Neoforma, San Jose, Calif., reported that it has cut its cumulative net losses by $1.8 million after completing the restatement of its financial reports for 2000, 2001 and the first six months of this year. The net result of the accounting adjustments was a $6.9 million increase in losses in 2000, a $4.3 million reduction in 2001 and a $4.4 million reduction in the six months ended June 30. New auditors for the e-commerce firm identified the need for a restatement in a review of Neoforma's past financial reports. The most recent adjustments did not affect revenue and were primarily related to noncash operating expenses, officials said. For the third quarter ended Sept. 30, Neoforma lost $21.1 million, or $1.24 per share, on $1.3 million in revenue. The company is the e-commerce partner of Novation, the joint group purchasing organization of VHA and University HealthSystem Consortium. -- by Cinda Becker
Neoforma restates finances, decreasing losses
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