TomoTherapy, manufacturer of the Hi-Art radiation therapy treatment system, has reported an increase in net losses for its fiscal 2009 first quarter, which ended March 31.
The Madison, Wis.-based company incurred a net loss attributable to shareholders of $13 million for the first quarter of 2009, compared with a net loss attributable to shareholders of $6.2 million for the same period last year. In the 2008 fourth quarter, TomoTherapy recorded a valuation allowance against its deferred tax assets; therefore, the 2009 results do not include any federal income tax benefit, the company said.
First quarter 2009 revenue was $30.6 million, a decrease of 21 percent from $38.9 million in the first quarter of 2008, TomoTherapy said. The company reported a first quarter 2009 operating loss of $14 million, a 17 percent increase from a $12 million operating loss for the same period last year.
"Our first quarter financial results were in line with our internal expectations," said Fred Robertson, TomoTherapy's CEO. "Despite a continued weak sales environment resulting primarily from tighter capital spending in the U.S. hospital sector, the company increased its cash position in the quarter and maintains a strong balance sheet. Given the current economic environment, we have closely managed costs, with operating expenses down 18 percent from the first quarter of last year."