Neoforma, which operates online marketplaces for hospitals, said Tuesday that it might restate financial results after a review of accounting related to stock it issued to business partners in 2000. If the company were to revise results, under a different interpretation of rules governing the amortization of those stocks, it would have posted lower revenue, lower net losses and higher earnings per share for the past two years, Neoforma said. Questions about the treatment of the transactions were raised by the company's new auditor, Deloitte & Touche, which replaced previous auditor Arthur Anderson.
Neoforma said it's seeking consultation on the matter from the Securities and Exchange Commission and that any revisions would not affect its cash flow. The company said the problem is a result of complex rules and is nothing like recent accounting scandals at Enron and WorldCom that have hammered the business world. "The matters do not reflect wrongdoing on anyone's part," Neoforma stated in a letter to stockholders.