Increased sales in its medical isotopes and sterilization technologies units helped Canadian radioisotope firm Nordion to a 7% increase in revenue in its fiscal third quarter.
For the period (end-July 31), Nordion recorded $71.7 million U.S. in revenues, up from $67.1 million in the third quarter of fiscal 2012. The company reported third-quarter net income of $180.4 million under generally accepted accounting principles (GAAP), compared with GAAP net income of $12.3 million a year ago.
The increase in earnings was mostly due to the sale of Nordion's targeted therapies business to BTG for about $190 million. Adjusted non-GAAP net income for the third quarter was $12.6 million, down from adjusted non-GAAP net income of $15.5 million for the same period last year.
In quarterly highlights, Nordion's medical isotopes business produced $24 million in revenue, up 9% compared with the 2012 fiscal third quarter.
