A temporary one-month reduction of orders for prostate applications in July adversely affected product sales for medical isotope developer IsoRay Medical in the first quarter of fiscal year 2011 (end-September 30).
Product sales slipped to $1.2 million, compared with $1.3 million in the same quarter of fiscal 2010. The company's net loss increased to $1.1 million, compared with $872,000 in last fiscal year's first quarter.
The net loss was due in part to increased isotope expenses during the quarter, which occurred when IsoRay's primary supplier underwent scheduled maintenance, causing the company to rely more heavily on its second source. Additionally, IsoRay purchased excess isotope to provide for further research and development of its liquid cesium-131 project for its GliaSite radiation therapy system.
