Affected by declining volume in prostate brachytherapy procedures, medical isotope developer IsoRay Medical posted flat revenues and an increased loss in its fiscal 2012 second quarter.
For the period (end-December 31), the vendor had revenues of $1.23 million, down slightly from the $1.24 million reported for the same period a year ago. IsoRay had a net loss of $629,000, compared with a net loss of $228,000 a year ago.
Chairman and CEO Dwight Babcock said in a statement that while IsoRay has not been exempt from the ongoing decline in prostate brachytherapy procedures, the company believes it will begin expanding as more studies demonstrate brachytherapy's efficacy and cost benefits for prostate cancer patients.
In addition, IsoRay's market position and the ever-expanding applications for brachytherapy throughout the body will drive the company's long-term growth, Babcock said.
