Nordion records strong FY2011, despite downturn in Q4

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Nordion has reported increases in net income and revenue for the fiscal year (FY) 2011, despite losses in the fourth quarter. Also, the company made its predictions for how its isotopes unit will perform in FY2012.

The Ottawa-based company recorded fourth quarter revenues of $74 million, down $7.6 million compared with $81.6 million in the fourth quarter of fiscal 2010. For fiscal 2011, revenues increased 23 percent to $274 million from revenue of $222 million in fiscal 2010.

Net income from continuing operations was $6.5 million, down 55 percent compared with $14.4 million in the fourth quarter of fiscal 2010. The net income from continuing operations of $43.5 million in fiscal 2011 increased significantly from a loss of $83.8 million in fiscal 2010, according to Nordion.

“Our key products, TheraSphere, Cobalt-60 and Molybdenum-99 [Mo-99], continued to deliver robust results contributing to our bottom-line performance," said Steve West, CEO of Nordion.

For FY2012, the company said that the reactor isotopes revenue is expected to decline between 3 percent and 6 percent from FY2011. Volumes of Mo-99 are expected to remain approximately the same as in FY2011, but average pricing is expected to decline due to competitive supply availability for certain of the company's smaller volume customers; and, cyclotron isotopes quarterly revenue throughout 2012 is expected to be approximately $3.5 million per quarter.