EX-99.1
2
a4804359ex991.txt
PRESS RELEASE

                                                                    Exhibit 99.1

Theragenics Corporation Reports Results for Fourth Quarter and Year-End, 2004

    BUFORD, Ga.--(BUSINESS WIRE)--Jan. 21, 2005--Theragenics
Corporation(R) (NYSE: TGX), the Georgia-based manufacturer and
marketer of TheraSeed(R), the premier palladium-103 cancer treatment
device, today announced financial results for the fourth quarter and
year-ended December 31, 2004. Revenues for the quarter were $8.5
million compared to $7.0 million in the corresponding period of last
year, a 20.6 percent increase. For the twelve months ended December
31, 2004, revenues were $33.3 million, a decrease of 6.3 percent
compared to the prior year's $35.6 million in revenues. Net loss in
the quarter was $1,289,000, or $0.04 per share, compared to a net loss
of $1,187,000, or $0.04 per share in the fourth quarter of 2003. For
the year 2004, net loss was $4,310,000 or $0.14 per share compared to
a net loss of $312,000, or $0.01 per share in the prior year after
cumulative effect of accounting change. For the fourth quarter of
2004, Selling, General and Administrative costs increased $853,000
compared to the fourth quarter of 2003, from $3.8 million to $4.6
million. Selling, General and Administrative costs for the twelve
months ended December 31, 2004, increased $3.8 million compared to
2003, from $13.8 million to $17.6 million. The reasons for the
increase included higher marketing expenses, costs associated with the
internal control requirements of Section 404 of the Sarbanes-Oxley Act
of 2002, and increased expenses associated with diversification
activities. Research and development expenses increased from $7.5
million in 2003 to $9.6 million in 2004. Increases in research reflect
higher costs associated with clinical trials of the TheraSource(R) and
TheraSight(TM) devices during 2004.
    Commenting on the results, Ms. M. Christine Jacobs, Chairman, CEO
and President, stated, "While this was a challenging year for our
entire industry, Theragenics(TM) made progress in building its own
in-house sales force, launching a new marketing campaign, commencing a
clinical trial, and expanding efforts to diversify the Company. The
bottom line reflects investments made in all of these areas, and cash
levels remain healthy. Fourth quarter 2004 revenues were 21 percent
higher than the same period in 2003, and also slightly higher than
third quarter, indicating that our strategy to increase revenues in
our core business may be gaining momentum. Our direct sales, in unit
terms, reached their highest level since the summer of 2003. One of
our distributors performed extremely well, while the other distributor
continued a disappointing downward trend.
    "Regarding diversification, we launched the trial of our
TheraSight(TM) Ocular Brachytherapy System and began treating patients
in the fourth quarter. The trial is designed to evaluate the safety
and feasibility of the device in treating the wet form of age-related
macular degeneration. We look forward to this opportunity to fill a
largely unmet medical need by providing a potential treatment for this
devastating condition. This year we also completed a safety and
feasibility trial of our TheraSource(R) Intravascular Brachytherapy
System for the prevention of restenosis, or renarrowing, of leg
arteries following treatment of peripheral vascular disease by balloon
angioplasty. We are still evaluating long-term strategy in this area."
    Ms. Jacobs continued, "Another facet of our diversification
strategy has included efforts to fully utilize existing assets and
capacity. During 2004, we began using existing cyclotron capacity to
supply customers with two radiochemicals. In Oak Ridge, we produced
palladium-102 on the PSP, and we have continued to evaluate other
medical and non-medical uses of the technology, such as homeland
security and energy storage. We are active in the Federal budget
process, and have worked to ensure that the PSP's capabilities are
known to Federal agencies such as the Departments of Defense and
Energy.
    "In 2004 we expanded and accelerated our external diversification
efforts. Investment bankers retained last year assisted the Company in
the screening of approximately 80 possible acquisition targets. We
have no transaction to report at this time and, admittedly, the
acquisition process has been a slow one. The search continues. To that
end, we believe it to be in the best interest of the Company's
stakeholders for Theragenics(TM) to be a highly discerning buyer."
    Ms. Jacobs concluded her remarks by saying, "Diversification
remains a top priority for 2005. In the meantime, we begin a new year
with renewed excitement for our core business. Our sales force is
making positive inroads. Sales are up and inactive accounts reduced.
The new IUN agreement has potential - we believe it will provide us
with a fresh sales channel. 2004 was the first full year after
Medicare reform, with fair reimbursement in place. This translates
into one more impediment removed. One distributor is doing well, with
the other terminating its disappointing performance on December 31,
2005. Lastly, we began a new 'Heartland' direct-to-consumer campaign
in January, and our cancer cure continues to perform well clinically.
This is a good start to a new year."
    Theragenics(TM) will host a conference call today at 11:00 a.m.
Eastern Time. To access the call, dial 800-538-9844 or 706-634-7274
and give Theragenics'(TM) name. This call is also being broadcast live
over the Internet, and a recording will be available for one month on
the Company's website. To access the webcast, log on to
www.theragenics.com and select the Investor Relations button followed
by the Overview button. You can also access a replay of the call until
Midnight on Monday, February 21 by dialing 800-642-1687 or
706-645-9291 and providing the conference ID code: 3278365.

