Radiotherapy device developer RITA Medical Systems of Mountain View, CA, has issued a correction to its fiscal 2003 first-quarter (end-March 31) results. On the advice of independent auditors, the firm will capitalize and amortize the $2.65 million it paid to settle litigation with Boston Scientific of Natick, MA, over the lives of the licenses received in the settlement.
As a result, the previously reported first-quarter loss was restated as $2.9 million, a reduction of $2.7 million from the $5.6 million loss initially reported by the company on April 29, 2003.
By AuntMinnie.com staff writersMay 16, 2003
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