An increase in sales volume and a shift in product mix to palladium brachytherapy seeds helped North American Scientific (NAS) grow revenues by 22% in its 2008 fiscal year (end-October 31, 2008).
NAS reported revenues from continuing operations of approximately $13.9 million, compared with approximately $11.4 million in fiscal year 2007. The net loss from continuing operations for fiscal year 2008 was $16.2 million, compared with $12.1 million in the previous fiscal year.
The greater net loss was due in part to a $900,000 gain in selling expenses, a $600,000 million increase in general and administrative costs, $2 million on increased spending on research and development related to the company's ClearPath devices, and a $1.4 million increase in severance costs.
In the fourth fiscal quarter, revenues from continuing operations rose 2% to $3.3 million, compared with $3.2 million in the fourth quarter of fiscal 2007. NAS also posted a net loss from continuing operations of $2.8 million, compared with $3.5 million in the fourth quarter of the prior fiscal year.
Continuing operations exclude the discontinued operations of the Nomos radiation oncology business that NAS sold in September 2007 and the sale of its nontherapeutic product line in September 2008.
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