http://www.tomotherapy.com/index.php en Copyright 2008 2008-05-14T06:05:00-06:00 http://www.tomotherapy.com/news/view/20080514_inv_conferences/ http://www.tomotherapy.com/news/20080514_inv_conferences/#When:06:05:00Z MADISON, Wis. – May 14, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO) today announced that management will participate in three investment community conferences in May. On Thursday, May 15, 2008, Dr. Fred Robertson, CEO, and Steve Hathaway, CFO, will present at Baird’s 2008 Growth Stock Conference at 11:50 a.m. CT. The conference is being held at the Four Seasons Hotel in Chicago, Ill. Robertson and Hathaway will also present at the 5th Annual Craig-Hallum Institutional Investor Conference on Tuesday, May 20, 2008. The conference takes place at the Radisson Plaza Hotel in Minneapolis, Minn. On Wednesday, May 21, 2008, Hathaway and Del Coufal, TomoTherapy’s vice president of marketing, will present at the Citi Global Health Care Conference at 3:00 p.m. ET. The conference is being held at the Hilton Hotel in New York City, N.Y. Live Webcasts of the Baird and Citi presentations will be available on the investor relations page of TomoTherapy.com. For those who are unable to listen to the live presentations, archives of the Webcasts will be available on the company’s site for 30 days following the presentation. Craig-Hallum’s Institutional Investor Conference is not being Webcast. Company News 2008-05-14T06:05:00-06:00 http://www.tomotherapy.com/news/view/20080428_cpac_announcement/ http://www.tomotherapy.com/news/20080428_cpac_announcement/#When:20:05:00Z MADISON, Wis. – April 28, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO) today announced its participation in a new venture, Compact Particle Acceleration Corporation (CPAC), to develop a state-of-the-art, compact proton therapy system for the treatment of cancer. The system will feature a dielectric-wall accelerator (DWA). CPAC conducted the initial closing of phase I of the investment, and anticipates completing phase I with one or more additional closings over the next several months. Investors in CPAC will include TomoTherapy, private investors and potential customers. A total investment of approximately $45 million is anticipated to be completed in three phases which are linked to key technological milestones. The DWA technology, which resulted from defense-related research at Lawrence Livermore National Laboratory (LLNL), has the potential to bring fixed and rotational intensity-modulated proton therapy (IMPT) to treat cancer into the medical mainstream. It is distinct from current particle accelerator technology in that energies of 200 MeV are expected to be achieved within a relatively compact structure that fits in a standard therapy treatment room as compared to other technologies that require significantly more space and weight-bearing capacity (up to several hundred tons). “The formation of CPAC will accelerate the development of the DWA,” said Fred Robertson, TomoTherapy’s CEO. “The new venture is also expected to reduce risk to the company, as it will focus DWA development for applications beyond medical applications and the investors funding this work will pool their resources with TomoTherapy to increase the speed and likelihood of success.” According to Shawn Guse, Vice President, Secretary and General Counsel of TomoTherapy and CEO of CPAC, “We believe, as do the investors who have committed funding to this project, that compact proton therapy systems are the future of particle therapy. The collaboration of TomoTherapy, CPAC and LLNL strengthens our commitment to deliver on the promise of this technology, and increases our capacity to move proton therapy to market more quickly.” TomoTherapy will contribute intellectual property to CPAC in exchange for its interest in the company. It will co-develop the compact proton therapy system with CPAC and has the option to acquire the medical applications of the DWA from CPAC in the future. CPAC will also continue to collaborate with LLNL to optimize the DWA for particle therapy and other applications. CPAC will also work with other commercial partners to develop the DWA for non-medical applications. Company News 2008-04-28T20:05:00-06:00 http://www.tomotherapy.com/news/view/2008_04_28_q1results/ http://www.tomotherapy.com/news/2008_04_28_q1results/#When:20:00:00Z Madison, Wis. – April 28, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO), producer of the Hi·Art® treatment system for advanced radiation therapy, today released financial results for the first quarter ended March 31, 2008. The company’s performance is in line with preliminary results released on April 17, 2008. For the first quarter of 2008, the company reported revenue of $38.9 million, versus $51.2 million in the first quarter of 2007. The net loss was $6.2 million, or negative $0.12 per share, compared to pro forma net income of $3.9 million, or $0.09 per diluted share, for the first quarter of 2007. The 2007 pro forma results do not include the accretion of redeemable convertible preferred stock of $134.9 