Radiation therapy firm TomoTherapy of Madison, WI, posted a sharp drop in revenue and a growing net loss for the company's financial results for the first quarter (end-March 31).
For the period, TomoTherapy posted sales of $30.6 million, down 21% compared to sales of $38.9 million in the same period of 2008. The company's net loss for the most recent quarter was $13.4 million, compared with a net loss of $6.2 million in the corresponding 2008 period.
The company said that tighter capital spending was resulting in a weak sales environment, but the firm increased its cash position and maintains a strong balance sheet, with $158 million in cash, cash equivalents, and short-term investments at the close of the quarter.
The company's management lowered its 2009 revenue guidance to $170 to $190 million, down from the previously announced $180 to $210 million. The firm still expects the same loss as announced under the previous guidance, 60¢ to 85¢ a share.
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