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Shares of TomoTherapy Inc. (NASDAQ: TOMO) Plunge on Second Quarter 2008 Results

TomoTherapy Inc. (NASDAQ:TOMO), a developer, manufacturer and distributor of the TomoTherapy Hi•Art® treatment system, an advanced radiation therapy system for the treatment of a wide variety of cancers, recently announced the company’s results for the second quarter of 2008. Shares of TomoTherapy plunged to a new 52-week low late last week, losing half their value in early trading based on the release of the results of the company’s second quarter, which ended June 30, 2008.

Reported revenue totaled $52 million, a 19 percent year-over-year increase from $43.7 million in the second quarter of 2007. Overall, the company recorded a net loss of $6.9 million, or $0.14 per share, compared to a pro forma net loss of $0.7 million, or $0.02 per share, for the second quarter of 2007. Second quarter 2008 gross margins totaled 24.1 percent compared to 33.2 percent during the period one year earlier.

Due to the results of the second quarter, the company has lowered its fiscal year 2008 revenue guidance to the range of $190 million to $210 million and net loss guidance between $0.28 per share to $0.43 per share. According to senior management, TomoTherapy was disappointed with the second quarter results but the company will continue to closely manage expenses while also investing in long-term growth initiative, mainly through research and development.

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