million. Including the accretion, the net loss attributable to common shareholders was $131.1 million, or negative $12.13 per share, for the three months ended March 31, 2007. First quarter operating expenses rose 28% to $20.2 million, as the company continued to build infrastructure for future growth. Because of the fixed nature of much of TomoTherapy’s customer service-related expenses, the lower revenue had a significant impact on margins, which declined to 21.1%. The value of new sales orders received during the 2008 first quarter totaled $54.6 million, a 23% gain over the first quarter of 2007. The U.S. orders were especially strong, more than doubling year over year. As of March 31, 2008, TomoTherapy had a record revenue backlog of $260 million, a 60% increase from the backlog at March 31, 2007. The backlog represents firm customer orders for systems and does not include any revenue from service contracts, which are a growing portion of the company’s business. TomoTherapy generally recognizes revenue upon customer acceptance. This only happens after the system is installed and fully operational. Acceptance usually occurs three to four weeks after delivery. “We believe the fundamentals of our business remain very strong,” said Fred Robertson, TomoTherapy’s CEO. “However, the first quarter was somewhat challenging from a financial performance standpoint due to the back-end loaded nature of our current backlog. We were pleased that the value of new orders increased year over year at a rate more than double the growth rate of the overall radiation oncology market. Orders were especially strong in the United States, where we saw a 118% rise from the first quarter of last year. The result was a record revenue backlog, and further affirmed our belief in the superiority of the Hi·Art system to provide the best quality treatments to cancer patients.” Outlook For fiscal 2008, management anticipates revenue of $255 million to $290 million and net income per share in the range of $0.14 to $0.33 per diluted share. Most of the company’s revenue is recognized based on the customer’s acceptance of the Hi·Art system. Thus, quarter-to-quarter fluctuations in revenue are normal and should be expected. Management continues to believe that the strength of its business should be measured by annual revenues and growth in backlog. Consistent with prior guidance, the company expects 30% to 40% of its revenue to be generated in the first half of 2008. Based on an analysis of TomoTherapy’s growing backlog and the anticipated timing of customers’ construction projects that must be completed prior to system delivery, management continues to expect 60% to 70% of its revenue to be generated in the second half of the year, building somewhat incrementally each quarter. Concluded Robertson, “We are confident that TomoTherapy’s technology leadership will allow us to continue to increase our market share in 2008. While we have implemented certain controls over discretionary spending, we intend to continue to invest in strategies to deliver future profitable growth. These include initiatives to drive innovation, expand our global market presence, deliver best-in-class customer service, and enhance quality and reliability. We believe that these programs will drive current and future revenue growth.” Investor Conference Call TomoTherapy will conduct a conference call on its first quarter 2008 results at 5:00 p.m. EDT today (4:00 p.m. CDT). 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 1-866-271-5140 from inside the United States or 1-617-213-8893 from outside the United States, and enter passcode 51195234. 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 passcode 44715707. The telephone replay will be available through 11:59 p.m. CDT on Wednesday, April 30, 2008. Company News 2008-04-28T20:00:00-06:00 http://www.tomotherapy.com/news/view/20080417_twinpeak_acquisition/ http://www.tomotherapy.com/news/20080417_twinpeak_acquisition/#When:20:05:01Z MADISON, Wis. – April 17, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO), maker of the Hi·Art® treatment system for advanced radiation therapy, announced today that it has entered into an agreement to acquire privately held linear accelerator manufacturer Chengdu Twin Peak Accelerator Technology Inc., based in Chengdu, China. A linear accelerator (linac) is a key component in radiation therapy systems, used to create high-energy x-rays for cancer treatments. The linear accelerators designed, developed and manufactured by Twin Peak will be used to supplement TomoTherapy’s existing supply source. According to Fred Robertson, CEO of TomoTherapy: “We are very pleased to make this announcement. The acquisition of Twin Peak represents a substantial advance in our ability to control the quality and features of our products. This is also a piece of our longer-term strategy of reducing the cost of the Hi·Art treatment system to improve margins.” The financial terms of the transaction were not disclosed. TomoTherapy anticipates that the transaction will close in approximately 90 days. Company News 