TomoTherapy sales up, Q4 income down

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TomoTherapy, developer of the Hi-Art targeted radiation therapy system for cancer treatment, reported increased revenue and sales as well as a decrease in net income for its fiscal fourth quarter, which ended Dec. 31, 2007.

For the quarter, the Madison, Wis.-based company reported revenue of $78.7 million, a 32 percent increase from $59.6 million in the same quarter last year.

The value of new sales orders received during the quarter totaled a record $92 million, a 25 percent increase over the fourth quarter of 2006.

Net income was $4.8 million, compared to pro forma net income of $8.9 million for the fourth quarter of 2006.

According to TomoTherapy, the 2006 pro forma results included a $2.3 million tax benefit from the reversal of a portion of the company’s deferred tax valuation allowance and a $2.6 million benefit from the use of federal tax loss carry forwards. It does not include the reversal of the accretion of redeemable convertible preferred stock of $8.3 million.

Fred Robertson, CEO of TomoTherapy,  said the company anticipates revenue of $290 million to $310 million for fiscal 2008.