A modest increase in revenue wasn't enough to trim medical isotope developer IsoRay Medical's net loss in its 2016 fiscal third quarter.
For the period (end-March 31), IsoRay recorded $1.2 million in revenue, up 3.5% from the $1.16 million reported in its 2015 fiscal third quarter. The company turned in a net loss of $1.2 million, compared with a net loss of $1.1 million a year ago. The higher net loss was due to an increase in general and administrative expenses, according to IsoRay.
Chairman and CEO Thomas LaVoy said the company's management team has nearly finished a 90-day comprehensive business review and is currently analyzing the information. The company has determined, however, that IsoRay's cesium-131 seed has significant opportunities in the brachytherapy market, particularly in the prostate area given the market consolidation that has taken place, according to LaVoy.
As a result, IsoRay has invested in its sales and marketing organization, including hiring Michael Krachon as vice president of sales and marketing and retaining its former chief operating officer as a part-time marketing consultant. In addition, the vendor has fully staffed and reorganized its sales force, as well as engaged an external consultant to review and provide direction for reimbursement strategies and the payment process by all payors for both prostate and surgically placed brachytherapy, LaVoy said.
IsoRay will also continue to invest in research protocols that result in peer-reviewed articles for evaluating the effectiveness of cesium-131 brachytherapy in areas such as treatment outcome, quality of life, and total treatment costs, LaVoy said.