2008-04-17T20:05:01-06:00 http://www.tomotherapy.com/news/view/20080417_1q08_prerelease/ http://www.tomotherapy.com/news/20080417_1q08_prerelease/#When:20:00:01Z MADISON, Wis. – April 17, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO) today released an estimate of its financial results for its 2008 first quarter ended March 31, 2008, and revised its annual guidance for fiscal 2008. For the first quarter, the company currently anticipates revenue of approximately $39 million, and a net loss of approximately $0.12 per diluted share. This compares to revenue of $51.2 million and pro forma net income of $3.9 million, or $0.09 per diluted share, for the first quarter of 2007. The 2007 pro forma results do not include the reversal of the accretion of redeemable convertible preferred stock of $134.9 million. Including this reversal, the 2007 first-quarter net loss attributable to common shareholders was $131.1 million, or $12.13 per diluted share. The value of new sales orders received during the first quarter totaled approximately $55 million, which was up 23% over the first quarter of last year. The U.S. orders were especially strong, more than doubling year over year. As of March 31, 2008, TomoTherapy had an estimated revenue backlog of $260 million, a 60% increase from the backlog at March 31, 2007. The backlog represents firm customer orders for systems and does not include any revenue from service contracts, which are a growing portion of the company’s business. TomoTherapy is lowering its annual guidance for 2008. Management now anticipates revenue of $255 million to $290 million and net income per share in the range of $0.14 to $0.33 per diluted share. “At the end of the fourth quarter, we estimated that 30% to 40% of our revenue would be generated in the first half of 2008 due to the strong order flow we saw in the second half of 2007 and the projected timing of customers’ construction projects in 2008,” said Fred Robertson, TomoTherapy’s CEO. “That percentage range is still accurate, but we are seeing a further shift of customer system deliveries into both the second half of 2008 and into early 2009. As a result, our first-quarter results are slightly lower than we originally anticipated and we have revised our 2008 outlook. Given this development, we felt it prudent to provide an update in advance of our normal earnings call.” According to Robertson, a key contributing factor to the delivery shifts is that a growing portion of TomoTherapy’s backlog consists of multi-unit orders from for-profit entities. “These customers often place orders for multiple Hi·Art treatment systems and then install the units sequentially. This process causes some of these multi-unit orders to remain in backlog longer than single-system orders,” said Robertson. “We also are somewhat cautious due to the weak economy which may cause some customers to further delay their acceptance timetable.” Another important factor impacting annual guidance was unanticipated sluggishness in Europe. The company’s lower-than-expected new sales orders in Europe offset strong sales orders in the United States. In early April, the company hired a Managing Director for Europe and the Middle East to provide expanded leadership to the European operations and management of the growing market opportunity in the Middle East. “During the first quarter, none of the orders that we projected to receive were lost to competitors. Our business remains healthy, but as we’ve said many times before, our financial results will fluctuate on a quarter-to-quarter basis due to our dependence on the customer’s acceptance of the system before we recognize revenue. Finally, it’s important to reiterate that the value of new orders increased 23% over the prior year and our backlog stands at record levels,” said Robertson. TomoTherapy will announce its actual first-quarter 2008 results on Monday, April 28, 2008, at market-close. Concluded Robertson, “Despite the near-term challenges, we firmly believe that TomoTherapy’s technology offers a distinct competitive advantage that better meets the ever-increasing radiotherapy needs of clinicians and their patients. We are expanding our domestic and international sales footprint, and making key infrastructure and system investments for sustained growth – allowing us to help more cancer patients throughout the world.” Investor Conference Call TomoTherapy will conduct a conference call on its estimated first quarter 2008 results and updated 2008 outlook at 5:00 p.m. EDT today. To hear a live Webcast or replay of the call, visit the investor relations page on the company’s Web site at TomoTherapy.com where it will be archived for two weeks. To access the call via telephone, dial 1-866-362-5158 from inside the United States or 1-617-597-5397 from outside the United States, and enter passcode 88482668. 