Radiation therapy firm RITA Medical Systems of Mountain View, CA, posted fiscal 2003 first-quarter sales numbers of $4.5 million, a 2% increase compared with the $4.4 million posted in the same period in 2002. For the quarter (end-March 31), the company showed a net loss of $5.6 million, a 42% increase compared with a net loss of $4 million for the first quarter of 2002.
The firm attributes the higher net loss numbers this quarter to a recent $2.65 million settlement it incurred as a result of a patent dispute with Boston Scientific. Excluding this item, the firm’s net loss for the first quarter on a pro forma basis would have been $2.9 million.
In other news, RITA's CEO and president Barry Cheskin has resigned his position with the company to accept a position with a privately held, development-stage medical firm. Its board of directors has appointed board member Vincent Bucci, president of Westwood, MA-based Health Policy Associates, as its chairman and has added Randy Lindholm, former chairman, president, and CEO of Vidamed, to its ranks.
In addition, RITA announced that current chief financial officer Don Stewart would assume interim responsibility for day-to-day operations at the firm while a permanent CEO is identified.
By AuntMinnie.com staff writersApril 29, 2003
Related Reading
RITA and Boston Scientific settle patent dispute, April 7, 2003
Rita gets 510(k) for MR-compatible electrosurgical tool, January 24, 2003
RITA, Aloka team up, December 14, 2001
Rita announces plan to go public, July 28, 2000
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