TomoTherapy plunges 44% on full-year outlook below Street views
Radiation therapy manufacturer TomoTherapy Incorporated (Nasdaq:TOMO) has plunged more than 44% in pre-market trading today after lowering its 2008 forecast despite posting a narrower second-quarter loss. For the quarter ended June 30, revenue was $52 million, up from $43.7 from a year ago. Net loss attributable to common shareholders was $6.9 million, or $0.14 per share, compared with $103.3 million, or $3.15 per share, for the same period a year earlier. The 2007 results included the accretion of redeemable convertible preferred stock of $102.6 million.
“We are disappointed with our second quarter results, especially the new order flow from the U.S. market,” said CEO Fred Robertson, in a statement. “The second quarter in the U.S. felt a lot like the first quarter in Europe. Our domestic sales team had a list of prospects that were expected to close during the quarter, but a number of them did not. We saw a nice turnaround in Europe during the second quarter, and Europe is now ahead of its plan year to date. As we’ve said before, our business fluctuates from quarter to quarter.”
The company now expects full-year revenue of $190 million to $210 million, with a net loss of $0.28 to $0.43 per share. Analysts are expecting net income of $0.14 per share on revenues of $261.6 million.
Ahead of today’s opening, shares are at $5.53, down $4.22 from a year ago.
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