IsoRay posts Q2 loss, but numbers up from a year ago

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Medical isotope company IsoRay has posted a net loss of $987,000 in the second quarter of fiscal year 2010, which ended Dec. 31, 2009. While the company was in the red, the quarterly earnings report represented a 42 percent improvement over the company’s performance a year ago, when IsoRay lost $1.63 million.

Sales revenue for the quarter increased by 3 percent to $1.37 million compared  to approximately $1.37 million in the second quarter of fiscal 2009. According to IsoRay, the revenue increase is primarily related to orders for the new treatment modalities such as head and neck, lung and colorectal cancers and revenues during the quarter were mostly generated through the sales of Proxcelan Cesium-131 seeds for the treatment of prostate cancer.

“We are pleased with our 3 percent gain in revenue while some of our competitors have recorded drops of 10-20 percent in brachytherapy seed sales,” said Dwight Babcock, IsoRay chairman and CEO. “Certainly with prostate cancer being highly curable by most modalities, physician choices are being driven by financial drivers.”