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Isoray Announces Fourth Quarter and Full-Year Fiscal 2019 Financial Results
Record Full Year Revenue Driven by 27% Growth in the Company’s Core Prostate Brachytherapy
RICHLAND, Wash., Sept. 24, 2019 (GLOBE NEWSWIRE) -- Isoray, Inc. (NYSE AMERICAN: ISR), a medical technology company and innovator in seed brachytherapy powering expanding treatment options throughout the body, today announced financial results for the fiscal fourth quarter and full-year ended June 30, 2019.
Revenue for the fourth quarter ended June 30, 2019 grew 20% to $1.92 million versus $1.60 million in the prior year comparable period. The revenue increase was driven by 24% growth in the company’s core prostate brachytherapy product sales. Prostate brachytherapy represented 89% of total revenue for the fourth quarter of 2019 compared to 87% in the prior year comparable period.
Gross profit as a percentage of revenues increased to 45.7% for the three months ended June 30, 2019 versus 27.3% in the prior year comparable period. Fourth quarter gross profit increased 101% to $0.88 million versus $0.44 million in the fourth quarter of fiscal 2018, largely attributable to increased sales and lower isotope unit costs compared to the prior year comparable period.
“Our financial results underscore the progress we have achieved. We believe our advances have much to do with the changes we have made on many fronts to grow our market position and strengthen the Company. We expect the changes we have made and our continuing focus on building opportunities will set the stage for continued growth in fiscal year 2020,” said CEO Lori Woods.
Total operating expenses in the fourth quarter decreased 28% to $2.02 million compared to $2.81 million in the prior year period. Total research and development expenses decreased 40% versus the prior year comparable period. The decrease in total research and development expenses was driven primarily by the year over year decline of collaborative research expenses related to GammaTile Therapy. Additionally, there was a year over year decline in proprietary research expenses related to Blu Build that launched during the fiscal second quarter of 2019. Sales and marketing expenses were flat versus the prior year comparable quarter. General and administrative expenses decreased 36% versus the prior year comparable quarter, which included $0.36 million attributable to the executive severance agreement of the Company’s former CEO and $0.20 million in public company related expenses during the fiscal fourth quarter of 2018.
The net loss for the three months ended June 30, 2019 improved significantly to $1.10 million or ($0.02) per basic and diluted share versus a net loss of $2.36 million or ($0.04) per basic and diluted share in the comparable prior year period. Basic and diluted per share results are based on weighted average shares outstanding of approximately 67.4 million for the three months ended June 30, 2019 versus 55.5 million in the prior year comparable quarter.
The following information was filed by Isoray, Inc. (ISR) on Tuesday, September 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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