Radiopharmaceutical and isotope supplier International Isotopes posted a downturn in revenue and an uptick in net losses for the firm's fiscal 2009 second quarter, which ended on June 30.
For the period, the Idaho Falls, Idaho-based company posted a net loss of $758,634, an increase of more than $500,000 compared with the net loss of $246,710 posted in the same quarter last year. International Isotopes attributed the increased losses to research and development costs related to depleted uranium de-conversion and its fluorine extraction processing (FEP) facility.
Revenues for the quarter were reported as $1.49 million, a 21 percent slide compared with the $1.88 million in sales booked for the second quarter of 2008. The company attributed the drop in second quarter revenue to normal variation in the sale of bulk cobalt.
"Our expenditures on the depleted uranium de-conversion and fluorine extraction facility, coupled with the costs of the FEP pilot plant, account for significantly more than our loss this fiscal year. Had we not continued to invest in the uranium de-conversion facility and our fluorine extraction pilot facility in Idaho Falls, this would have been a profitable quarter and six months,” said Steve T. Laflin, president and CEO of International Isotopes.