IsoRay narrows losses for 2008 fiscal year

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

IsoRay, a medical isotope company, has reported an increase in revenues and a decrease in net losses for its financial results for the fourth quarter and the 2008 fiscal year, which ended June 30.

The company said its net loss for fiscal year 2008, decreased 11 percent to $8.56 million, compared to 2007. Net loss for the quarter, which ended June 30, was $1.4 million, which represents an improvement of 47 percent over the net loss for the year-ago quarter.

For fiscal year 2008, IsoRay said its sales revenue increased by 25 percent to $7.16 million over the 2007 fiscal year 2007. Orders in the fiscal year 2008 have increased 25 percent to 99, an increase from 79 centers in fiscal year 2007. The company attributes the increase in Proxcelan sales to the increased number of centers ordering, and the accruing positive data from the monotherapy multi-institutional trial.

Also, the Richland, Wash.-based company said that the sales revenue increased 7 percent to $1.76 million for the 2008 fourth quarter, compared to the quarter that ended June 30, 2007.

IsoRay also said it had cash and short-term investments of $8.55 million as of June 30.