TomoTherapy Inc. (TOMO), Wednesday reported a net loss for the fourth quarter over profit last year, hurt by charges. The company also provided financial outlook for fiscal 2009.
The Madison, Wisconsin-based company posted a net loss attributable to common shareholders of $11.5 million or $0.22 per share for the fourth quarter, compared to net income of $4.8 million or $0.09 per share in the prior year quarter.
The result for the latest quarter included a charge of $20.6 million, related to the establishment of a valuation allowance against deferred tax assets. Excluding this charge, net income was $9.1 million or $0.17 per share for the fourth quarter of 2008. Pro forma net income was $0.09 per share in last year.
On average, 7 analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the fourth quarter. Analysts' estimate typically excludes special items.
Revenue for the fourth quarter increased 10% to $86.3 million from $78.7 million in the same quarter of last year. Seven analysts had a consensus revenue estimate of $64.80 million for the fourth quarter.
Last December, TomoTherapy said it has reduced workforce by approximately 12% through a combination of layoffs and the elimination of open positions. As of September 30, 2008, the company had 721 employees.
For the full year 2008, TomoTherapy reported a net loss attributable to common shareholders of $37.5 million or $0.74 per share, compared to a loss of $226.9 million or $6.35 per share in the previous year.
Excluding charge, net loss was $16.7 million or $0.33 per share for 2008. Pro forma net income was $10.7 million or $0.21 per share for 2007.
Annual revenue declined 12% to $204.6 million from $232.8 million in the preceding year.
Analysts projected the company to report a loss of $0.54 per share on revenue of $183.10 million for 2008.
For the full year 2009, TomoTherapy anticipates a net loss in the range of $0.60 to $0.85 per share, and revenue of $180 million to $210 million. Street expects a loss of $0.28 per share on revenue of $201.01 million for the year. The company currently anticipates 30% to 40% of its revenue to be generated in the first half of the year, including a somewhat soft first quarter.
TOMO closed Wednesday's regular trading session at $2.49. In the after-hours, the shares lost 4 cents or 1.61%.
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