IsoRay Inc's (ISR) third-quarter fiscal 2011 (ended March 31) loss per share of 4 cents was a penny higher than the Zacks Consensus Estimate, but lower than the year-ago loss of 5 cents. Net loss (applicable to common shareholders) narrowed 5.7% year over year to $1.03 million on the back of healthy double-digit growth in the top line.
The company, which makes the Cesium-131 internal radiation therapy (brachytherapy) isotope, posted product sales of roughly $1.41 million, a surge of 17% year over year, beating the Zacks Consensus Estimate of $1 million. Revenues were boosted by higher adoption of IsoRay's internal radiation therapy across the U.S. This marks the second-highest quarterly sales in the company’s history.
Gross margin for the quarter improved manifold to 25.3% from just 4.4% a year-ago, riding on solid revenues and lower cost of sales. The company recorded the highest ever gross profit in the quarter. Operating expenses declined 8% year over year to $1.05 million.
Washington-based IsoRay develops and markets isotope-based medical products and devices for the treatment of cancer and other malignant diseases. It competes with Theragenics (TGX) and C.R. Bard (BCR) among others. IsoRay’s strategy to extend the application of its treatments beyond the core prostate cancer indication has helped it to post healthy revenues in the third quarter. Non-prostate cases represented 10% of its sales for the quarter.
IsoRay is optimistic that expanded market traction of Cesium-131 coupled with ongoing clinical developments would spur growth moving forward. The company, in its third quarter call, noted that it has received European CE mark approval for its stranded and mesh seed configurations of cesium-131 for cancer applications throughout the body (including head and neck, lung, brain, colon and prostate).
Moreover, IsoRay announced the launch of its E-clinical online data collection system, designed for use by physicians to examine the efficacy of brachytherapy vis-
Be the first to comment