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news.IsoRay Inc. (IsoRay) has reported product sales of $1.3 million for the second quarter of fiscal 2009, down 25%, compared with the product sales of $1.7 million in the year-ago quarter. It has also reported net loss of $1.6 million, or $0.07 per share, for the second quarter of fiscal 2009, compared with the net loss of $2.7 million, or $0.12 per share, in the year-ago quarter.
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Forty-seven medical centers ordered the company’s Proxcelan seeds in the second quarter of fiscal 2009 compared to the 53 centers that ordered in the first quarter of fiscal 2008. The decline in sales revenue resulted primarily from decreased sales volume and is partially attributable to a lower average number of seeds per case resulting from physicians optimizing their treatment planning based on the isotope and its characteristics.
The company’s revenues during the quarter were primarily generated through sales of Proxcelan Cesium-131 seeds for the treatment of prostate cancers. Since the first patient implant in October 2004 through December 2008, approximately 4000 prostate cancer patients have been treated with Cesium-131.
The company had a gross loss of $397,522 for the three month period ended December 31, 2008, compared to a loss of $483,451 for the corresponding period ended December 31, 2007. Included in the gross loss for the three month period ended December 31, 2008 is the one-time impairment loss of $425,434 relating to a technology license. Without this impairment loss, the company’s gross profit would have been $27,912 or an increase in gross profit of $511,363 or 106% due to significant improvement in manufacturing efficiencies.
The company had cash of approximately $5.5 million and short-term investments of approximately $500,000 as of February 6, 2009.
Dwight Babcock, IsoRay chairman and chief executive officer, commented “We have made significant strides in refocusing our sales group. We hired Anthony Pasqualone as VP of Business Development in charge of sales in November 2008. Tony has an extensive background in brachytherapy and we believe that his knowledge and expertise will help move our sales forward and support our great sales group. In January we shipped Proxcelan seeds for 108 implants which is a 25% increase over December 2008 and is a step in the right direction.”