Lower revenue in its radiochemical and cobalt product segments and an increase in operating expenses led to a 15% decline in revenue and a higher net loss for radioisotope manufacturer International Isotopes in its first quarter.
For the period (end-March 31), International Isotopes reported revenue of about $2 million, down from over $2.3 million in the first quarter of 2020. The company had a net loss of $601,000, compared with a net loss of over $422,000 in the same period last year.
In positive developments, the company noted that revenues from its nuclear medicine products increased by approximately 8% during the quarter. Furthermore, nuclear medicine revenues are expected to continue to grow for the rest of this year as the negative effect of COVID-19 on imaging procedures begins to fade away and the company launches new products, International Isotopes said.
