ViewRay, which makes the MRIdian radiation-therapy system for cancer patients, said that it has filed for bankruptcy after years of unprofitable operations, and plans to sell some or all of its assets, WSJ Pro Bankruptcy reported. Inflationary pressures, supply-chain disruptions and late payments from international customers have worsened the company’s financial condition, Chief Executive Paul Ziegler said. The Denver-based company is in the process of laying off 71 people, after cutting 36 jobs earlier in the year. It will have 232 employees, mostly in the U.S., after the layoffs, it said in court filings. Unaudited financial statements show its assets, including intellectual property, totaled $226.4 million, with liabilities of $178.3 million, as of April 30. Its first-quarter losses widened to $28.9 million from $25.8 million in the year-ago period despite revenues inching up to $22.5 million from $18.9 million over the same time frame. In April, the company said that its cash-burn rate was twice the level it had forecast. It began exploring strategic alternatives, but was unable to restructure out of court, Ziegler said. The MRIdian system allows for simultaneous radiation treatment with real-time imaging of a patient’s internal anatomy. It is marketed to university research and teaching hospitals, community hospitals and private practices, among others. ViewRay said that it has received a commitment of about $6 million in bankruptcy financing from MidCap Financial Services.
