ViewRay, Inc (VRAY) saw its loss widen to $27.96 million, or $0.54 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $13.37 million, or $0.35 a share.

Revenue during the quarter plunged 77.51 percent to $1.23 million from $5.46 million in the previous year period. Gross margin for the quarter period stood at positive 15.08 percent as compared to a negative 19.65 percent for the previous year period.

Operating loss for the quarter was $10.95 million, compared with an operating loss of $12.07 million in the previous year period.

"The first quarter was a transformational quarter for the company. We received FDA clearance for the MRIdian Linac in February and ended the quarter with $49.3 million in cash and cash equivalents. We are also encouraged by the impressive clinical results reported by MRIdian users at our biggest European trade show, ESTRO, in a variety of cancers, including pancreas, gastrointestinal and prostate," said Chris A. Raanes, president and chief executive officer of ViewRay. Mr. Raanes added, "We continue to build commercial momentum with MRIdian Linac in the U.S. and international markets. The two new orders for MRIdian Linac and three orders for upgrades to existing Cobalt systems are the beginning of our expected order ramp following our FDA clearance."

For financial year 2017, ViewRay, Inc expects revenue to be in the range of $45 million to $50 million.

Cash conversion cycle (CCC) has increased to 163 days for the quarter from 69 days for the last year period. Days sales outstanding went up to 150 days for the quarter compared with 7 days for the same period last year.

Days inventory outstanding has increased to 441 days for the quarter compared with 139 days for the previous year period. At the same time, days payable outstanding went up to 428 days for the quarter from 77 for the same period last year.