RITA shows sales gains, increased losses

AuntMinnie.com staff writers

Feb 23, 2006

Oncology device vendor RITA Medical Systems of Fremont, CA, reported revenue for its fiscal 2005 fourth quarter (end-December 31) of $12 million, a 10% increase compared with the $11 million in sales posted in the fiscal 2004 fourth quarter.

The firm reported a net loss for the fourth quarter of $7.2 million, a sharp downturn compared with a net loss for the same period last year of $1.9 million.

The company said that the fourth-quarter net loss included a non-cash charge of $5.5 million related to the impairment of certain intangible assets arising from its 2004 acquisition of Horizon Medical Products, and inventory-related charges of approximately $600,000.

Revenue was $46.4 million for the year, a sharp upswing compared with revenue of $28.2 million in 2004. The net loss for 2005 was $10.9 million, compared with a net loss of $9.3 million for the previous year.

By AuntMinnie.com staff writers
February 24, 2006

Related Reading

RITA boosts sales, trims losses, November 2, 2005

RITA names Angel as CFO, October 18, 2005

RITA downgrades Q3 outlook, October 12, 2005

RITA delays Habib4X in U.S., September 27, 2005

RITA gets 510(k), August 19, 2005

Copyright © 2006 AuntMinnie.com

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