International Isotopes Inc. Announces Financial Results For The Third Quarter 2018

IDAHO FALLS, Idaho, Nov. 15, 2018 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") announces its financial results for the three and nine months ended September 30, 2018.

Revenue for the three months ended September 30, 2018 was $2,680,760 as compared to $1,900,701 for the same period in 2017, an overall increase of approximately 41%. Revenue for the nine-month period ended September 30, 2018 was $7,874,092 as compared to $5,520,733 for the same period in 2017, an increase of approximately 43%.   This increase in revenue for both periods was largely the result of revenue increases in the Company's cobalt products, nuclear medicine standards, and radiological services segments. 

Gross profit for the three months ended September 30, 2018 increased approximately 20% compared with the same period in 2017. Gross profit for the nine-month period ended September 30, 2018 increased approximately 45% compared to the same period in 2017.   Operating expense decreased approximately 15% for the three months ended September 30, 2018,  primarily due to a decrease in general and administrative costs for the period.  Operating expenses decreased approximately 11% for the nine-month period ended September 30, 2018, compared to the same period in 2017, largely due to decreases in both licensing and legal costs.

The Company's reported net loss for the three months ended September 30, 2018, decreased by approximately 79% to $333,222, compared to a net loss of $1,582,165, for the same period in 2017.  The net loss for the nine-month period ended September 30, 2018, was $631,097 as compared to $2,970,628 for the same period in 2017, a decrease in loss of approximately 79%.  The decrease in net loss for both periods was largely the result of the overall increase in revenue in the Company's cobalt products, nuclear medicine standards, and radiological services segments, along with the reduced operating expenses as noted above.  Further detail on the performance of each of these business segments is provided in the following paragraphs.

Revenue from the sale of cobalt products for the three months ended September 30, 2018 increased approximately 846% compared to the same period in 2017. Revenue from the sale of cobalt products for the nine-month period ended September 30, 2018 increased approximately 318% compared to the same period in 2017.  The Company has been working toward a resumption of cobalt sales by producing cobalt in the U.S. Department of Energy's (DOE) Advanced Test Reactor (ATR) under a ten-year agreement with the DOE.  As a result of that production agreement, a continuous amount of cobalt will start becoming available in 2019.  In the meantime, the Company has been able to acquire cobalt from an alternate supplier, which has allowed the resumption of cobalt product manufacturing and produced the significant increase in revenue for the segment during the third quarter and the first nine months of 2018.

Revenue from radiological services for the three months ended September 30, 2018 decreased approximately 60% compared to the same period in 2017, but the Company reported an increase in revenue in this segment of approximately 77% for the nine-month period ended September 30, 2018 compared to the same period in 2017.  Most of the radiological services revenue is generated by the performance of contract field service activities for the DOE and International Atomic Energy Agency (IAEA).  The decrease in revenue for the three-month comparison was due to the timing of these contracts where revenue may fluctuate quarter to quarter based on when the contracts are completed.  The increase in revenue for the nine-month period comparison is the result of the overall increase in the amount of these contracts the Company has been able to secure in 2018. The Company expects to see additional contract opportunities within this segment for the remainder of the year and into 2019.

Revenue from nuclear medicine products for the three months ended September 30, 2018 increased approximately 18% compared to the same period in 2017.  Revenue from nuclear medicine products for the nine-month period ended September 30, 2018 increased approximately 19% compared to the same period in 2017.  The increase in revenue within this segment for both period comparisons is primarily due to the consolidation of RadQual LLC and TI Services due to the change in member ownership of RadQual in 2017 and the overall increase in sales by all three companies.  

Steve Laflin, President and CEO of the Company, said, "The financial results for the third quarter demonstrate our continued improvement in financial performance this year.  Cobalt products, radiological services, and nuclear medicine standards have been our best performing business segments in the first nine months of 2018, and all three are expected to continue their strong performance for the remainder of this year.  Looking forward to 2019, we remain even more optimistic about further improvements in financial performance as these three segments are expected to continue their strong performance and be further strengthened by anticipated increases in radiochemical product sales as well."

About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, a variety of Cobalt-60 products, and provides a wide selection of radioisotopes and radiochemicals for medical applications, calibration, and clinical research.  The Company also provides radiological services including source installation/removal, and decommissioning of various radiation units on a contract basis to clients.

International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements with respect to the timing of the resumption of cobalt production, future opportunities for field service contracts, and future performance of the Company's business segments.  Information contained in such forward-looking statements is based on current expectations and is subject to change.  These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of International Isotopes Inc. to be materially different from any future results, performance or achievements of the Company expressed or implied by these forward-looking statements.  Other factors, which could materially affect such forward-looking statements, can be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov, including its Annual Report on Form 10-K for the year ended December 31, 2017.  Investors, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.  The forward-looking statements made herein are only made as of the date of this press release and International Isotopes, Inc. and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

FOR MORE INFORMATION, CONTACT:
David Drewitz
Creative Options Communications
Investor and Public Relations
[email protected]
www.creativeoptionsmaketing.com 
Phone:  972-814-5723

SOURCE International Isotopes Inc.