International Isotopes Inc. Announces 2020 Year End Financial Results
IDAHO FALLS, Idaho, March 31, 2021 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") announces its financial results for the fiscal year ended December 31, 2020.
Total revenues in 2020 were approximately $9.3 million compared to approximately $8.9 million in 2019, which represents an increase of approximately 5%. Our net income was approximately $2.2 million in 2020, compared to a net loss of about $1.5 million in 2019. Our increase in net income was the result of strong performance of our cobalt and radiochemical products segments, and other income recognized primarily from the settlement of a manufacturing and supply agreement.
The following is a summary of significant accomplishments of the Company in 2020:
The performance of each segment is discussed in the following paragraphs.
Sales of radiochemical products accounted for approximately 44% of our total sales revenue in 2020 and approximately 32% of total sales revenue in 2019. Sales in this segment increased by approximately 43% as compared to 2019 primarily as a result of a 93% increase in radiochemical product sales. This increase was primarily the result of sales of our new generic sodium iodide I-131 drug product which was launched in March 2020.
Cobalt products sales accounted for approximately 13% of our total sales revenue in 2020 and approximately 9% in 2019. Sales in this segment increased by approximately 45% in 2020 as compared to 2019. The increase in revenue within this segment is the result of increase Cobalt Sealed Source Manufacturing in part due to receipt of some of the first cobalt from the Department of Energy (DOE) in March 2020. Our sealed source manufacturing generates the majority of our revenue within this segment and sealed source sales depend to a great extent on our ability to procure this cobalt material.
Sales of nuclear medicine standards accounted for approximately 39% and 44%, of our total sales revenue in 2020 and 2019, respectively. Sales in this segment decreased by approximately 6% as compared to 2019. This decrease in sales is due partially to the result of the temporary closure of many imaging clinics and suspension of elective or non-essential imaging procedures as a result of the COVID-19 pandemic. Additionally, the COVID-19 pandemic caused some interruption to distribution of our nuclear medicine standards due to temporary worldwide shipping restrictions.
The increase in other income for 2020 as compared to 2019 is primarily due to income recognized as part of our agreement to terminate a manufacturing and supply agreement. As part of the termination, we received a cash payment and title to improvements, including equipment, that was installed in our facility. These improvements and equipment are valued at approximately $2.5 million.
Steve Laflin, Chief Executive Officer of the Company, stated, "This past year has been a milestone year for the Company. In addition to gaining FDA approval of our generic sodium iodide I-131 product, our $2.2 million of net income for the year establishes a new high water mark for the company. While this net income was largely the result of some significant "one-time" gains in other income, we believe the future outlook for sales of all of our regular major business segments in 2021 can keep the Company on a path of continued profitability."
"The outbreak of the coronavirus (COVID-19) over the past year caused a disruption in countless lives and all global economies. Certainly COVID-19 negatively impacted our business sales in 2020. While the negative impacts of COVID-19 are likely to linger into 2021, we believe we will see a significant recovery of markets, patient treatment schedules, and our product sales. To support that growth, we will continue to strongly promote sales of our sodium iodide product, and aggressively launch new products within the nuclear medicine standards business segment. INIS is the sole purchaser of high activity cobalt from any of the Department of Energy (DOE) reactors in the United States. After loading Cobalt in the DOE Advanced Test Reactor 6 years ago, this cobalt should finally be at the appropriate activity level and available in 2021 through our purchase contract with the DOE. Our negotiations for the acquisition of the balance of RadQual which we previously announced continues to move through the appraisal process, and we expect to have further details on the disease testing protocol we announced in January within the next 60 days. We believe that the diminishing COVID-19 impacts, coupled with the strong growth anticipated in our three major business segments, will combine to produce a very positive net result for the Company and our shareholders in 2021."
About International Isotopes Inc.
International Isotopes Inc. Safe Harbor Statement
FOR MORE INFORMATION, CONTACT:
SOURCE International Isotopes Inc.
Company Codes: OTC-PINK:INIS, OTC-QB:INIS