁶
Capital spending	$7.0M⁷	$2.2M⁸	$3.7M⁹	$7.8M¹⁰	$6.2M⁶	$1.6M⁶	$3.9M⁶
Free cash flow	-$35.2M	-$72.2M	-$125.9M	-$87.3M	-$69.7M	-$63.6M	-$95.6M
Cash from investing						-$1.6M⁶	-$3.9M⁶
Cash from financing						$125.3M⁶	$18.3M⁶

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Leadership

Who has led ViewRay, and when. Pick a name to see everywhere that person has worked.

Chief executive

President

Chief financial officer

Chief operating officer

20052010201520202025

Chief executive officerPaul Ziegler Jr. Jul 18, 2023 to Jul 21, 2023¹⁵
Chief executive officerScott William Drake Jul 24, 2018 to Jun 16, 2023¹⁶
Chief executive officerChris Raanes Mar 30, 2016 to May 16, 2018¹⁷
PresidentScott William Drake Jul 24, 2018 to Jun 16, 2023¹⁶
PresidentChris Raanes Mar 30, 2016 to May 16, 2018¹⁷
Chief financial officerWillaim P. Burke Jan 12, 2023 to Mar 3, 2023¹⁸
Chief financial officerJacob Edward Signoriello May 22, 2023 to May 22, 2023¹⁹
Chief financial officerZachary William Stassen May 22, 2020 to Jun 2, 2022²⁰
Chief financial officerBrian Knaley Oct 10, 2019 to Mar 3, 2020²¹
Chief financial officerD. David Chandler Mar 30, 2016 to Mar 30, 2016²²
Chief financial officerAjay Bansal Jun 16, 2016 to Jul 29, 2019²³
Chief operating officerShahriar Matin Jul 24, 2018 to Mar 3, 2021²⁴
Chief operating officerDouglas Keare Mar 30, 2016 to Apr 18, 2018²⁵

Board members and other officers (27)

SVP, Customer ServicesAdam Andrew Podbelski Jul 26, 2023 to Jul 26, 2023²⁶
Chief Commercial OfficerPaul Ziegler Jr. Jun 15, 2021 to Jun 16, 2023²⁷
SVP Gen Counsel & Corp SecRobert S. McCormack Jun 15, 2021 to Mar 3, 2023²⁸
Chief Commercial OfficerJames Alecxih Sep 28, 2018 to Oct 28, 2019²⁹
Chief Scientific OfficerJames F. Dempsey Mar 30, 2016 to Mar 21, 2023³⁰
Board memberSusan C. Schnabel Mar 10, 2022 to Jan 4, 2023³¹
Board memberPhillip M. Spencer Feb 11, 2021 to Jan 4, 2023³²
Board memberKaren Prange Jun 15, 2021 to Jul 21, 2023³³
Board memberB. Kristine Johnson Apr 23, 2020 to Jul 24, 2023³⁴
Board memberGail Wilensky Jul 26, 2019 to Jan 4, 2023³⁵
Board memberYili Kevin Xie Nov 7, 2019 to Jan 5, 2022³⁶
Board memberDaniel Jeffrey Moore Mar 5, 2018 to Jan 4, 2023³⁷
Board memberR. Scott Huennekens Mar 5, 2018 to Jun 17, 2020³⁸
Board memberScott William Drake Jul 24, 2018 to Jul 20, 2023¹⁶
Board memberD. Keith Grossman Aug 1, 2018 to Jan 5, 2021³⁹
Board memberTheodore T. Wang Jan 25, 2017 to Jan 3, 2019⁴⁰
Board memberAditya Puri Mar 30, 2016 to Jan 3, 2019⁴¹
Board memberBrian K. Roberts Mar 30, 2016 to Jun 15, 2022⁴²
Board memberCaley Castelein Mar 30, 2016 to Jul 21, 2023⁴³
Board memberChris Raanes Mar 30, 2016 to May 16, 2018¹⁷
Board memberDavid P. Bonita Mar 30, 2016 to Apr 25, 2018⁴⁴
Board memberJames F. Dempsey Mar 30, 2016 to Mar 3, 2020³⁰
Board memberJoshua H. Bilenker Mar 30, 2016 to Sep 15, 2016⁴⁵
Board memberMark Stephen Gold Mar 30, 2016 to Apr 25, 2018⁴⁶
Board memberHenry A. McKinnell Apr 13, 2016 to Jan 3, 2019⁴⁷
Board memberSamuel D. Isaly Aug 24, 2016 to Jan 20, 2017⁴⁸
General counselSanket Shah Jul 26, 2023 to Jul 26, 2023⁴⁹

Timeline

Jul 18, 2023New chief executive Paul Ziegler Jr. becomes CEO¹⁵
Jul 24, 2018New chief executive Scott William Drake becomes CEO¹⁶
Mar 30, 2016New chief executive Chris Raanes becomes CEO¹⁷
2004Founded Founded¹

Filings

164 filings to the SEC since October 2021: 3 annual reports, 5 quarterly reports, 31 major events, 81 insider forms, 22 large holders, 22 other. The latest 20:

