TomoTherapy, a developer of radiation therapy technologies for cancer care, has announced its financial results for the third quarter, which ended Sept. 30, indicating a decrease in net losses.
The Madison, Wis.-based company incurred a net loss attributable to shareholders of $10.9 million for the 2010 third quarter, compared to a net loss of $13.9 million for the third quarter of 2009.
Third quarter revenue for 2010 was $43.6 million, an increase of 27 percent from $34.4 million in the third quarter of 2009, TomoTherapy said. Revenue from product sales was $29.8 million in the third quarter of 2010, up 23 percent compared to the same quarter last year, and revenue from service and other lines was $13.8 million in the third quarter of 2010, up 37 percent compared to the same quarter last year.
As of Sept. 30, the company had $140 million of cash, cash equivalents and short-term investments, representing a $5.6 million decrease from June 30. There were no borrowings against the company's credit facility during the quarter.
"We are encouraged by our third quarter financial performance, which reflects substantial improvement from the same period last year and demonstrates that our efforts on several key fronts are yielding results," said Fred Robertson, TomoTherapy's CEO.