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 passcode 55775801. The telephone replay will be available through 11:59 p.m. CDT on Monday, April 21, 2008. Company News 2008-04-17T20:00:01-06:00 http://www.tomotherapy.com/news/view/2008_04_07_08_ncimrtigrt/ http://www.tomotherapy.com/news/2008_04_07_08_ncimrtigrt/#When:13:18:00Z MADISON, Wis – April 7, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO) announced today that company co-founder Thomas “Rock” Mackie, Ph.D., will speak at an upcoming symposium on intensity-modulated and image-guided radiation therapy (IMRT/IGRT). The symposium, co-sponsored by Duke University and East Carolina University, will be held on April 19, 2008 in Greenville, N.C. Dr. Mackie will discuss the clinical advantages of TomoTherapy’s unique, highly-modulated mode of radiation delivery. “I am honored to accept this invitation to speak,” said Dr. Mackie. “I look forward to the opportunity to discuss with my colleagues how helical TomoTherapy® is able to achieve consistently high-quality dose distributions across a wide range of cases. We’ve effectively eliminated the need for clinical reliance upon complex techniques such as non-axial or non-coplanar arcs.” The TomoTherapy® Hi·Art® treatment system is a novel radiation therapy platform that uses a patented binary multi-leaf collimator (MLC) to modulate the radiation beam as it rotates around the patient. The system includes integrated 3D CT-based image guidance and adaptive radiation therapy, leveraging the design advantages of a CT platform and the tight integration afforded by a centralized planning, imaging and treatment database. Dr. Mackie co-founded TomoTherapy with Paul Reckwerdt in 1997, and currently serves as the company’s chairman of the board. Dr. Mackie is also a professor in the departments of Medical Physics and Human Oncology at the University of Wisconsin. This will be the second annual North Carolina IMRT/IGRT Symposium. This year’s theme is Integrating New Technology in Radiation Oncology. In speaking at this event, Dr. Mackie will join professors and clinicians from East Carolina University School of Medicine, Duke University Medical Center, University of North Carolina at Chapel Hill School of Medicine, Wake Forest University, and Baptist Medical Center. Company News 2008-04-07T13:18:00-06:00 http://www.tomotherapy.com/news/view/tomotherapy_to_announce_first_quarter_results_on_monday_april_28/ http://www.tomotherapy.com/news/tomotherapy_to_announce_first_quarter_results_on_monday_april_28/#When:20:45:02Z MADISON, Wis – April 3, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO) announced today that it will release its 2008 first-quarter results on Monday, April 28, 2008 at 3:00 p.m. CDT. TomoTherapy will hold an investment community conference call on Monday, April 28, 2008 beginning at 4:00 p.m. CDT. Dr. Fred Robertson, CEO, and Steve Hathaway, CFO, will review first-quarter performance and discuss the company’s strategies. To join the conference call, dial 1-866-271-5140 (international 1-617-213-8893) and enter passcode 51195234. A replay of the conference call will be available one hour after the call ends through 11:59 p.m. CDT on April 30, 2008. To access the replay, dial 1-888-286-8010 (international 1-617-801-6888) and enter passcode 44715707. For individual investors, a live Webcast of the conference call will be available on the Investor Relations page of TomoTherapy.com. Institutional investors can access the Webcast through a password-protected site www.streetevents.com. An archived Webcast of TomoTherapy’s conference call will be available for two weeks. Company News 2008-04-03T20:45:02-06:00 http://www.tomotherapy.com/news/view/2008_03_27_08_uwvetschool/ http://www.tomotherapy.com/news/2008_03_27_08_uwvetschool/#When:20:45:00Z MADISON, Wis – March 27, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO) announced today plans to install its advanced radiation therapy system at the University of Wisconsin-Madison School of Veterinary Medicine. Upon completion of installation, this will be the first TomoTherapy® Hi·Art® treatment system in the world to be used for veterinary medicine. Wisconsin Governor Jim Doyle recently signed a bill that authorizes construction of a new school wing, where the Hi·Art treatment system will be installed. The goal is for construction to begin in the fall of 2008, with treatments starting in late 2009 or early 2010. The technology has come full circle. The UW-Madison School of Veterinary Medicine was involved with the first TomoTherapy SM clinical trials, which involved treating pet dogs with nasal tumors (especially sensitive to treat because they are close to the dog’s eyes and brain). “This will be the only TomoTherapy unit in use for veterinary medicine,” says Dr. David Vail, an oncologist at UW-Madison School of Veterinary Medicine. “People are willing to travel a great distance for more effective and less toxic treatment for their pets. When we participated in the initial trials for this technology, we drew clients from all over North America.” “We will be able to do state-of-the-art therapy for pets and prolong their lives,” adds Dr. Lisa Forrest, a radiologist at the UW-Madison School of Veterinary Medicine. “It should also translate into new therapies for human cancer patients.” Dr. Vail agrees