Feb 14, 2024SC 13G/A EDGAR
Feb 12, 2024SC 13G/A EDGAR
Feb 7, 2024SC 13G/A EDGAR
Sep 7, 20238-K EDGAR
Aug 14, 2023NT 10-Q EDGAR
Aug 3, 20238-K EDGAR
Jul 26, 20234 EDGAR
Jul 26, 20234 EDGAR
Jul 26, 20233 EDGAR
Jul 26, 20233 EDGAR
Jul 25, 2023144 EDGAR
Jul 25, 2023SC 13D/A EDGAR
Jul 24, 20234 EDGAR
Jul 21, 2023144 EDGAR
Jul 21, 2023144 EDGAR
Jul 21, 20234 EDGAR
Jul 21, 20234 EDGAR
Jul 21, 20234 EDGAR
Jul 21, 20238-K EDGAR
Jul 21, 2023SC 13D/A EDGAR

The 164 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

PURA VIDA INVESTMENTS, LLCSC 13G/A, 3 filings Feb 14, 2022 to Feb 14, 2024⁵⁰
Artisan Partners Limited PartnershipSC 13G/A, 3 filings Feb 4, 2022 to Feb 12, 2024⁵¹
Fosun International LtdSC 13G/A, 3 filings Nov 10, 2021 to Feb 7, 2024⁵²
Farhad Fred EbrahimiSC 13D/A, 3 filings Apr 27, 2023 to Jul 25, 2023⁵³
Hudson Executive Capital LPSC 13D/A, 3 filings Mar 9, 2022 to Jul 21, 2023⁵⁴
Neuberger BermanSC 13G/A, 2 filings Feb 10, 2023 to Jul 6, 2023⁵⁵
VANGUARD GROUP INCSC 13G, 1 filing Feb 9, 2023⁵⁶
MILLENNIUM MANAGEMENT LLCSC 13G/A, 2 filings Mar 9, 2022 to Jan 25, 2023⁵⁷
FMR LLCSC 13G/A, 2 filings Feb 9, 2022 to Apr 11, 2022⁵⁸

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataViewRay on Wikidata
2
SEC EDGARViewRay filings on SEC EDGAR
3
GLEIFViewRay LEI record (5493006XTUBSKFU3W106)
4
Company websiteViewRay logo
5
SEC EDGARViewRay filings on SEC EDGAR
6
SEC EDGARViewRay 10-K for fiscal 2022
7
SEC EDGARViewRay 10-K for fiscal 2016
8
SEC EDGARViewRay 10-K for fiscal 2017
9
SEC EDGARViewRay 10-K for fiscal 2018
10
SEC EDGARViewRay 10-K for fiscal 2019
11
SEC EDGARViewRay 10-Q for fiscal 2022
12
SEC EDGARViewRay 10-Q for fiscal 2022
13
SEC EDGARViewRay 10-Q for fiscal 2023
14
SEC EDGARViewRay 10-K for fiscal 2016
15
SEC EDGARPaul Ziegler Jr., Chief executive officer
16
SEC EDGARScott William Drake, Chief executive officer
17
SEC EDGARChris Raanes, Chief executive officer
18
SEC EDGARWillaim P. Burke, Chief financial officer
19
SEC EDGARJacob Edward Signoriello, Chief financial officer
20
SEC EDGARZachary William Stassen, Chief financial officer
21
SEC EDGARBrian Knaley, Chief financial officer
22
SEC EDGARD. David Chandler, Chief financial officer
23
SEC EDGARAjay Bansal, Chief financial officer
24
SEC EDGARShahriar Matin, Chief operating officer
25
SEC EDGARDouglas Keare, Chief operating officer
26
SEC EDGARAdam Andrew Podbelski, SVP, Customer Services
27
SEC EDGARPaul Ziegler Jr., Chief Commercial Officer
28
SEC EDGARRobert S. McCormack, SVP Gen Counsel & Corp Sec
29
SEC EDGARJames Alecxih, Chief Commercial Officer
30
SEC EDGARJames F. Dempsey, Chief Scientific Officer
31
SEC EDGARSusan C. Schnabel, Board member
32
SEC EDGARPhillip M. Spencer, Board member
33
SEC EDGARKaren Prange, Board member
34
SEC EDGARB. Kristine Johnson, Board member
35
SEC EDGARGail Wilensky, Board member
36
SEC EDGARYili Kevin Xie, Board member
37
SEC EDGARDaniel Jeffrey Moore, Board member
38
SEC EDGARR. Scott Huennekens, Board member
39
SEC EDGARD. Keith Grossman, Board member
40
SEC EDGARTheodore T. Wang, Board member
41
SEC EDGARAditya Puri, Board member
42
SEC EDGARBrian K. Roberts, Board member
43
SEC EDGARCaley Castelein, Board member
44
SEC EDGARDavid P. Bonita, Board member
45
SEC EDGARJoshua H. Bilenker, Board member
46
SEC EDGARMark Stephen Gold, Board member
47
SEC EDGARHenry A. McKinnell, Board member
48
SEC EDGARSamuel D. Isaly, Board member
49
SEC EDGARSanket Shah, General counsel
50
SEC EDGARPURA VIDA INVESTMENTS, LLC SC 13G/A on ViewRay
51
SEC EDGARArtisan Partners Limited Partnership SC 13G/A on ViewRay
52
SEC EDGARFosun International Ltd SC 13G/A on ViewRay
53
SEC EDGARFarhad Fred Ebrahimi SC 13D/A on ViewRay
54
SEC EDGARHudson Executive Capital LP SC 13D/A on ViewRay
55
SEC EDGARNeuberger Berman SC 13G/A on ViewRay
56
SEC EDGARVANGUARD GROUP INC SC 13G on ViewRay
57
SEC EDGARMILLENNIUM MANAGEMENT LLC SC 13G/A on ViewRay
58
SEC EDGARFMR LLC SC 13G/A on ViewRay