International Isotopes said Tuesday said a 40 percent increase in revenue last year helped drive down its annual net loss by nearly $3 million, to $844,576.
The Idaho Falls, Idaho, nuclear medicine producer said it boosted revenue in 2018 for three of its four business segments: cobalt products, nuclear medicine standards, and radiological services. In total, revenue rose from $7.4 million in 2017 to nearly $10.4 million in 2018.
The sole outlier was radiochemical products: Revenue dropped by just 2 percent, from slightly over $2.3 million to more than $2.2 million, according to International Isotopes’ latest 10-K filing with the U.S. Securities and Exchange Commission.
“This decrease in revenue was the result of an interruption in our supply of sodium iodide material when one of our suppliers shut-down its operations for an extended period,” according to the 10-K. “We were able to acquire material from an alternate supplier but experienced a delay in receiving material for customer orders. Because we were able to identify alternate suppliers of sodium iodide during 2018, we so not anticipate supply interruptions during 2019.”
The final net loss figure was down by 78 percent from nearly $3.8 million the year before. Management attributed that to both higher revenue and reduced costs.
Operating expenses fell by 6 percent on a year-over-year basis, from $5.3 million to $4.9 million. That covers costs for salaries and contract labor; general, administrative, and consulting; and research and development.
Personnel and research costs actually rose, but were more than offset by a 22 percent drop in the largest line item – general, administrative, and consulting – from $2.8 million to $2.2 million. That resulted from the end in 2017 of an unsuccessful arbitration, in which International Isotopes had sought to recoup money for a shipping container on which it paid a cash deposit but never received.
The smaller “other” expense category also fell sharply, according to the 10-K, from nearly $1.6 million in 2017 to $373,882 in 2018.
The improvements from last year are anticipated to continue in 2019, International Isotopes said in a press release Wednesday.
