INTERNATIONAL ISOTOPES INC. ANNOUNCES 2021 YEAR END FINANCIAL RESULTS

Rhea-AI Summary

International Isotopes Inc. (OTCQB: INIS) reported a 3% increase in revenue for 2021, amounting to approximately $9.6 million compared to $9.3 million in 2020. Despite this growth, the company experienced a net loss of $902,347 in 2021, a stark contrast from the $2.2 million income in 2020, primarily due to one-time income from a settlement in 2020. Key achievements included a 5% rise in radiochemical product sales, acquisition of RadQual, and an 11% increase in cobalt product revenues. The company remains optimistic about recovery and new product launches in 2022.

Positive

• 3% increase in total revenue to $9.6 million in 2021.
• 5% growth in radiochemical segment sales, driven by sodium iodide I-131 product.
• Acquisition of 75.5% of RadQual, enhancing business capabilities.
• 11% increase in cobalt product revenues due to improved cobalt availability.

Negative

• Net loss of $902,347 in 2021 compared to net income of $2.2 million in 2020.
• Significant decline in other income impacted overall profitability.

The Company Reported Increased Sales In All Business Segments and a 3% Overall Increase In Revenue For 2021 Compared to 2020

IDAHO FALLS, Idaho, April 4, 2022 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") announces its financial results for the fiscal year ended December 31, 2021. 

Total revenues in 2021 were approximately $9.6 million compared to approximately $9.3 million in 2020, which represents an increase of approximately 3%.  Our net loss was $902,347 in 2021, compared to net income about $2.2 million in 2020. Our decrease in net income was largely the result of other income received in 2020 in connection with the settlement of a manufacturing and supply agreement.  That agreement had resulted in one time income to the company in 2020 of approximately $2.5 million.

The following is a summary of significant accomplishments of the Company in 2021:

• Increased sales in the Radiochemical segment by 5% mainly due to a 9% increase in sales of our FDA approved generic sodium iodide I-131 drug product.
  
  
  
• Purchased the remaining 75.5% of RadQual, LLC, making RadQual, LLC and TI Services, LLC wholly-owned subsidiaries of International Isotopes, Inc.
  
  
  
• Successfully obtained cobalt-60 from the Department of Energy (DOE) to increase our cobalt source production activities which contributed to an 11% increase in Cobalt Product revenues.
  
  
  
• Developed several new products for our Nuclear Medicine products segment and expanded these products into Positron Emission Tomography (PET) imaging standards.

Sales of the Company's radiochemical products accounted for approximately 44% of our total sales revenue in 2021 and 2020.  Sales in this segment increased by approximately 5% in 2021 as compared to 2020 primarily as a result of increasing sales of our new generic sodium iodide I-131 drug product.

Sales of nuclear medicine standards accounted for approximately 40% and 39%, of our total sales revenue in 2021 and 2020, respectively. Sales in this segment increased by approximately 5% as compared to 2020.  This increase in sales is likely due to some improvements in sales seen as the negative impact of the COVID-19 pandemic begins to subside.

Cobalt products sales accounted for approximately 14% of our total sales revenue in 2021 and approximately 13% in 2020.  Sales in this segment increased by approximately 11% in 2021 as compared to 2020. The increase in revenue within this segment is the result of increased Cobalt Sealed Source Manufacturing supported by increased availability of cobalt from the Department of Energy (DOE) in 2021.  Our sealed source manufacturing generates much of our revenue within this segment and sealed source sales depend to a great extent on our ability to procure this cobalt material.

Steve Laflin, Chief Executive Officer of the Company, stated, "We continued to see an improvement in all of our business segments financial performance during the past year.  The coronavirus (COVID-19) pandemic has continued to have a negative impact on our business sales in 2021, but in spite of that we still achieved the highest annual revenue for the Company in three years.  We believe we will continue to see significant recovery of markets, patient treatment schedules, and our product sales in 2022.  We will continue to promote sales of our sodium iodide product, and aggressively launch new products within the nuclear medicine standards business segment.  The recent increase in the amount of cobalt available from the Department of Energy (DOE) will continue to facilitate further increases in our cobalt product sales in the coming year.  We believe that the combination of improving market conditions, following the decline in COVID-19 cases, coupled with our growth projections for each of our business segments, should lead to excellent financial performance for the Company in 2022 and beyond."

 

	International Isotopes Inc.
	Year Ended December 31,
								$			%
		2021			2020			Change			Change
	Sale of Product	$	9,661,942		$	9,364,896		$	297,046		3%
	Gross Profit	$	5,737,800		$	5,460,027		$	277,773		5%
	Total Operating Expense	$	6,418,592		$	5,875,700		$	542,892		9%
	Operating Loss Before Other Exp.	$	(680,792)		$	(415,673)		$	(265,119)		64%
	Other Income (Expense)	$	(108,168)		$	2,858,381		$	(2,966,549)		-104%
	Net Income (Loss)	$	(902,347)		$	2,202,651		$	(3,104,998)		-141%
	Net income per common share - basic:	$0.00			$0.01
	Net income per common share -  diluted:	$0.00			$0.01
	Weighted avg. sh. outstanding - basic	477,723,996			423,091,174
	Weighted avg. sh. outstanding - dilluted	477,723,996			431,208,535

About International Isotopes Inc.
International Isotopes Inc. supplies sodium iodide I-131 as an FDA approved generic drug product and manufactures a full range of nuclear medicine calibration and reference standards.  The Company also provides cobalt-60 products for medical and industrial applications.

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 statements with respect to revenue expectations for the future within our business segments, our ability to launch new products, and the impact of the novel coronavirus (COVID-19) on our business. Information contained in such forward-looking statements is based on current expectations and is subject to change.  These statements involve several 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, 2021.  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
david@creativeoptionscommunications.com 
www.creativeoptionsmarketing.com   
Phone:  972-814-5723

View original content:https://www.prnewswire.com/news-releases/international-isotopes-inc-announces-2021-year-end-financial-results-301516954.html

SOURCE International Isotopes Inc.

FAQ

What were International Isotopes Inc.'s revenue figures for 2021?

The company reported total revenues of approximately $9.6 million for 2021, up 3% from $9.3 million in 2020.

What was the net income for International Isotopes Inc. in 2021?

International Isotopes Inc. recorded a net loss of $902,347 in 2021, a decline from the net income of $2.2 million in 2020.

What were the key achievements of International Isotopes Inc. in 2021?

Key achievements included a 5% increase in radiochemical sales, acquisition of RadQual, and an 11% increase in cobalt product revenues.

What is the outlook for International Isotopes Inc. in 2022?

The company is optimistic about recovery in markets and expects to see growth in product sales and new launches in 2022.