International Isotopes Inc. (OTCQB: INIS) (the “Company” or “INIS”) announces its financial results for the three and nine months ended September 30, 2020.
| IDAHO FALLS, Idaho, Nov. 17, 2020 /PRNewswire/ --International Isotopes Inc.(OTCQB: INIS) (the “Company” or “INIS”) announces its financial results for the three and nine months ended September 30, 2020. Revenue for the three months ended September 30, 2020 was $2,864,288 as compared to $2,337,488 for the same period in 2019, an overall increase of approximately 23%. Revenue for the nine months ended September 30, 2020 was $7,359,633, as compared to $7,001,179 for the same period in 2019, an increase of approximately 5%. The increase in revenue for both periods was largely the result of increased revenue in the Company’s radiochemical and cobalt products segments. The Company’s cost of sales decreased approximately 20% and 13% respectively for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The decrease in cost of sales in the three and nine months periods were primarily due to the decreased activity in the radiological services segment. Gross profit for the three months ended September 30, 2020 increased approximately 70% compared to the same period in 2019. Gross profit for the nine months ended September 30, 2020 increased approximately 21%. This increase in gross profit for both periods was largely the result of increased revenue in the radiochemical and cobalt products segments partially offset by a decrease in revenue in the radiological services segment. The Company’s net income for the three months ended September 30, 2020, was $307,050, compared to net income of $236,462, for the same period in 2019, an increase of approximately 30%, and was the result of increased sales of our radiochemical products. The Company’s net income for the nine months ended September 30, 2020, was $113,884 as compared to a net loss of ($972,689) for the same period in 2019. The following provides some additional detail on the business performance of the Company’s three primary business segments. Revenue from the sale of radiochemical products increased approximately 38% for the three months ended September 30, 2020 compared to the same period in 2019. Revenue from the sale of radiochemical products increased approximately 45% for the nine months ended September 30, 2020 compared to the same period in 2019. The increase in revenue for both periods was primarily the result of sales of the Company’s new generic sodium iodide drug product which was launched in March 2020, partially offset by a reduction in payments received for contract manufacturing services in the three-month period compared to 2019. Revenue from the sale of cobalt products for the three months ended September 30, 2020 increased approximately 457% compared to the same period in 2019. Revenues from the sale of cobalt products for the nine months ended September 30, 2020 increased approximately 56% compared to the same period in 2019. The increase in revenue for both periods was the result of the timing of cobalt sales and the recognition of income for cobalt provided under older cobalt-60 supply agreements. Revenue from nuclear medicine products for the three months ended September 30, 2020 decreased approximately 6% compared to the same period in 2019. Revenue from nuclear medicine products for the nine months ended September 30, 2020 decreased approximately 9% compared to the same period for 2019. The Company has seen slower sales activity in this business segment and attributes this to the COVID-19 global outbreak which resulted in the temporary closure of many imaging clinics and suspension of elective or non-essential imaging procedures. The Company believes that many of the medical imaging procedures have been delayed, not canceled, and there is a pent-up demand for these products. Therefore, the Company expects to see a rebound in sales once the COVID-19 global outbreak begins to subside and certain public restrictions are relaxed. Further increases in the number of COVID-19 cases across the country could further delay any rebound in sales. Steve Laflin, President and CEO of the Company said, “We are pleased to see the continued improved financial performance of the Company driven by the revenue increases in both the radiochemical and cobalt product segments. This is the first time in the history of the Company that we have achieved a net profit in two consecutive quarters, and it is also noteworthy that we have attained an overall net profit for the first nine months of the year. We are expecting to see continued strong revenue performance in the fourth quarter barring any greater negative impact from COVID-19. Looking ahead to 2021, we expect to see continued growth in all segments. We are awaiting regulatory approval for several new products in our nuclear medicine segment, and we are continuing to develop new products which we will be submitting for approval shortly.”
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SOURCE International Isotopes Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-PINK:INIS, OTC-QB:INIS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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