December 29, 2008 - Avalon Portfolio LLC, on Dec. 23, 2008, nominated four new directors to serve on the board of TomoTherapy Inc. as part of a strategy to generate greater value for the company’s shareholders as TomoTherapy's stock have continued to fall since stock price since 2007.
Having lost 85 percent of its value year-to-date, with most of the decline occurring prior to the meltdown of the financial markets this fall, the board is exploring all strategic options to maximize shareholder value.
TomoTherapy, which markets an integrated CT scanning and radiation therapy - the Hi-Art system - to hospitals and cancer centers, posted a net loss of $26 million on revenue of $118 million in the first three quarters of 2008, down from net income of $5.8 million on revenue of $154 million for the same period in 2007. Since November 9, 2007, the company's stock price has plummeted from $20.51 to $2.41, the closing price on Dec. 26, 2008. The stock opened at $24 in its May 2007 IPO.
Avalon’s nomination slate includes Jonathan McCloskey, portfolio manager at Avalon, Timothy Dooling, portfolio analyst at Avalon, H. Michael Collins, principal of Collins MacVean, LLC, and Andrew Jones, CEO and President of Argus Systems Group.
For more information: www.avalon.com