Nuclear medicine producer International Isotopes said Monday it recorded a 4 percent decrease in year-over-year revenue for the first six months of 2016, dropping from $3.52 million in 2015 to $3.39 million. However revenue for the second quarter, ending June 30, rose by 5 percent year over year, from $1.58 million in 2015 to $1.7 million in 2016.
The company reported a net income loss for the first half 2016 of $819,945, compared to $619,040 for the same period in 2015. Second-quarter results showed a $445,427 loss for 2016, compared to $447,492 in 2015.
Based in Idaho Falls, Idaho, International Isotopes produces nuclear medicine calibration and reference standards, in addition to providing cobalt-60 products and radioisotopes and radiochemicals for medical, industrial, and other uses.
President and CEO Steve T. Laflin said in a statement Monday that the company believes future cobalt sales and the launch of new generic drug products provide opportunity for significant revenue increases beginning in 2018. In the short term, International Isotopes expects major increases in both domestic and international contract opportunities for sealed source recovery operations. In turn, the company should see a boost in its radiological services segment in the remainder of 2016 and into 2017, he said.
“We still expect to submit our generic abbreviated New Drug Application for our Iodine/MAXTM to the FDA later this year and we expect that the Iodine/MAXTM product should be just the first of several generic drug products we plan to submit to the FDA for approval in the coming years,” Laflin stated. “We believe this new business line of generic drug products will significantly increase sales in our radiochemical business segment. … In our cobalt products segment we continue to irradiate new cobalt targets and accept progress payments from multiple customers.”
In radiochemical products sales, International Isotopes’ 2016 second-quarter and first-half revenue decreased by about 8 percent year over year. The company attributed the decline to pharmacy and hospital customers switching to an FDA-approved sodium idodide product versus International Isotopes’ iodine-131 radiochemical product. Revenue from cobalt product sales decreased 18 percent in the second quarter of 2016 compared to the prior year, while first-half cobalt product sales increased about 4 percent year over year. The company blamed the second-quarter drop on a lack of availability of cobalt for source manufacturing. Revenue from nuclear medicine products increased about 7 percent for the second quarter of this year compared to 2015, while increasing about 1 percent for the first six months.