Radiopharmaceutical developer North American Scientific (NAS) reported third-quarter net sales of $3 million, down 76% from the $5.3 million booked in the third quarter of 2002. For the period (end-July 31), the Chatsworth, CA-based firm had a net loss of $2.8 million, compared with a net loss of $350,000 in the same period a year ago.
For the first three quarters of the fiscal year, the company posted net sales of $11.1 million compared with net sales of $15.2 million for the first nine months of fiscal 2002. Net loss for the first nine months of fiscal 2003 was $6.3 million, compared with a net loss for the corresponding period of fiscal 2002 of $5.1 million.
The company said the drop in sales was due to a transition from a third-party distribution relationship to direct sales of its brachytherapy products.
In other news, the firm reported that it has recently entered into a strategic agreement with the nuclear pharmacy services business of healthcare services provider Cardinal Health of Dublin, OH. Under terms of the agreement, NAS will serve as Cardinal’s authorized manufacturer of brachytherapy seeds while Cardinal will focus on the delivery of NAS’ brachytherapy seeds to customers in its U.S. network of radiopharmacies.
The company also announced the acquisition of Radiation Therapy Products (RTP), a manufacturer and distributor of equipment, including steppers and stabilizers, used in prostate brachytherapy procedures. The deal, which NAS said would enhance its portfolio and enable it to provide a more complete product offering for its customers, was closed for total cash and stock consideration of approximately $700,000.
By AuntMinnie.com staff writersAugust 28, 2003
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