    Theragenics Corporation(R) is committed to being a leading
provider of brachytherapy treatment devices for prostate cancer and
other degenerative disease states. The Company is the manufacturer and
marketer of the palladium-103 device TheraSeed(R) and I-Seed, an
iodine-125 based device. Both devices are used in the treatment of
localized prostate cancer in one-time, minimally invasive procedures.
Theragenics(TM) is the world's largest producer of palladium-103 and
is involved in research and development utilizing palladium-103 and
other isotopes for the treatment of a wide variety of diseases,
including vascular disease and macular degeneration. For additional
information on the Company, call Theragenics'(TM) Investor Relations
Department at (800) 998-8479. The Company's common stock is traded on
the New York Stock Exchange under the symbol TGX. Additional
information can be found on the Company website: www.theragenics.com.

    This release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, the
accuracy of which is necessarily subject to risks and uncertainties,
including, without limitation, optimism for the effectiveness of the
direct distribution system and of new sales and marketing initiatives,
institution of activities and plans that could benefit
Theragenics'(TM) goals in its diversification efforts and anticipated
positive results in general. Actual results may be affected by among
other things, risks and uncertainties related to new product and
process development cycles, potential costs and delays associated with
preclinical and clinical studies, potential costs and delays in
production optimization (especially as it relates to the Oak Ridge
facility), effectiveness and execution of marketing and sales programs
by Theragenics(TM) and its distributors, changes in product pricing or
selling tactics by Theragenics(TM) or other brachytherapy seed
producers, changes in costs of materials used in production processes
(especially as it relates to isotope production), continued acceptance
of the products by the market, continued demand for Pd-103, demand for
isotopes or isotopically engineered materials for new or expanded
applications, introduction and/or availability of competitive products
by others, third-party (including CMS) reimbursement, Congressional
action affecting Medicare reimbursement, physician training,
third-party distribution agreements, and other factors set forth from
time to time in the Company's Securities and Exchange Commission
filings.
    All forward looking statements and cautionary statements included
in this document are made as of the date hereby based on information
available to the Company as of the date hereof, and the Company
assumes no obligation to update any forward looking statement or
cautionary statement.


