Deferral of some radiological field service contracts contributed to a nearly 13% drop in revenue for radioisotope manufacturer International Isotopes in its first quarter.
For the period (end-March 31), International Isotopes had revenue of $1.7 million, down 12.6% from the $1.9 million reported in the first quarter of 2015. The company had a net loss of $375,000, compared with a net loss of $172,000 in the same quarter last year.
A 64% drop in revenue from radiological services was primarily attributable to the delay of a major field service contract into the second quarter of 2016, International Isotopes said. In other quarterly results, revenue from the firm's nuclear medicine products dipped by 7%, mostly due to a 12% decline in sales from its TI Services joint venture with RadQual. The firm said it's working with RadQual and TI Services on marketing strategies to increase sales.
Looking ahead, President and CEO Steve Laflin said in a statement that the company is making progress toward launching its I3odine/Max radiochemical for treating and diagnosing thyroid diseases, including thyroid cancer and hyperthyroidism. International Isotopes plans to submit a generic drug product application to the U.S. Food and Drug Administration (FDA) later this year for I3odine/Max, the first of several generic products it plans to submit to the FDA in the coming years.
The firm said it has also inked multiple cobalt-60 supply agreements with customers. It expects to begin reporting revenue from these deals in late 2017 when the first of the new cobalt targets completes irradiation.
