TomoTherapy Incorporated (NASDAQ: TOMO),
maker of advanced radiation therapy solutions for cancer care,
today released financial results for the first quarter ended March
31, 2011.
First Quarter
Results
Revenue for the first quarter of 2011 was $47.2 million, an
increase of 12% from $42.1 million in the first quarter of 2010.
Revenue from product sales was $31.7 million in the first quarter
of 2011, up 8% compared to the same quarter last year, and revenue
from service and other was $15.5 million in the first quarter of
2011, up 21% compared to the same quarter last year. The company
reported a first quarter 2011 loss from operations of $9.7 million,
a $3.7 million increase from the $6.0 million loss from operations
for the same quarter last year.
The company incurred a net loss attributable to shareholders of
$7.2 million, or $0.13 per share, for the first quarter of 2011,
compared to a net loss of $4.7 million, or $0.09 per share, for the
first quarter of 2010. Included in the results for the first
quarter of 2011 are expenses related to the proposed merger with
Accuray of $2.1 million, or $0.04 per share.
As of March 31, 2011, the company had $137.4 million of cash,
cash equivalents and short-term investments, representing a $14.7
million decrease from December 31, 2010. There were no borrowings
against the company's credit facility during the quarter.
As of March 31, 2011, the company had a revenue backlog of
$130.8 million, a 2% decrease from the $133.0 million backlog as of
December 31, 2010. The backlog includes $28.6 million of equipment
orders received during the first quarter of 2011. Backlog includes
firm orders that the company believes are likely to ship within the
next two years, as well as the minimum payments due to the company
under system rental contracts. Backlog does not include any revenue
from service contracts, which represents a growing portion of the
company's overall revenue.
"Overall, our first quarter financial performance was in line
with our internal expectations, and we are pleased with our revenue
growth in the period," said Fred Robertson, TomoTherapy's CEO.
"From a product perspective, we now have installations of our new
TomoHD™ treatment system in Europe, North America and the
Asia-Pacific region, and this new system is generating significant
interest across our existing and prospective customers. With the
TomoHD™ treatment system and our other offerings, we have
successfully developed products and product enhancements that
provide broader, more diverse functionality and we are gratified by
the market's positive reaction. In addition to progress on the
product side, service and other revenue grew significantly from the
prior year, and at the same time, we have continued to focus on
improving system reliability and uptime while reducing the
necessary maintenance of our systems."
Robertson continued, "Most notably, on March 7, we announced
that TomoTherapy entered into an agreement to be acquired by
Accuray. We are very excited about this compelling combination,
which will bring together two best-in-class technologies to create
the premier radiation oncology company. The combined company will
provide highly complementary products, and will have a strong
global presence, extensive research and development capabilities,
and importantly, a continued commitment to fighting cancer
worldwide. Through this transaction, we will be able to provide a
broader range of solutions to customers and patients, greater
career opportunities for employees, and attractive value for our
shareholders. Last week, Accuray announced the expiration of the
mandatory, pre-merger waiting period in accordance with the HSR
Antitrust Improvements Act. We are moving ahead with additional
regulatory processes and remain on track to close the transaction
in either the second or beginning of the third quarter."
Outlook
Management reaffirmed its revenue and earnings guidance for
2011. Management still expects revenue to be $215 million to $235
million, with the net loss attributable to shareholders projected
to be in the range of ($0.30) to ($0.50) per share.
Investor Conference
Call
TomoTherapy will conduct a conference call regarding its first
quarter 2011 results at 5:00 p.m. ET, May 3, 2011 (4:00 p.m. CT).
To hear a live Webcast or replay of the call, visit the Investor
Relations page at TomoTherapy.com, where it will be archived for
two weeks. To access the call via telephone, dial 1-866-804-6927
from inside the United States or 1-857-350-1673 from outside the
United States, and enter pass code 65695506. The replay can be
accessed by dialing 1-888-286-8010 from inside the United States or
1-617-801-6888 from outside the United States and entering pass
code 98537692. The telephone replay will be available through 11:59
p.m. ET on May 10, 2011.
