Radioisotope manufacturer International Isotopes posted higher revenue in its fourth quarter (end-December 31), primarily due to growth in its Radiological Services segment, but lower revenue for the year overall.
Total revenue was $1.93 million, compared with $1.79 million in the corresponding quarter of 2014, an increase of approximately 8%. The growth was led by radiology, which saw sales increase to $514,000 in the fourth quarter of 2015, compared with $56,000 in the fourth quarter of 2014.
The gain was offset somewhat by declines in the firm's Cobalt Products segment, as global supplies of cobalt-60 continue to be constrained due to an interruption in cobalt supply from the U.S. Department of Energy's (DOE) Advanced Test Reactor that began in 2012. The firm executed a new 10-year cobalt production agreement with the DOE in 2014, allowing International Isotopes to ramp up revenue within this segment beginning in late 2017.
Total revenue for 2015 was $7.06 million, compared with $7.53 million in 2014 -- a decrease of approximately 6%, which was again attributable to cobalt sales. However, the Radiological Services segment saw sales increase by approximately 90% to $1.18 million during 2015, compared with $621,000 in 2014.
In International Isotopes' Nuclear Medicine Standards segment, the firm completed an expansion of its nuclear medicine product manufacturing area that will permit an approximately 40% increase in its production capacity.
