Radiation oncology developer Impac Medical Systems of Mountain View, CA, is reviewing previous financial statements to see if some revenue recognized in previous quarters should be shifted to later periods.
Impac said that its review of the financial statements so far indicates that the timing of some revenues may have been incorrect. The company said that it believes that none of the affected revenues are invalid, and that there is no evidence to indicate any fraudulent behavior or intent to mislead investors.
In light of the review, the company said it was postponing its earning release for the first quarter of 2004. The company will discuss its first-quarter results and the outcome of the revenue-recognition review as soon as it is completed.
By AuntMinnie.com staff writersFebruary 6, 2004
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