About TomoTherapy
Incorporated
TomoTherapy Incorporated develops, markets and sells advanced
radiation therapy solutions that can be used to efficiently treat a
wide variety of cancers, from the most common to the most complex.
The ring gantry-based TomoTherapy® platform combines integrated CT
imaging with conformal radiation therapy to deliver sophisticated
radiation treatments with speed and precision while reducing
radiation exposure to surrounding healthy tissue. TomoTherapy's
suite of solutions includes its Hi-Art® treatment system, which has
been used to deliver more than three million CT-guided, helical
intensity-modulated radiation therapy (IMRT) treatment fractions;
the TomoHD™ treatment system, designed to enable cancer centers to
treat a broader patient population with a single device; and the
TomoMobile™ relocatable radiation therapy solution, designed to
improve access and availability of state-of-the-art cancer care.
TomoTherapy's stock is traded on the NASDAQ Global Select Market
under the symbol "TOMO." To learn more about TomoTherapy, please
visit TomoTherapy.com.
Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements concerning market acceptance of the company's
technology; growth drivers; the company's orders, revenue, backlog
or earnings growth; future financial results and any statements
using the terms "will," "should," "believe," "outlook," "expect,"
"anticipate" or similar statements are forward-looking statements
that involve risks and uncertainties that could cause the company's
actual results to differ materially from those anticipated. Such
risks and uncertainties include: demand for the company's products;
impact of sales cycles and competitive products and pricing; the
effect of economic conditions and currency exchange rates; the
company's ability to develop and commercialize new products; its
reliance on sole or limited-source suppliers; its ability to
increase gross margins; the company's ability to meet U.S. Food and
Drug Administration (FDA) and other regulatory agency product
clearance and compliance requirements; the possibility that
material product liability claims could harm future revenue or
require the company to pay uninsured claims; the company's ability
to protect its intellectual property; the impact of managed care
initiatives, other health care reforms and/or third-party
reimbursement levels for cancer care; potential loss of key
distributors or key personnel; risk of interruptions to the
company's operations due to terrorism, disease or other events
beyond the company's control; and the other risks listed from time
to time in the company's filings with the U.S. Securities and
Exchange Commission, which by this reference are incorporated
herein. In addition, this news release may contain certain
forward-looking statements that involve risks and uncertainties
associated with the transaction between Accuray Incorporated
("Accuray") and TomoTherapy Incorporated ("TomoTherapy"). These
risks and uncertainties include: the satisfaction of closing
conditions for the transaction between Accuray and TomoTherapy;
market conditions; the effect of the announcement of the
transaction on Accuray's and TomoTherapy's respective businesses;
the impact of any failure to complete the transaction; the risk
that Accuray and TomoTherapy will not realize the anticipated
benefits of the transaction; the potential inability to
successfully operate or integrate TomoTherapy's business; general
industry and economic conditions; the outcome of legal proceedings
that have been instituted or may be instituted in the future
against TomoTherapy or Accuray in connection with the transaction
and other factors beyond the companies' control and the risk
factors and other cautionary statements described in Accuray's and
TomoTherapy's filings with the SEC. TomoTherapy assumes no
obligation to update or revise the forward-looking statements in
this release because of new information, future events or
otherwise.
Important Additional
Information
This communication is being made in respect of the proposed
merger transaction involving Accuray and TomoTherapy. In connection
with the proposed transaction, Accuray has filed with the
Securities and Exchange Commission (the "SEC") a registration
statement on Form S-4 and TomoTherapy will mail a proxy
statement/prospectus to its shareholders, and each will also be
filing other documents regarding the proposed transaction with the
SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED
TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final
proxy statement/prospectus will be mailed to TomoTherapy's
shareholders. Shareholders will be able to obtain a free copy of
the proxy statement/prospectus, as well as other filings containing
information about TomoTherapy and Accuray, without charge, at the
SEC's Internet site (http://www.sec.gov). Copies of the proxy
statement/prospectus and the filings with the SEC that will be
incorporated by reference in the proxy statement/prospectus can
also be obtained, without charge, by directing a request to Vice
President and General Counsel, TomoTherapy Incorporated, 1212
Deming Way, Madison, Wisconsin, 53717, (608) 824-2800.