THERAGENICS CORPORATION(R) CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands except per share data)


                                  Three Months Ended  Twelve Months
                                                           Ended
                                  12/31/04 12/31/03 12/31/04 12/31/03
                                  ------------------------------------
Total revenues                      $8,456   $7,010  $33,338  $35,580
Cost of sales                        3,975    3,518   14,122   15,628
                                  ------------------------------------
     Gross profit                    4,481    3,492   19,216   19,952

Operating expenses:
     Selling, general &
      administrative                 4,616    3,763   17,619   13,788
     Research & development          2,248    2,006    9,583    7,467
                                  ------------------------------------
                                     6,864    5,769   27,202   21,255
                                  ------------------------------------
     Operating loss                 (2,383)  (2,277)  (7,986)  (1,303)
Other income, net                      349      216    1,134      894
                                  ------------------------------------
   Loss before income tax and
    cumulative effect of
    accounting change               (2,034)  (2,061)  (6,852)    (409)
Income tax benefit                    (745)    (874)  (2,542)    (319)
                                  ------------------------------------
   Loss before cumulative effect
    of accounting change            (1,289)  (1,187)  (4,310)     (90)
   Cumulative effect of accounting
    change, net of tax                   -        -        -     (222)
                                  ------------------------------------
Net loss                           $(1,289) $(1,187) $(4,310)   $(312)
                                  ====================================
Net loss per common share
Basic:
Loss before cumulative effect of
   accounting change                $(0.04)  $(0.04)  $(0.14)  $(0.00)
       Cumulative effect of
        accounting change                -        -        -    (0.01)
                                  ------------------------------------
Net loss per common share           $(0.04)  $(0.04)  $(0.14)  $(0.01)
                                  ====================================
Diluted:
Loss before cumulative effect of
   accounting change                $(0.04)  $(0.04)  $(0.14)  $(0.00)
     Cumulative effect of
      accounting change                  -        -        -    (0.01)
                                  ------------------------------------
Net loss per common share           $(0.04)  $(0.04)  $(0.14)  $(0.01)
                                  ====================================

Weighted average
     Shares outstanding - Basic     29,983   29,940   29,971   29,902
     Shares outstanding - Diluted   29,983   29,940   29,971   29,902




                                  Three Months Ended  Twelve Months
                                                           Ended
KEY RATIOS                        12/31/04 12/31/03 12/31/04 12/31/03
                                  -----------------------------------
Gross Margin                          53.0%    49.8%    57.6%    56.1%
Operating Margin                    (28.2)%  (32.5)%  (24.0)%   (3.7)%
Loss Before Tax and Before
    Accounting Change Margin        (24.1)%  (29.4)%  (20.6)%   (1.1)%
Loss After Tax and Before
    Accounting Change Margin        (15.2)%  (16.9)%  (12.9)%   (0.3)%
Loss After Tax and After
    Accounting Change Margin        (15.2)%  (16.9)%  (12.9)%   (0.9)%
ROE                                  (3.7)%   (3.3)%   (3.1)%   (0.2)%




THERAGENICS CORPORATION(R) CONDENSED BALANCE SHEETS
(UNAUDITED)
(In thousands)


Assets                                              December  December
                                                    31, 2004  31, 2003
                                                    ------------------
     Cash, short-term investments
          & marketable securities                    $62,261  $66,431
     Trade accounts receivable                         5,787    3,831
     Inventories and other current assets              7,627    6,800
                                                    ------------------
               Total current assets                   75,675   77,062
     Property, plant & equipment, net                 70,215   73,372
     Other assets                                      2,788    2,355
                                                    ------------------
          Total assets                              $148,678 $152,789
                                                    ==================

Liabilities & Shareholders' Equity
     Accounts payable & accrued expenses              $3,086   $3,053
     Deferred income taxes                             6,920    6,830
     Other liabilities                                   612      580
                                                    ------------------
               Total liabilities                      10,618   10,463
     Shareholders' equity                            138,060  142,326
                                                    ------------------
               Total liabilities & shareholders'
                equity                              $148,678 $152,789
                                                    ==================


    CONTACT: Theragenics Corporation(R), Buford
             Company Contact:
             James A. MacLennan, 800-998-8479 or 770-271-0233
                 or
             Investor Relations
             Lisa Rassel, 800-998-8479 or 770-271-0233
             www.theragenics.com




The following information was filed by Theragenics Corp (TGX) on Friday, January 21, 2005 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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