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Nordion International Release: Reports Second Quarter 2012 Financial Results

Published: Jun 06, 2012

  • Second quarter fiscal 2012 revenue was $50.0 million and adjusted earnings per share was $0.08 (GAAP earnings per share was $0.05)
  • Achieved TheraSphere revenue growth of 11% in second quarter fiscal 2012 compared to same period last year
  • Subsequent to its second quarter, Nordion enrolled the first patient into its EPOCH Phase III clinical trial program

Nordion reports in U.S. dollars unless otherwise specified. Please also refer to the Management's Discussion and Analysis and Consolidated Financial Statements.

OTTAWA, June 5, 2012 /PRNewswire/ - Nordion Inc. (TSX: NDN) (NYSE: NDZ), a leading provider of products and services to the global health science market, today reported results for the second quarter of fiscal 2012. Second-quarter revenue of $50.0 million decreased 27% from $68.3 million reported in the second quarter of fiscal 2011, mainly due to timing of cobalt-60 shipments to customers as well as the impact of the planned one-month National Research Universal (NRU) reactor shutdown.

Excluding the specified items shown on the attached quarterly non-GAAP reconciliations table, adjusted net income for the second quarter of fiscal 2012 was $4.8 million, compared with $7.4 million in the previous year. The Company reported GAAP net income of $3.2 million in second quarter fiscal 2012 compared with a net loss of $7.5 million in the second quarter of fiscal 2011.

Second-quarter fiscal 2012 adjusted earnings per share, excluding specified items, was $0.08 compared with $0.11 in the second quarter fiscal 2011. GAAP earnings per share was $0.05 in the second quarter of fiscal 2012, versus $0.11 loss per share in the same period last year.

"Nordion's operations and financials remain sound," said Mr. Steve West, Chief Executive Officer, Nordion Inc. "During the quarter, we strengthened our long-term cobalt-60 supply relationships and worked with TheraSphere users, globally, to improve the ease of use and adoption of this important liver cancer therapy."

Key Q2 2012 Events:

  • On May 9, 2012, Nordion announced the launch of the Gamma Centre of Excellence
  • On April 25, 2012, Nordion announced the launch of custom doses for TheraSphere in Europe and Canada

Subsequent Events:

  • In May, 2012, Nordion enrolled the first patient into its TheraSphere EPOCH Phase III clinical trial program
  • On May 25, 2012, Nordion completed the arbitration hearings with Atomic Energy of Canada Limited (AECL)
  • On June 5, 2012, Nordion announced the TheraSphere preceptor program, which provides TheraSphere users with access to the expertise of veteran users of the liver cancer therapy, complementing the current training program

Consolidated Financial Results

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