TomoTherapy cuts jobs
This article was originally published in Clinica
TomoTherapy last week joined the ever-growing list of companies undertaking cost-cutting measures with the announcement it was reducing its workforce by 12%. The Madison, Wisconsin firm said it will do so by laying off existing staff as well as eliminating open job positions. TomoTherapy CEO Fred Robertson deemed the action as "difficult, but necessary" in light of the company's decelerating growth in the current difficult economic conditions. With its revenues dependent on the sales of expensive capital equipment like its Hi-Art radiation therapy system, the firm has been hit particularly hard by the global financial turmoil. The company posted disappointing third-quarter results in October and its shareholders are pushing it to liquidate its assets (see Clinica Nos 1327, p 22 & 1328, p 20).