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International Isotopes Inc. Announces Financial Results For The Second Quarter 2018

International Isotopes
Posted on: 16 Aug 18

IDAHO FALLS, Idaho, Aug. 15, 2018 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") announces its financial results for the three and six months ended June 30, 2018.

Revenue for the three months ended June 30, 2018 was $2,392,306 as compared to $1,785,824 for the same period in 2017, an overall increase of approximately 34%. Revenue for the six-month period ended June 30, 2018 was $5,193,332, as compared to $3,620,032 for the same period in 2017, an increase of approximately 43%.   This increase in revenue for both periods was largely the result of revenue increases in the Company's cobalt products, nuclear medicine products, and radiological services segments. 

Gross profit for the three months ended June 30, 2018 increased approximately 48% compared with the same period in 2017. Gross profit for the six-month period ended June 30, 2018 increased approximately 59% compared to the same period in 2017.   Operating expense increased approximately 5% for the three months ended June 30, 2018.  The increase is primarily due to an increase in Salaries and Contract Labor costs for the period.  Operating expenses decreased approximately 8% for the six-month period ended June 30, 2018, compared to the same period in 2017, largely due to decreases in both licensing and legal costs.

The Company's reported net loss for the three months ended June 30, 2018, decreased by approximately 45% to $332,279, compared to a net loss of $602,195, for the same period in 2017.  The net loss for the six-month period ended June 30, 2018, was $297,875 as compared to $1,388,463 for the same period in 2017, a decrease in loss of approximately 79%.  The decrease in net loss for both periods was largely the result of the overall increase in revenue.  The significant increases in revenue and decreased net loss for the period comparisons was largely driven by the performance of the Company's cobalt products, nuclear medicine products, and radiological services, business segments.

Revenue from the sale of cobalt products for the three months ended June 30, 2018 increased approximately 284% compared to the same period in 2017. Revenue from the sale of cobalt products for the six-month period ended June 30, 2018 increased approximately 115% compared to the same period in 2017.  The Company has been working toward a resumption of cobalt sales by producing cobalt in the U.S. Department of Energy's (DOE) Advanced Test Reactor (ATR) under a ten-year agreement with the DOE.  A continuous amount of cobalt will start becoming available in early 2019, because of that production agreement.  In the meantime, the Company has been able to acquire cobalt from an alternate supplier which has allowed the resumption of cobalt product manufacturing and resulted in the significant increase in revenue for the segment.

Revenue from radiological services for the three months ended June 30, 2018 increased approximately 63% compared to the same period in 2017. The Company reported an increase in revenue in this segment of approximately 178% for the six-month period ended June 30, 2018 compared to the same period in 2017.  Most of the radiological services revenue is generated by the performance of contract field service activities in for the DOE and International Atomic Energy Agency (IAEA).  The increase in revenue for both period comparisons is the result of the Company successfully securing several of these contracts during the period. The Company expects to see similar additional contract opportunities within this segment for the remainder of the year.

Revenue from nuclear medicine products for the three months ended June 30, 2018 increased approximately 15% compared to the same period in 2017.  Revenue from nuclear medicine products for the six-month period ended June 30, 2018 increased approximately 20% compared to the same period in 2017.  The increase in revenue within this segment for both period comparisons is due to the consolidation of RadQual LLC and TI Services due to the change in member ownership of RadQual in 2017.   The Company anticipates continued strong sales of RadQual products through the remainder of the year.

Steve Laflin, President and CEO of the Company, said, "We are pleased with the continued strong financial performance of the Company during the second quarter and for the first six months of the year as compared to the same periods in 2017.  As expected, the resumption of cobalt product manufacture has had a positive impact upon revenue this year and the contracts we have been able to obtain for field services have increased revenue in the radiological services segment.  We believe we will continue to see strong revenue performance in both these segments for the balance of the year and continuing into 2019.  We also look forward to further increases in revenue in 2019 through continued growth of our nuclear medicine products segment, the launch of new products and services within the radiochemical segment, and the availability of cobalt products from the ATR."

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 16/08/2018

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