Radiation therapy firm RITA Medical Systems of Mountain View, CA, posted fiscal 2003 second-quarter revenues of $4 million, a 20% decrease compared with the $4.8 million posted in the same period in 2002. For the quarter (end-June 30), the company showed a net loss of $3.4 million, compared with a net loss of $3.7 million for the second quarter of 2002.
For the first half of the year, RITA recorded total sales of $8.5 million and a net loss of $6.3 million, compared with total sales of $9.2 million and a net loss of $7.7 million for the same period in 2002.
The firm attributed this quarter's net-loss numbers to a longer capital-equipment selling cycle in the U.S. market, which resulted in fewer new accounts for the period than expected. It also said international sales declined as a result of the intermittent nature of shipments to the company’s Japanese distributor.
By AuntMinnie.com staff writersJuly 22, 2003
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