ViewRay : 2021 JPM Conference Presentation

ViewRay

JP Morgan Conference

January 2021

©2020 ViewRay, Inc. All rights reserved. Confidential.

Forward-Looking Statements & Disclaimer

This presentation has been prepared solely for use at this meeting. The material is given in conjunction with an oral presentation and should not be taken out of context. Unless the context requires otherwise, references to "ViewRay," "the company," "we," "us" and "our," refer to ViewRay, Inc.

ViewRay's written and accompanying oral presentation may contain forward-looking statements, including statements about the overall industry, including but not limited to: our current expectations of the market; growth drivers; future trends; demand for radiation oncology products and features; and innovation and growth opportunities. Forward-looking statements also include, but are not limited to, expected Q4 and full year 2020 preliminary results; future orders; backlog or earnings growth; future financial results; and market acceptance of ViewRay's existing products, future products, or technology. Words such as "could," "anticipates," "expects," "outlook," "intends," "plans," "believes," "seeks," "vision," "estimates," "may," "will," "future," "horizon," "aiming," "driving," "target" (or variations of them,) and similar statements, are forward-looking statements. These types of statements express management's beliefs based on the information available to us as of the date of this presentation, are subject to change, and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, and assumptions that are difficult to predict and could cause ViewRay's results to differ materially from those presented. These risks, uncertainties, and assumptions include, but are not limited to, changes in: the regulatory environment; global economics; trade compliance requirements, duties or tariffs; third-party reimbursement levels; currency exchange rates; taxation, healthcare law, and product clearance requirements, as well as those related to: the effect of COVID-19 on our business operations and financial condition; adverse publicity about ViewRay and our products; our reliance on sole or limited source suppliers; our ability to commercialize our products successfully; the impact of competitive products and pricing, and all other risks listed from time to time in the company's filings with the Securities and Exchange Commission, which are incorporated into this Forward-Looking Statements disclosure by this reference. We do not assume any obligation to update or revise the forward-looking statements in ViewRay's written or oral presentation, whether based on future events, new or additional information or otherwise. For additional information, including important risk factors, please refer to ViewRay's documents filed with the SEC and located at https://investors.viewray.com/financial-information/sec-filings.

The opinions and clinical experiences presented herein are specific to the featured physicians and/or the featured patients and are for information purposes only. Nothing in this material is intended to provide specific medical advice or to take the place of written law or regulations.

Individual customer results are illustrative only and are not predictive of future results.

MEDICAL ADVICE DISCLAIMER

ViewRay is a medical device manufacturer and cannot and does not recommend specific treatment approaches. Individual results may vary.

©2020 ViewRay, Inc. All rights reserved. Confidential.	2

Experienced Management Team

Scott Drake

President &

Chief Executive Officer

Zach Stassen

Chief Financial Officer

• Appointed President and Chief Executive Officer of ViewRay in July 2018
• CEO of Spectranetics from 2011 to 2017; shareholder value increased from approximately $170 million to $2.2 billion when acquired by Royal Philips
• 17 years at Covidien including President of Respiratory and Monitoring Solutions Global Business Unit
• Chairman of the Board for AtriCure; formerly director of The Zayo Group Holdings, Inc, which was acquired by Digital Colony and EQT for $14.3 billion
• 2014 Ernst and Young Entrepreneur of the Year
• Appointed Chief Financial Officer of ViewRay in May 2020
• Previously Chief Financial Officer and Chief Operating Officer for Bolder Surgical, an innovative, privately held med-tech company
• Vice President of Finance and various other finance and business development roles at Spectranetics before its acquisition by Royal Philips
• Formerly with Piper Sandler's medical technology investment banking group
• Earned M.B.A. from Northwestern University and B.S. from Drake University

Shar Matin	• Appointed Chief Operating Officer of ViewRay in July 2018
Chief Operating Officer	• Senior roles at Spectranetics since 2007, including COO, from 2014 until its acquisition by Royal Philips in 2017
• Business Unit Director, Cardiac Rhythm Management, in China for Boston Scientific; Several commercial and engineering roles at Guidant
	• Earned M.B.A. from Harvard Business School and B.S. in Mechanical Engineering from UC Berkeley
Jim Dempsey, PhD	• Founder and inventor of ViewRay technology; Guides the scientific and technical aspects of the MRIdian system development
Chief Scientific Officer &	• Over 20 years of experience in the field of radiotherapy medical physics
• Board-certified medical physicist and former associate of radiation oncology at the University of Florida
Founder
• Earned a PhD in nuclear chemistry from Washington University

©2020 ViewRay, Inc. All rights reserved.	3
Confidential.

Radiation Oncology Market Opportunity

~$6.5B	Initial Targets

Global radiotherapy

market in 2023

(projected)1

1.	Infoholic Research, 2018 Radiation Oncology Market, Drivers, Opportunities, Trends, and Forecasts: 2018-2024
2.	IAEA/DIRAC Directory of Radiation Centers 2019, Internal reports and survey data
©2020 ViewRay, Inc. All rights reserved.	4
Confidential.