Medical isotope developer IsoRay Medical added to both its revenue and net loss in the company's second quarter of fiscal 2016 (end-December 31).
Revenue increased 12% to $1.19 million, compared with $1.07 million in the second quarter of fiscal 2015. The company's net loss rose to $1.3 million in the quarter, compared with a net loss of $906,000 in the same period last year. IsoRay attributed the greater net loss, in part, to an increase in legal costs from a pending class-action lawsuit and CEO severance costs.
For the six-month period, revenue advanced 16% to $2.45 million, compared with $2.11 million for the same six months of 2015. Net loss climbed to $2.3 million, compared with $1.7 million in 2015.
IsoRay also noted that Thomas LaVoy, chairman of the board, will take over as CEO, effective February 15. He is replacing Dwight Babcock, who previously announced his retirement.
