Mo-99 price decreases affect Nordion's Q1 bottom line

Decreases in the price of molybdenum-99 (Mo-99) adversely affected Nordion's medical isotope business in the company's first quarter of fiscal 2013 (end-January 31).

Net sales in Nordion's medical isotope business declined 3% to $25.2 million, compared with $29.4 million in the first quarter of fiscal 2012. Reactor isotopes revenue of $20.4 million in the first quarter of fiscal 2013 decreased by $500,000 (3%), primarily due to lower Mo-99 prices from Nordion's largest customer. However, this decrease was partially offset by additional orders resulting from the shutdown of the primary reactor in Europe that usually supplies the company's competitors, Nordion said.

Overall, the company's first-quarter revenue increased slightly, up 1% to $53.7 million from $53 million in fiscal 2012. The company posted a net loss of $269,000, a 70% improvement from the $887,000 net loss it sustained in the same quarter a year ago.

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