Growth in its number of customers helped medical isotope developer IsoRay to a 22% increase in revenue for its fiscal fourth quarter.
For the period (end-June 30), IsoRay had $1.4 million in revenue, up from $1.1 million in the fourth quarter of fiscal 2016. The company attributed the revenue gains to the addition of more customers.
The company had a net loss, however, of $1.9 million, compared with a net loss of $1.2 million in the same period a year ago. Profitability was affected mostly by an increase in operating expenses due to continued investment in research and development and implementation of the company's new sales and marketing initiatives.
For the 2017 fiscal year, IsoRay had revenue of $4.8 million, matching the $4.8 million reported in the 2016 fiscal year. The company had a net loss of $6.2 million, compared with a fiscal 2016 net loss of $4.7 million.
Improvement in the company's strategic focus and execution and growing evidence of cesium-131's effectiveness give IsoRay confidence in its outlook for growth in fiscal 2018 and beyond, said chairman and CEO Thomas LaVoy.
