International Isotopes Inc. Announces Financial Results For The Second Quarter 2021

IDAHO FALLS, Idaho, Aug. 18, 2021 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company" or "INIS") announces its financial results for the three months ended June 30, 2021.

Revenue for the three months ended June 30, 2021, was $2,759,896 compared to $2,159,559 for the same period in 2020, an overall increase of approximately 28%.  The increase in revenue for the three-month period was largely the result of increased sales of radiochemical products, cobalt products, and nuclear medicine standards.    The revenue increase in all of our principal business segments drove operating income to a positive $14,722 in the second quarter 2021 from a loss of $96,101 in the corresponding quarter last year

The following provides a brief summary of our current business segment performance for the three-month period.

Revenue from the radiochemical products segment, which includes contact manufacturing, increased approximately 10% for the three-month period ended June 30, 2021, compared to the same period in 2020.  This increase was primarily the result of broader market acceptance of our new sodium iodide I-131 drug product which was approved by the FDA in February 2020 and launched in March 2020.  Our sodium iodide drug is used to treat thyroid cancer and diseases of the thyroid and we are currently the only domestic supplier of this important treatment.

Revenue from the sale of cobalt products for the three months ended June 30, 2021, increased approximately 157% compared to the same period in 2020.  Our cobalt sealed source manufacturing is largely dependent on our ability to procure cobalt material from the Department of Energy (DOE) Advanced Test Reactor. While there had been delays in DOE's cobalt production, we were able to begin accessing this material in the second quarter and fabricating sealed cobalt sources.

Revenue from nuclear medicine products, operating as RadQual LLC,  for the three months ended June 30, 2021, increased approximately 14% compared to the same period in 2020.  The increase in sales for the period was largely the result of increasing sales, and the launch of several new products within this business segment.  RadQual is the premier global developer of quality control products for the nuclear medicine industry, focused principally on SPECT and PET imaging.  Our acquisition of the 75% of RadQual which we did not previously own occurred right after the end of the second quarter, thus the benefits of the acquisition will not start to appear until the third quarter is reported.

Steve Laflin, President and CEO of the Company, said, "We are pleased to see the continued revenue growth in our three major business segments.  Our radiochemical product sales are expected to remain strong for the remainder of the year.  Our nuclear medicine products sales have continued to rebound from the negative impacts COVID-19 had on the industry and this business segment in 2020, and we have successfully introduced several new products in this business segment.  We have been able to acquire some high activity cobalt from the DOE, and during the second quarter realized some of the first sales of this material in many years.  We expect we will be able to acquire additional cobalt material and realize significant cobalt sales for the remainder of the year.  Considering our expected performance of these three business segments, I continue to believe we will see stronger financial performance for the remainder of the year." 

About International Isotopes Inc.

International Isotopes Inc. manufactures a wide range of calibration and reference standards for nuclear medicine, generic sodium iodide I-131 drug product for hyperthyroidism and thyroid cancer, Cobalt-60 sealed source products, and provides contract manufacturing of various drug products for 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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to,  statements with respect to future performance of the Company's business segments and the impact that COVID-19 will, or will not have on our business performance and revenue growth.  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 the Company 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, 2020.  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 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.creativeoptionsmarketing.com 
Phone:  972-814-5723

SOURCE International Isotopes Inc.

Related Links

http://www.intisoid.com