Paul I got ISRY 6.00 on seeing earnings out the 15th: IsoRay Announces First Quarter 2007 Results and Projected Second Quarter 2007 Sales Revenues
Wednesday November 15, 9:23 am ET
RICHLAND, Wash.--(BUSINESS WIRE)--IsoRay, Inc. ("IsoRay") (OTCBB:ISRY - News), a medical isotope company focusing on brachytherapy solutions for prostate and other malignant tissue cancers through use of its proprietary Cesium-131 radioisotope, announced its financial results for the first quarter of fiscal year 2007 ended September 30, 2006, and anticipated second quarter of fiscal year 2007 ending December 31, 2006. The financial results for the second quarter of fiscal year 2007 reported today should be considered preliminary until IsoRay files its Form 10-QSB for the second quarter ended December 31, 2006.
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IsoRay consolidated sales revenues for the first quarter of fiscal year 2007 ended September 31, 2006, were $1,025,444, a 386% increase over the $210,915 recorded for the first quarter of fiscal year 2006 ended September 30, 2005. IsoRay consolidated operating loss for the first quarter of fiscal year 2007 ended September 30, 2006, was $2,927,435, compared to an operating loss for the first quarter of fiscal 2006 ended September 30, 2005 of $1,959,690. Included in the net loss for the quarter ended September 30, 2006 is a share-based compensation expense of $781,443 due to the implementation of new accounting rules for option and warrant grants and a one-time severance accrual of $288,000. Without including these two expense items, the net loss would have actually shown a marginal decrease.
The company was spotlighted at the 48th American Society for Therapeutic Radiology and Oncology (ASTRO) annual meeting held in Philadelphia last week.
"IsoRay is very encouraged by the response from physicians at ASTRO supporting our expansion in the market adoption of Cesium-131," said Lori Woods, vice-president of IsoRay Medical Inc.
IsoRay has recently added four leading territory managers, and is targeting to obtain ten territory managers by year end to properly service the increased demand for Cesium-131.
For the second quarter of fiscal year 2007 ending December 31, 2006, IsoRay is projecting gross revenues in excess of 1.6 million dollars, another quarterly sales record as IsoRay moves towards a primary market share position in the brachytherapy seed market.
"This will be the third straight quarter with double digit sequential revenue growth," said IsoRay CEO Roger Girard. "IsoRay is continuing to make significant progress towards achieving operating breakeven levels within the 2007 calendar year."
The Company estimates having approximately $4.7 million in cash reserves as of October 31, 2006.
About IsoRay
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc., is the sole producer of the Cesium-131 brachytherapy seed, used to treat prostate and other cancers. The Cesium-131 seed offers a significantly shorter half-life than the two other isotopes commonly used for brachytherapy, which results in a substantially faster delivery of therapeutic radiation, lower probability of cancer cell survival and reduction of the longevity of common brachytherapy side effects. IsoRay is based in Richland, Washington. More information is available about IsoRay at www.isoray.com.
Safe Harbor Statement
Statements in this news release about IsoRay's future expectations, including: the advantages of our Cesium-131 seed, revenues for the quarter ended September 30, 2006, and for the quarter ending December 31, 2006, the level of market share and the percentage increase in the existing quarter that our seed may attain, when and whether we will attain positive cash flow and all other statements in this release, other than historical facts, are forward-looking statements. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell our products, our ability to manufacture our products in sufficient quantities to meet demand within required delivery time periods while meeting our quality control standards, our ability to obtain sufficient supplies of isotopes and other materials from suppliers, our ability to maintain adequate quality control, including with the third parties we rely on, to minimize reduction in orders from customers, and our ability to enforce our intellectual property rights, and other risks detailed from time to time in IsoRay's reports filed with the SEC.
Contact:
IsoRay Inc., Richland
Ralph Scahtzmair
Director Investor Relations
IsoRay Medical Inc.
rschatzmair@isoray.com
www.isoray.com
www.cesium131.com
or
The Bartlett Group Public Relations
Barry Bartlett
206-285-0673
Cell: 206-335-4694
barry@bartlettgrouppr.com
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Source: IsoRay, Inc.
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