International Isotopes reports lower loss in 2012

Radioisotope manufacturer International Isotopes said that in spite of a 19% reduction in revenue in 2012 compared to 2011, it reduced its net loss by 62%.

The company reported total revenue in 2012 of $7.6 million, compared with $9.5 million in 2011. Each of its business segments reported lower revenue in 2012.

Sales of cobalt products decreased by 41% to $1.4 million in 2012, compared with $2.3 million in 2011. The decrease was due to a production rate decline caused by delays in the U.S. Department of Energy's (DOE) contracting, as well as a curtailment of cobalt handling by the DOE pending an investigation of a damaged cobalt target in a test reactor.

The company was able to reduce its net loss to $2.2 million in 2012, compared with a net loss of $6 million the previous year.

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