Radioisotope manufacturer International Isotopes cited an overall reduction in operating nuclear medicine clinics in the U.S. and budgetary constraints at a number of facilities as two reasons for a decrease in revenue in the third-quarter and nine-month periods (end-September 30).
Third-quarter revenue decreased 20% to $1.8 million, compared with $2.2 million in the third quarter of 2011. The company also posted a net loss of $592,000 in the quarter, compared with a net loss of $4.9 million in the year-ago quarter.
Revenue for the nine-month period slipped to $5.8 million, down 19% compared to $7.2 million in the same period of 2011. The nine-month net loss decreased to $1.7 million, compared with a net loss of $8.2 million in same period last year.
All three of the company's principal product segments -- radiochemical products, nuclear medicine standards, and cobalt products -- reported less revenue in the most recent quarter and nine-month period compared to 2011.
The decrease in net loss for both periods is due to decreased operating expenses for most segments, capitalizing research and development expenses, and a reduction in interest expense for the period comparisons.
International Isotopes noted that it has completed upgrades of its radiochemical manufacturing processes and restructured sales terms to its radiochemical distributor to improve revenue and margins in this segment for the remainder of 2012.
