Message #20 From:
NewsBot Date: November 15, 2006 06:23:00 AM
ISRY News IsoRay Announces First Quarter 2007 Results and Projected Second Quarter 2007 Sales Revenues
RICHLAND, Wash.--(BUSINESS WIRE)--IsoRay, Inc. ("IsoRay") (OTCBB:ISRY), 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.
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.
