ViewRay rises on purchase agreements for radiation therapy system

Viewray

05/01/2023 16:21

** Shares of radiation therapy system maker ViewRay Inc
 VRAY.O  rise ~14% to $4.9
    ** University Hospitals (UH) in Cleveland enters master
purchase agreement (MPA) with VRAY to buy up to four of its
MRIdian radiation therapy systems 
    ** The system helps in treatment of cancer by improving
targeting precision for higher and potentially more effective
radiation doses against tumors - VRAY
    ** Brokerage BTIG sees MPAs from leading cancer centers
favorably, as they validate the value of VRAY's MRIdian across
provider networks at scale 
    ** BTIG says it is confident of 2023 order outlook for the
systems and expects co to preannounce Q4 revenue and orders next
week 
    ** Co separately also reported a purchase agreement with
Chindex Medical Ltd, to make the precision radiation therapy
available in China 
    ** Chindex, through its unit, has ordered 10 of the systems;
 Chindex, a subsidiary of Fosun Pharma  600196.SS , has been
ViewRay's distribution partner since 2019
    ** MRIdian received regulatory approval in September 2022
from the National Medical Products Administration (NMPA),
allowing for its sale and utilization throughout China 
    ** Stock fell 18.7% last year
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))