International Isotopes said Monday its net loss in 2017 was almost exactly double the amount from the prior year, but the spike was due to three factors that are not expected to repeat.
The Idaho Falls, Idaho, nuclear medicine company recorded a $3.76 million net loss for the year, according to its latest earnings report. The figure for 2016 was $1.88 million.
Management cited three specific contributors to the increased loss: a nearly $1 million non-cash write-down upon becoming managing member of New Hampshire quality control products manufacturer RadQual; higher legal fees, from $263,000 in 2016 to $791,000 last year, primarily from an unsuccessful arbitration over a shipping container that was never delivered after International Isotopes paid its deposite; and a $255,000 loss on the deposit for the container.
“These three factors fully account for the increased loss and are not expected to be a recurring factor in the Company’s financial statements going forward,” according to an International Isotopes press release.
The company noted that overall revenue increased by 13 percent on a year-over-year basis, from $6.55 million in 2016 to $7.42 million in 2017.
Revenue was up in the radiochemical products, nuclear medicine standards, and radiological services business lines. The only drop, 41 percent, was in sales of cobalt products due to lack of supply connected to the interruption from the Department of Energy’s Advanced Test Reactor in Idaho. However, the company has found a separate supplier that is expected to provide “significant quantities” of cobalt starting this year. The stream of processed cobalt from the Advanced Test Reactor is also expected to resume in late 2018.
