International Isotopes Inc. Announces Financial Results For The Third Quarter 2021
IDAHO FALLS, Idaho, Nov. 16, 2021 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company" or "INIS") announces its financial results for the three and nine months ended September 30, 2021.
Revenue for the three months ended September 30, 2021, was $2,617,514 compared to $2,864,288 for the same period in 2020. Revenue for the nine months ended September 30, 2021, was $7,369,922 compared to $7,359,633 for the same period in 2020.
The Company's cost of sales increased approximately 3% and 6% respectively for the three and nine months ended September 30, 2021, compared to the same periods in 2020. The increase in cost of sales in the three- and nine-months periods were primarily due to the increase in raw material costs for the radiochemical and cobalt products segments.
The Company's decrease in net income compared to 2020 was largely attributable to increased operating expense, as depreciation expense of new assets more than doubled due to our new pharmaceutical manufacturing facility, and decreased other income. The decrease in other income was the result of an SBA loan received as part of the Payroll Protection Program in 2020 which was converted to income in the prior period.
The following provides a summary of our current business segment performance for the three-and nine-month periods.
Revenue from nuclear medicine products, operating as RadQual LLC, for the three and nine months ended September 30, 2021, increased approximately 2% and 8% respectively compared to the same periods in 2020. The increase in sales for both periods was largely the result of increasing sales and the launch of several new products within this business segment. RadQual is the premier global developer of quality control products for the nuclear medicine industry, focused principally on SPECT and PET imaging. Our acquisition of the remaining 75% of RadQual occurred shortly after the end of the second quarter. Therefore, the financial benefits of the acquisition have only positively impacted this segment financial performance for a portion of the third quarter.
Revenue from the radiochemical products segment, which includes contact manufacturing, decreased approximately 7% and 2% respectively for the three- and nine-month periods ended September 30, 2021, compared to the same periods in 2020. This decrease was primarily the result of a decrease in contract manufacturing payments during the period.
Revenue from the sale of cobalt products for the three months ended September 30, 2021, decreased approximately 25% compared to the same period in 2020. Revenue from the sale of cobalt products for the nine months ended September 30, 2021, increased approximately 3% compared to the same period in 2020. Our cobalt products segment revenue is always impacted by the timing of cobalt raw material shipments from the Department of Energy (DOE) Advanced Test Reactor. This makes short quarterly comparisons inconsistent, however, demand for cobalt remains very strong within this segment and well in excess of the cobalt raw material we can procure.
Steve Laflin, President and CEO of the Company, said, "Our acquisition of RadQual LLC has just started to positively impact our nuclear medicine standards segment revenue performance. While that segment has had positive revenue growth in both the three- and nine-month periods this year, COVID-19 continues to impact the segment revenue by slowing sales caused by delays and deferment of nuclear medicine imaging procedures. It appears that national trends in COVID-19 cases are beginning to decline, and we are optimistic that this could signal a return to more normal patient imaging and diagnostic schedules. In fact, our sales in all of our business segments saw significant improvement in the last month of the third quarter and we believe this may be the start of continued stronger sales performance for the remainder of the year."
About International Isotopes Inc.
International Isotopes Inc. manufactures a wide range of calibration and reference standards for nuclear medicine, generic sodium iodide I-131 drug product for hyperthyroidism and thyroid cancer, Cobalt-60 sealed source products, and provides contract manufacturing of various drug products for clients.
International Isotopes Inc. Safe Harbor Statement
SOURCE International Isotopes Inc.
Company Codes: OTC-PINK:INIS, OTC-QB:INIS
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