Radiation therapy firm TomoTherapy of Madison, WI, said it will restate financial results for its 2008 fiscal year (end-December 31) due to errors related to accounting for income taxes.
The company said that its management and an audit committee of its board of directors agreed that the 2008 financial statements could not be relied on "due to errors relating to the accounting for income taxes, including a potential overstatement of the valuation allowance."
TomoTherapy is investigating the causes for the errors, as well as its internal control over financial reporting during the period. The company said it plans to file restated financial results for the year.
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