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Isoray, Inc. (ISR) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

SEC Filings

Isoray, Inc.

CIK: 728387 Ticker: ISR

Exhibit 99.1

 

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Isoray Announces Second Quarter Fiscal 2022 Financial Results

 

Revenue Increased 19% Year-Over-Year
Prostate Brachytherapy Revenue Increased 13% Year-Over-Year

 

RICHLAND, Wash., Feb. 08, 2022 (GLOBE NEWSWIRE) -- Isoray, Inc. (NYSE AMERICAN: ISR), a medical technology company and innovator in seed brachytherapy, today announced its financial results for the second quarter of fiscal 2022 ended December 31, 2021.

 

Revenue for the second quarter of fiscal 2022 grew 19% to $2.82 million versus $2.36 million in the prior year comparable period. The Company’s core prostate brachytherapy revenue increased 13% versus the second quarter of fiscal 2021. Prostate brachytherapy represented 76% of total revenue for the second quarter of fiscal 2022 compared to 80% in the prior year comparable period. Non-prostate brachytherapy revenue increased 46% versus the prior year comparable period. The majority of non-prostate brachytherapy revenue in the quarter was comprised of sales to treat brain cancer, including sales of GammaTile® Therapy.

 

Gross profit as a percentage of revenues was 43.3% for the three months ended December 31, 2021 versus 49.5% in the prior year comparable period. The decline in gross margin was the result of increased total cost of product sales due primarily to higher isotope and non-isotope material costs as well as increased payroll and benefits due to an increase in headcount. Second quarter gross profit increased 4.5% to $1.22 million versus $1.17 million in the second quarter of fiscal 2021.

 

Isoray CEO Lori Woods said, “This quarter represents the third straight quarter of year over year growth for our core prostate business and other treatment areas including brain, head and neck, and lung cancers. In reviewing this quarter’s results and looking toward the future, we believe the strategies we have been implementing are working and will continue to have a positive impact. We believe Isoray is well positioned to accelerate our growth as our end markets rebound further from the ongoing effects of the pandemic.”

 

Total operating expenses increased 40% in the second quarter to $2.86 million from $2.04 million in the prior year period. Total research and development expenses increased 88% versus the prior year comparable period. The increase in research and development expenses was primarily the result of increased payroll and benefits expense due to greater headcount versus the prior year comparable period.

 

Sales and marketing expenses increased 13% versus the prior year comparable period. The increase in sales and marketing expenses was driven primarily by increases in travel and tradeshow costs and increased payroll and benefits expense due to greater headcount, versus the prior year comparable period. General and administrative expenses increased 43% versus the prior year comparable period. The increases in general and administrative expenses were primarily the result of increased payroll and benefits expense due to greater headcount and increased employment hiring expenses versus the prior year comparable period.

 

The net loss for the three months ended December 31, 2021 was $1.60 million or ($0.01) per basic and diluted share versus a net loss of $0.87 million or ($0.01) 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 142.0 million for the three months ended December 31, 2021 versus 83.0 million in the comparable prior year period.

 

For the first six months of fiscal 2022 ended December 31, 2021, revenue increased 13% to $5.38 million versus $4.74 million in the prior year comparable period. Prostate brachytherapy represented 76% of total revenue for the first half of fiscal 2022 compared to 80% for the first half of fiscal 2021. Total operating expenses for the first six months of fiscal 2022 increased 54% to $6.16 million, versus $4.00 million in the prior year comparable period. The net loss for the first half of fiscal 2022 was $3.85 million, or ($0.03) per basic and diluted share, compared to a net loss of $1.58 million, or ($0.02) per basic and diluted share, in the prior year comparable period. Basic and diluted per share results are based on weighted average shares outstanding of approximately 141.9 million for the six months ended December 31, 2021, versus 76.0 million in the comparable prior year period.

 

Cash, cash equivalents, and certificates of deposit at the end of the second quarter of fiscal 2022 totaled $60.4 million and the company had no long-term debt. Stockholders’ equity at the end of the second quarter of fiscal 2022 totaled $64.4 million.

 

 

The following information was filed by Isoray, Inc. (ISR) on Tuesday, February 8, 2022 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Note 1 - Basis Of Presentation
Note 1 - Basis Of Presentation (Details Textual)
Note 2 - New Accounting Standards
Note 3 - Loss Per Share
Note 3 - Loss Per Share (Tables)
Note 3 - Loss Per Share - Antidilutive Securities (Details)
Note 4 - Inventory
Note 4 - Inventory (Details Textual)
Note 4 - Inventory (Tables)
Note 4 - Inventory - Current Inventory (Details)
Note 4 - Inventory - Noncurrent Inventory (Details)
Note 5 - Property And Equipment
Note 5 - Property And Equipment (Details Textual)
Note 5 - Property And Equipment (Tables)
Note 5 - Property And Equipment - Summary Of Property And Equipment (Details)
Note 6 - Share-Based Compensation
Note 6 - Share-Based Compensation (Details Textual)
Note 6 - Share-Based Compensation (Tables)
Note 6 - Share-Based Compensation - Assumptions (Details)
Note 6 - Share-Based Compensation - Share-Based Compensation Expense (Details)
Note 6 - Share-Based Compensation - Summary Of Stock Options (Details)
Note 7 - Commitments And Contingencies
Note 8 - Leases
Note 8 - Leases (Details Textual)
Note 8 - Leases (Tables)
Note 8 - Leases - Future Operating Lease Payments And Lease Liability (Details)
Note 9 - Contracts With Customers
Note 9 - Contracts With Customers (Details Textual)
Note 9 - Contracts With Customers (Tables)
Note 9 - Contracts With Customers - Concentration Of Customers (Details)
Ticker: ISR
CIK: 728387
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-22-002803
Submitted to the SEC: Wed Feb 09 2022 8:01:02 AM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Surgical And Medical Instruments And Apparatus

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