Radiation therapy firm TomoTherapy posted record revenue in its fourth quarter, but a $20 million charge pushed the firm into the red.
For the period (end-December 31), the Madison, WI-based firm had revenue of $86.3 million, up 10% compared with the $78.7 million received in the fourth quarter of 2007. TomoTherapy had a net loss of $11.5 million, including a $20.6 million charge related to the establishment of a valuation allowance against deferred tax assets.
TomoTherapy said that it experienced weakness in new sales orders during the quarter. While European order growth was strong, the firm was hit with a slowdown in U.S. orders. The company believes it will be marginally cash-flow negative in 2009.
For 2008, TomoTherapy had revenue of $204.6 million, down 12% from the $232.8 million reported in 2007. The company had a net loss of $37.5 million, compared with pro forma net income of $10.7 million in 2007. Including a preferred stock accretion of $237.6 million, the 2007 net loss attributable to common shareholders was $226.9 million.
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