that new ways of applying the technology could benefit humans because dog cancers are similar to human cancers. Del Coufal, vice president of marketing at TomoTherapy Incorporated adds, “It’s exciting to think about the clinical treatment possibilities, as well as the cancer care advancements, that will be made possible by combining the world’s premier radiotherapy solution with such a well-recognized and outstanding veterinary institution.” Company News 2008-03-27T20:45:00-06:00 http://www.tomotherapy.com/news/view/2008_03_25_08_qualitychallenge/ http://www.tomotherapy.com/news/2008_03_25_08_qualitychallenge/#When:12:00:00Z MADISON, Wis – March 25, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO), maker of the Hi·Art® treatment system for advanced radiation therapy, announced today that it has issued a Treatment Quality Challenge. TomoTherapy will award $250,000 to any U.S. cancer center that demonstrates its ability to beat the quality of a TomoTherapySM treatment plan using the new RapidArc™ product from Varian Medical Systems. “We believe that, even as radiation therapy vendors work to improve clinical efficiency, the highest-quality patient treatments must remain our industry’s primary focus,” said Fred Robertson, CEO of TomoTherapy. “With this challenge, we aim to provide a forum for U.S. clinicians and physicists to objectively review the quality that a continuous helical TomoTherapy treatment affords over a two-minute, single-rotation RapidArc™ delivery.” Cancer centers are encouraged to learn more about this challenge and to register here. Company News 2008-03-26T12:00:00-06:00 http://www.tomotherapy.com/news/view/2008_03_20_08_investormeeting/ http://www.tomotherapy.com/news/2008_03_20_08_investormeeting/#When:21:41:01Z MADISON, Wis – March 20, 2008 – TomoTherapy Incorporated (NASDAQ: TOMO), maker of the Hi·Art® treatment system for advanced radiation therapy, held an investor meeting on March 13, 2008, at its headquarters in Madison, Wis. The event, arranged by investment firm William Blair & Company, included presentations from TomoTherapy’s management team and two clinical experts in the field of radiation oncology: Patrick Kupelian, M.D., and Chet Ramsey, Ph.D. Dr. Kupelian, director of clinical research for radiation oncology at MD Anderson Cancer Center Orlando, spoke on his early adoption of the Hi·Art treatment system and the center’s recent decision to purchase a second Hi·Art unit. “Early on, we saw TomoTherapy as an innovative tool in the fight against cancer. We recognized the benefit of integrating treatment capabilities onto an imaging device, rather than simply adding imaging to a treatment platform that wasn’t originally designed for image guidance,” said Dr. Kupelian. “Now, it’s difficult to see how we ever performed radiotherapy without effective image guidance. Our staff values the confidence that comes with daily CT imaging of patients.” Dr. Kupelian added: “With the second TomoTherapy unit, we will be able to expand our offerings in image-guided, intensity-modulated radiation therapy (IG-IMRT). Furthermore, we can pursue new opportunities that TomoTherapy makes possible, such as online adaptive radiotherapy and the delivery of higher doses of radiation over a shorter period of time.” Dr. Ramsey, director of medical physics at Thompson Cancer Survival Center in Knoxville, Tenn., presented his experience with various forms of rotational radiation therapy. Said Dr. Ramsey: “In July 2003, our center became the first to treat patients with a commercial TomoTherapy device. Since then we’ve used it to treat well over 1,000 people, each with superior dose distributions and CT imaging prior to their treatment sessions. There’s no doubt that Hi·Art is the right platform for rotational radiation therapy, because it consistently delivers a uniform dose to the target volume. I say that with confidence as a current user of both TomoTherapy and Varian Medical Systems equipment, and as an active researcher attempting to make single-rotation volumetric modulated arc therapy (VMAT) a viable option on conventional linear accelerators.” Notable presentations from TomoTherapy’s management team included: Co-founder and chairman of the board Rock Mackie, Ph.D., detailing the Hi·Art treatment system’s unique CT-based design and helical delivery of IMRT; Paul Baumgart, director of international distribution, on strengthening TomoTherapy’s sales organization; and Don Parnell, former clinical user of the Hi·Art treatment system and current market development manager for TomoTherapy, highlighting emerging clinical evidence of the system’s ability to help reduce side effects and improve outcomes in cancer treatment. Said Fred Robertson, CEO of TomoTherapy: “It was our pleasure to welcome investors to Madison last week. We’re confident that all in attendance left with a better understanding of TomoTherapy’s competitive advantage and belief in our distinct technological edge in meeting the radiotherapy needs of clinicians and their patients, today and for years to come.” Company News 2008-03-20T21:41:01-06:00