IsoRay Inc. (AMEX: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications, announced its financial results for the year ended June 30, 2011.
Some of the highlights in the year ended June 30, 2011 include the Company's realization of a gross income rise of 59% over FY 2010, as that number grew from $725,797 to $1,157,417. The Company reduced its net loss by 30% from FY 2010's level of $4,033,856 to $2,842,213. The Company reduced operating loss for FY 2011 by 26%, showing an improvement of $1,045,912 for a resulting net operating loss of $2,962,988. The Company had cash and cash equivalents of $2,112,254 as of June 30, 2011.
In fiscal year 2011, 92% of revenue was from the sales of Cesium-131 brachytherapy seeds (internal radiation therapy) for the treatment of prostate cancer, while the other 8% of revenue was generated by sales of seeds for the treatment of brain cancer, colorectal cancer, gynecological cancer, head and neck cancer, lung cancer, and ocular cancer. Case counts for FY 2011 were 102% of the cases in FY2010. Importantly, 9% of the cases for the year came from non-prostate cancer sites representing a 250% increase in non-prostate revenue growth over FY 2010.
IsoRay Chairman and CEO Dwight Babcock commented, “To date, we have been disappointed in how long it has taken to develop a broader implementation of our new products. The growth in sales and product adoption is slower in the medical device field than we had expected. We attribute that to the fact that the patients' experience and results need to be evaluated more thoroughly before physicians in community settings will embrace these new technologies. We are seeing a good deal of interest in our new products and expect that the positive feedback we have received will lead to increased revenue in the coming year. In the meantime, we have managed the Company with an eye toward our long term success."