Participants in the
Solicitation
TomoTherapy and its directors and executive officers and other
persons may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction. Information
regarding TomoTherapy's directors and executive officers is
available in TomoTherapy's Annual Report on Form 10-K for the year
ended December 31, 2010 and Amendment No. 1 thereto, which were
filed with the SEC on March 3, 2011 and April 15, 2011,
respectively. Other information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement/prospectus and other relevant materials filed
with the SEC when they become available.
TOMOTHERAPY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31
------------------
2011 2010
-------- --------
Revenue:
Product $ 31,677 $ 29,229
Service and other 15,496 12,851
-------- --------
Total revenue 47,173 42,080
-------- --------
Cost of revenue:
Product 14,239 12,785
Service and other 20,125 16,691
-------- --------
Total cost of revenue 34,364 29,476
-------- --------
Gross profit 12,809 12,604
-------- --------
Operating expenses:
Research and development 7,441 7,540
Selling, general and administrative 15,032 11,034
-------- --------
Total operating expenses 22,473 18,574
-------- --------
Loss from operations (9,664) (5,970)
Other income (expense):
Interest income 215 531
Interest expense (29) (11)
Other income (expense), net 1,741 (448)
-------- --------
Total other income (expense) 1,927 72
-------- --------
Loss before income tax and noncontrolling interests (7,737) (5,898)
Income tax expense (benefit) 753 (44)
-------- --------
Net loss (8,490) (5,854)
Noncontrolling interests 1,325 1,176
-------- --------
Net loss attributable to shareholders $ (7,165) $ (4,678)
======== ========
Weighted-average common shares outstanding -
basic and diluted 53,125 51,566
======== ========
Loss per common share - basic and diluted $ (0.13) $ (0.09)
======== ========
TOMOTHERAPY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
March 31, December 31,
2011 2010
------------ ------------
ASSETS
Cash and cash equivalents (CPAC balances of $68
and $333) $ 137,362 $ 123,905
Short-term investments - 28,150
Receivables, net (CPAC balances of $0 and $244) 29,735 32,850
Inventories, net 59,094 49,270
Prepaid expenses and other current assets (CPAC
balances of $8 and $74) 1,682 1,816
------------ ------------
Total current assets 227,873 235,991
Property and equipment, net (CPAC balances of
$2,752 and $2,941) 21,065 22,026
Other non-current assets, net (CPAC balances of
$103 and $106) 13,326 11,545
------------ ------------
TOTAL ASSETS $ 262,264 $ 269,562
============ ============
LIABILITIES AND EQUITY
Accounts payable (CPAC balances of $121 and $103) $ 21,498 $ 13,405
Notes payable (CPAC balances of $754 and $530) 754 530
Accrued expenses (CPAC balances of $601 and $647) 27,220 30,388
Accrued warranty 4,354 5,045
Deferred revenue 32,441 34,033
Customer deposits 14,154 17,483
------------ ------------
Total current liabilities 100,421 100,884
Other non-current liabilities (CPAC balances of
$15 and $16) 2,049 2,477
------------ ------------
TOTAL LIABILITIES 102,470 103,361
Total shareholders' equity 157,502 162,593
Noncontrolling interests 2,292 3,608
------------ ------------
TOTAL EQUITY 159,794 166,201
------------ ------------
TOTAL LIABILITIES AND EQUITY $ 262,264 $ 269,562
============ ============
Contact: TomoTherapy Incorporated Thomas E. Powell CFO
608-824-2800
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