International Isotopes on Wednesday reported a net loss of nearly $1.2 million for the second quarter of 2019, primarily due to expenses for ongoing remediation of a May radioactive contamination incident in Seattle.
The net loss was close to four times the $332,279 loss reported in the same period of 2018, the Idaho Falls, Idaho, nuclear medicine provider said in its latest 10-Q filing with the U.S. Securities and Exchange Commission. “This is an increase in loss of $824,915 and is a result of net expenses of $887,686 related to the cleanup of the contamination event that occurred at an offsite location in the state of Washington. These expenses are included in an ongoing insurance claim.”
International Isotopes employees on May 3 breached a cesium-137 source while removing an irradiator from a medical research building at the University of Washington under contract to the U.S. Energy Department’s National Nuclear Security Administration. The company, a specialist in radioactive source removal, is now supporting remediation of the building.
Costs related to the incident totaled $1.5 million for the six months ended June 30, the 10-Q says. “The company has received $634,919 to-date in reimbursements from its insurance company for this ongoing claim which is included in “other income”. The Company is actively working with its insurance company and believes it will recover a majority of the external contract cost of these clean-up operations.”
International Isotopes reported over $2.1 million in revenue for the quarter, down from just shy of $2.4 million on a year-over-year basis.
