Lower than expected sales adversely affected Nordion's sales and profit in the company's first quarter of fiscal 2012 (end-January 31).
First-quarter revenue decreased 18% to $53 million, compared with $64.9 million in the first quarter of fiscal 2011. The company also posted a net loss of $887,000, compared with net income of $21.5 million in the same quarter a year ago.
Net sales in Nordion's medical isotope business declined 18% to $24 million, compared with $29.4 million in the first quarter of fiscal 2012.
In a prepared statement, Nordion CEO Steve West said that while first-quarter results were "lower than expected," the "fundamentals of our core business remain strong" and Nordion continues to "focus on our strategy of building an interventional oncology business," growing its Sterilization Technologies franchise and the value of its Medical Isotopes unit.
