IsoRay Inc (NYSE: ISR) has been gaining upside momentum ever since it announced Q1 results for the fiscal year 2020. The company announced that it had a quarterly EPS loss of $0.01, much lower than analyst expectations of a loss of $0.02. Revenues also grew significantly in the quarter. They rose to 2.32 million, a 48% increase compared to $1.56 million in a similar quarter in the last fiscal year. The company announced that revenue growth was mainly driven by an over 50% growth in its core prostrate business.
More than 90% of its business for the quarter came from the core prostate brachytherapy business. This is much higher than the 88% of revenues that this aspect of the company generated in the last fiscal year. The company also announced that, revenues not attributable tom the prostrate brachytherapy business came mainly from sales of treatments for gynecological, colorectal cancer and other cancers as well as from brain treatments.
The company also announced that gross profits as a percentage of revenues rose by 53.4% in the quarter. This was significantly higher than the 33.5% that the company recorded in a similar quarter in the last financial year. Gross profits rose by 136% to hit $1.24 million compared to $0.52 million in the same quarter in the last financial year.
The company CEO, Lori Woods, stated that they were happy with the results. He added that, the results were a reflection of the company’s increased momentum towards its current strategic direction. According to Lori, the strong Q1 results were a reflection of the company’s growing role in the prostate brachytherapy market.
In Friday’s session, the stock was trading between highs of $0.63 and lows of $0.53 before closing the day at $0.60. Volumes in the day stood at 1.56 million.
About Isoray, Inc
Isoray, Inc makes and sells isotope-based treatments for cancer and other malignant diseases. The company has its headquarters in Richland, Washington.