TomoTherapy, a producer of the Hi-Art treatment system for advanced radiation therapy, has released its financial results for the second quarter, which ended June 30.
For the second quarter, the company reported revenue of $52 million, an increase of 19 percent from $43.7 million in the second quarter of 2007.
However, the company incurred a net loss of $6.9 million, compared to a pro forma net loss of $700,000 for the second quarter of 2007. The 2007 pro forma results do not include the accretion of redeemable convertible preferred stock of $102.6 million. Including the accretion, the 2007 second quarter net loss attributable to common shareholders was $103.3 million, according to the Madison, Wis.-based TomoTherapy.
The value of new sales orders received during the second quarter of 2008 was $72.9 million, an 11 percent decrease from the second quarter of 2007, the company said. TomoTherapy said it “experienced some softness in the U.S. order flow, which was partially offset by stronger performance in Europe.”
"We are disappointed with our second quarter results, especially the new order flow from the U.S. market," said Fred Robertson, TomoTherapy's CEO. "The second quarter in the U.S. felt a lot like the first quarter in Europe. Our domestic sales team had a list of prospects that were expected to close during the quarter, but a number of them did not.”