IsoRay, which manufactures Cesium-131 used in internal radiation therapy (brachytherapy) for the treatment of lung, brain, colon, head and neck, ocular melanoma and prostate cancer, has announced its second quarter financial results that showed narrowing of net losses despite a decrease in net sales, which ended Dec. 31, 2010.
The net sales for its products decreased slightly from the 2009 second quarter: $1.24 vs. $1.37 million. However, the cost of product sales increased by approximately $16,800 in the second quarter of 2010, compared with the previous year’s second quarter. The Richland, Wash.-based company managed to lower its quarter-over-quarter operating expenses by more than $300,000.
As a result, IsoRay managed to narrow its net loss, even though its sales decreased. For the 2010 second quarter, the company recorded a net loss of slightly more than $228,000, compared with a net loss of more than $950,000 in the 2009 second quarter.
“Along with our initiatives to increase sales and our ongoing fiscal responsibility, we expect to continue to show improvement in cash burn even as we invest in key growth areas," said Dwight Babcock, IsoRay’s chairman and CEO.