TomoTherapy sees Q1 revenue up, losses down

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TomoTherapy has reported a net loss of $4.7 million in the first quarter, which ended March 31, down from the $13 million reported a year ago.

The Madison, Wis.-based company said its revenue was $42.1 million for the first quarter, a 37 percent increase over the $30.6 million reported during the same quarter a year ago.

As of March 31, TomoTherapy had a revenue backlog of $134.2 million, a 1 percent decrease from the $135.8 million backlog as of December 31, 2009. The backlog includes $32.1 million of equipment orders received during the first quarter of 2010.

"Our first quarter financial results, which were in line with our internal expectations, reflect a modest improvement over the same period last year," said Fred Robertson, TomoTherapy's CEO. "That said, we recognize there is substantial opportunity for further improvement, and we continue to take steps to enhance our performance and drive toward profitability. Importantly, despite continued volatility in the global economy during the quarter, our capital position remained strong as we carefully monitored our ongoing expenditures and managed our cash resources."