TomoTherapy Incorporated - Conference Presentation Calls

TomoTherapy Incorporated announced it is cutting 10% of its work force in response to soft economic and market conditions.

TomoTherapy Incorporated reported unaudited consolidated financial results for the third quarter and nine months ended September 30, 2009. For the quarter, revenue was $34.4 million, an increase of 26% from $27.4 million in the third quarter of 2008. The company incurred a net loss attributable to shareholders of $13.9 million, or $0.27 per share, for the third quarter of 2009, compared to a net loss of $13.0 million, or $0.26 per share, for the third quarter of 2008. As of September 30, 2009, the company had $147.1 million of cash, cash equivalents and short-term investments, representing a $1.4 million reduction from the previous quarter end. Loss from operations was $16.1 million, loss before income tax and non-controlling interests of $15.4 million, net loss of $15.7 million compared to loss from operations was $23.4 million, loss before income tax and non-controlling interests of $21.9 million, net loss of $15.6 million for the same period a year ago. As of such date, the company also had minimal debt and there were no borrowings against the company's credit facility. The company reported a 26% increase in revenue, a 12% decrease in operating expenses and continue to show improved performance in service organization as the average direct cost of servicing a unit declined by 7% year-over-year, while year-to-date uptime remains strong at 98.1%. For the nine months, revenue was $106.1 million, a 10% decrease from $118.3 million for the nine months ended September 30, 2008. Loss from operations was $39.8 million, loss before income tax and non-controlling interests of $38.1 million, net loss of $37.9 million compared to loss from operations was $46.5 million, loss before income tax and non-controlling interests of $42.3 million, net loss of $30.1 million for the same period a year ago. The company incurred a net loss attributable to shareholders of $34.0 million, or $0.67 per share compared to a net loss of $26.0 million, or $0.52 per share, for the same period last year. For the fourth quarter of fiscal 2009, management currently anticipates revenue of $50 million to $70 million and a loss per share in the range of $0.06 to $0.23. This would result in full year revenue in the previously announced range of $155 million to $175 million and a narrowing of the full year loss to the range of $0.73 to $0.90 per share from the previously announced range of $0.65 to $0.90 per share. Both the fourth quarter and full year loss per share ranges include the impact of the $0.04 total restructuring charge.