A drop in revenues in its radiological services and cobalt product segments led to a 12% decline in revenues for radioisotope manufacturer International Isotopes in its third quarter.
For the period (end-September 30), the company had $1.4 million in revenues, down from $1.6 million in the third quarter of 2015. International Isotopes had a net loss of $539,000, compared with a net loss of $644,000 in the same period last year.
Cobalt product revenues dropped 77% during the quarter due to the reduction in sealed-source sales caused by interruption in high-specific-activity cobalt production in the U.S. Department of Energy's (DOE) Advanced Test Reactor. However, the firm said this interruption in production is coming to an end.
Radiological services revenues also dropped by 53% during the quarter. International Isotopes said these revenues are primarily the result of contract work for the DOE's Off-Site Source Recovery Program. These contracts are issued on a random basis and can account for large fluctuations in quarterly revenue comparisons, according to the company.
On the positive side, nuclear medicine product revenues increased by 24% in the third quarter, while radiochemical segment revenues were up 1%. The firm said it predicts that revenue will increase in its radiological services and radiochemical segments in the fourth quarter.
