Medical isotope developer IsoRay Medical saw a decline in fourth-quarter revenue (end-June 30) and an increase in net loss as the company transitioned to a new sales and marketing team in the fourth quarter.
Revenue for the fourth quarter was $1.1 million, down 17% from the $1.3 million reported in the fourth quarter of fiscal 2015. The company's net loss was $1.2 million, compared with a net loss of $1 million in same period of 2015.
IsoRay attributed the fourth-quarter drop in revenue primarily to the transition and training of a newly expanded sales and marketing team. The company said it continues to work with key partners to develop products to treat cancers throughout the body with cesium-131.
For the fiscal year ended June 30, revenue was $4.8 million, up 4% from revenue of $4.6 million for 2015. The company's net loss for the year was $4.7 million, compared with a net loss of $3.7 million in 2015.
