Oncology device vendor RITA Medical Systems of Fremont, CA, reported revenue for its fiscal 2005 fourth quarter (end-December 31) of $12 million, a 10% increase compared with the $11 million in sales posted in the fiscal 2004 fourth quarter.
The firm reported a net loss for the fourth quarter of $7.2 million, a sharp downturn compared with a net loss for the same period last year of $1.9 million.
The company said that the fourth-quarter net loss included a non-cash charge of $5.5 million related to the impairment of certain intangible assets arising from its 2004 acquisition of Horizon Medical Products, and inventory-related charges of approximately $600,000.
Revenue was $46.4 million for the year, a sharp upswing compared with revenue of $28.2 million in 2004. The net loss for 2005 was $10.9 million, compared with a net loss of $9.3 million for the previous year.
By AuntMinnie.com staff writers
February 24, 2006
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RITA gets 510(k), August 19, 2005
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