IsoRay, Inc. (NYSEMKT: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 its financial results for the first quarter of fiscal 2016, which ended September 30, 2015.
Revenue was $1.26 million for the first quarter, a 21% increase compared to $1.04 million for the first quarter of fiscal 2015, which ended September 30, 2014. Operating expenses were $1.17 million compared to $1.11 million in the first quarter of the last fiscal year. Operating loss was $1.09 million compared to a $1.16 million operating loss in the comparable period of the last fiscal year. IsoRay had cash, cash equivalents and certificates of deposit of $18.6 million as of September 30, 2015 and no debt.
Management continues to promote Cesium-131’s success with major U.S. universities, teaching hospitals and cancer specialist groups. “The recent peer reviewed publications demonstrating the efficacy of IsoRay’s brachytherapy, combined with our increased marketing efforts, have begun to impact the number of procedures done with our Cesium-131 seed therapy in other parts of the body,” said Dwight Babcock, Chairman and CEO of IsoRay. “While prostate treatment still represents the main use of our seed therapy, usage has begun to expand in head and neck, lung, brain and gynecological cancers. There are a number of additional independent studies currently underway, and we expect usage to continue slowly expanding as additional published studies re-confirm the initial positive results. As morekey opinion leaders in the field learn of other institutions’ success with Cesium-131 and beginadministering treatments and experiencing first-hand the lower recurrence of cancer and improved quality of life that the published studies have shown Cesium-131 can deliver to their cancer patients, weanticipate additional growth.”