Medical isotope developer IsoRay of Richland, WA, posted lower revenues for its first quarter (end-September 30).
Sales revenue for the quarter decreased by 18% to $1.5 million, compared with $1.8 million the year before. IsoRay attributed the decline in revenue to more physicians taking vacation during the quarter, compared with the same quarter in 2007, as well as the fact that the American Society for Therapeutic Radiology and Oncology (ASTRO) annual meeting occurred in September rather than its traditional time in October. This resulted in additional physician absences during the firm's third quarter rather than in the fourth quarter, as occurred in 2007.
IsoRay's net loss decreased from approximately $2.1 million in fiscal year 2007's first quarter to approximately $1.8 million in the quarter ended September 30. The decreased loss was due to reduced material and production costs and reduced operating expenses as the company has worked to streamline its operations and become more efficient, according to IsoRay.
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