IsoRay (ISR) Reports Prelim. Q4 Revenue of $1.37M

IsoRay, Inc. (NYSE: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications for the treatment of prostate, brain, lung, head and neck and gynecological cancers, today announced preliminary unaudited revenue and gross profit results for the fourth quarter and fiscal year ended June 30, 2017.

Preliminary unaudited revenue and gross profit for the fourth quarter of fiscal 2017:

• Preliminary revenue for the three months ended June 30, 2017 was $1.37 million compared to $1.12 million for the same period in 2016 and $1.28 in the third quarter of fiscal 2017. This represents increases of 22% year-over-year and 7% from the previous quarter.
• Preliminary gross profit for the three months ended June 30, 2017 was $0.43 million compared to a loss of $0.05 million in the prior year period and $0.29 million in the third quarter of fiscal 2017. Gross profit margin was 31% in the current period compared to a negative gross margin in the fourth quarter of fiscal 2016 and 23% in the third quarter of fiscal 2017.
• Prostate brachytherapy represented 88% of total revenue for the fourth quarter of fiscal 2017 compared to 85% in the fourth quarter of fiscal 2016.

Preliminary unaudited revenue and gross profit for the 2017 fiscal year:

• Preliminary revenue for the twelve months ended June 30, 2017 was $4.76 million, flat with the $4.77 million reported for 2016.
• Preliminary gross profit of $0.77 million compared to $0.13 million in the prior year, a 492% increase.
• Prostate brachytherapy represented 88% of total revenue for fiscal 2017 compared to 86% in fiscal 2016.

"Revenue growth continued to strengthen in the fourth quarter, reflecting a growing customer count from new and returning practitioners. For the fiscal year, revenue was flat year-over-year, with the stronger second half offsetting the approximate 14% revenue decline of the first half of the fiscal year when we were rolling out our new sales team and strategies. Gross profit showed significant improvement, a result of the expense reductions and process and manufacturing improvements we've been putting in place over the last several months," said Tom LaVoy, Chairman and CEO of IsoRay.

"We remain highly focused on increasing revenue and continuing to improve our gross profit through ongoing cost reductions and manufacturing and process improvements. Combined with industry data fueling renewed interest and adoption of brachytherapy, as well as strong patient results from our Cesium-131 isotope and our highly experienced and increasingly effective sales force, we believe that IsoRay is well positioned for improving financial results in the year ahead," concluded Mr. LaVoy.

Final audited financial results will be released with the filing of IsoRay's Annual Report on Form 10-K, which will be filed with the U.S. Securities and Exchange Commission before the Company's late-September 2017 deadline.

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