Radioisotope manufacturer International Isotopes posted lower revenues in the first quarter of 2020 -- primarily due to the impact of the COVID-19 pandemic on nuclear medicine sales and the firm's decision to discontinue field services work within the radiological services segment.
For the first quarter (end-March 31), revenue declined 8% to $2.3 million compared with $2.5 million for the same period in 2019. International Isotopes' quarterly net loss reached $422,494, compared with a net loss of $51,958 for the same period in 2019.
The higher net loss was caused by the reduction in radiological services revenue, the impact of COVID-19 on nuclear medicine sales, and the increase in operating expense from contract manufacturing salaries, the firm said.
However, International Isotopes said that it expects revenue in its nuclear medicine segment will recover from the impact of the pandemic as the year progresses.
