Proton therapy developer Ion Beam Applications (IBA) is blaming "low revenue recognition" for a double-digit dip in revenue in the first half of 2018 (end-June 30).
Total group revenue for the six-month period slipped by 24% to 114.7 million euros ($133 million U.S.), compared with 151.6 million euros ($175.8 million U.S.) in the first half of 2017. Subsequently, the company's six-month net loss increased to 7 million euros ($8.1 million U.S.), compared with a net loss of 4.6 million euros ($5.3 million U.S.) in the same period of 2017.
IBA noted that it sold five Proteus One proton therapy systems in the first six months of this year, but three buyers are still waiting for financing to complete the transactions.
