RICHLAND, Wash., Aug. 4, 2017 /PRNewswire/ -- IsoRay, Inc. (NYSE
MKT: ISR), a medical technology company and innovator in seed
brachytherapy and medical radioisotope applications for the
treatment of prostate, brain, lung, head and neck and gynecological
cancers, today announced preliminary unaudited revenue and gross
profit results for the fourth quarter and fiscal year ended
June 30, 2017.
Preliminary unaudited revenue and gross profit for the fourth
quarter of fiscal 2017:
- Preliminary revenue for the three months ended June 30, 2017 was $1.37
million compared to $1.12
million for the same period in 2016 and $1.28 in the third quarter of fiscal 2017. This
represents increases of 22% year-over-year and 7% from the previous
quarter.
- Preliminary gross profit for the three months ended
June 30, 2017 was $0.43 million compared to a loss of $0.05 million in the prior year period and
$0.29 million in the third quarter of
fiscal 2017. Gross profit margin was 31% in the current period
compared to a negative gross margin in the fourth quarter of fiscal
2016 and 23% in the third quarter of fiscal 2017.
- Prostate brachytherapy represented 88% of total revenue for the
fourth quarter of fiscal 2017 compared to 85% in the fourth quarter
of fiscal 2016.
Preliminary unaudited revenue and gross profit for the 2017
fiscal year:
- Preliminary revenue for the twelve months ended June 30, 2017 was $4.76
million, flat with the $4.77
million reported for 2016.
- Preliminary gross profit of $0.77
million compared to $0.13
million in the prior year, a 492% increase.
- Prostate brachytherapy represented 88% of total revenue for
fiscal 2017 compared to 86% in fiscal 2016.
"Revenue growth continued to strengthen in the fourth quarter,
reflecting a growing customer count from new and returning
practitioners. For the fiscal year, revenue was flat
year-over-year, with the stronger second half offsetting the
approximate 14% revenue decline of the first half of the fiscal
year when we were rolling out our new sales team and strategies.
Gross profit showed significant improvement, a result of the
expense reductions and process and manufacturing improvements we've
been putting in place over the last several months," said
Tom LaVoy, Chairman and CEO of
IsoRay.
"We remain highly focused on increasing revenue and continuing
to improve our gross profit through ongoing cost reductions and
manufacturing and process improvements. Combined with industry data
fueling renewed interest and adoption of brachytherapy, as well as
strong patient results from our Cesium-131 isotope and our highly
experienced and increasingly effective sales force, we believe that
IsoRay is well positioned for improving financial results in the
year ahead," concluded Mr. LaVoy.
Final audited financial results will be released with the filing
of IsoRay's Annual Report on Form 10-K, which will be filed with
the U.S. Securities and Exchange Commission before the Company's
late-September 2017 deadline.
About IsoRay, Inc.
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc., is
the sole producer of Cesium-131 brachytherapy seeds, which are
expanding brachytherapy options throughout the body. Learn more
about this innovative Richland,
Washington company and explore the many benefits and uses of
Cesium-131 by visiting www.isoray.com. Join us on Facebook/IsoRay.
Follow us on Twitter@IsoRay.
Safe Harbor Statement
Statements in this news release about IsoRay's future
expectations, including: our preliminary financial results for
fiscal 2017 and the fourth quarter of 2017, the positive industry
data fueling renewed interest in brachytherapy, strong patient
results, whether interest in and use of our products will increase
or continue, whether the changes to the sales staff will result in
increased sales, whether further automation of production processes
will be completed or will result in lower costs, whether revenue
will increase and costs decrease in the upcoming quarters, the
perception by patients of quality of life outcomes, and all other
statements in this release, other than historical facts, are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 ("PSLRA"). This statement
is included for the express purpose of availing IsoRay, Inc. of the
protections of the safe harbor provisions of the PSLRA. It is
important to note that actual results and ultimate corporate
actions could differ materially from those in such forward-looking
statements based on such factors as an audit of our financial
results which may change our preliminary numbers, physician
acceptance, training and use of our products, our ability to
successfully manufacture, market and sell our products, our ability
to manufacture our products in sufficient quantities to meet demand
within required delivery time periods while meeting our quality
control standards, our ability to enforce our intellectual property
rights, whether additional studies are released and support the
conclusions of past studies, whether ongoing patient quality of
life results with our products are favorable and in line with the
conclusions of clinical studies and initial patient results,
patient results achieved when our products are used for the
treatment of cancers and malignant diseases whether or not used in
conjunction with other treatments, successful completion of future
research and development activities, whether we, our distributors
and our customers will successfully obtain and maintain all
required regulatory approvals and licenses to market, sell and use
our products in its various forms, continued compliance with ISO
standards as audited by BSI, the success of our sales and marketing
efforts, the procedures and regulatory requirements mandated by the
FDA for 510(k) approval, changes in laws and regulations applicable
to our products, the scheduling of physicians who either delay or
do not schedule patients in the periods anticipated, the use of
competitors' products, less favorable reimbursement rates, and
other risks detailed from time to time in IsoRay's reports filed
with the SEC. Unless required to do so by law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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SOURCE IsoRay, Inc.