INTERNATIONAL ISOTOPES INC. ANNOUNCES FISCAL RESULTS FOR THE FIRST QUARTER OF 2024

Rhea-AI Summary

International Isotopes (OTCQB: INIS) announced its fiscal Q1 2024 results, revealing a 6% decline in revenue to $2.90M from $3.09M in Q1 2023 due to global Cobalt-57 isotope shortages. Nonetheless, the Theranostics Products segment experienced an 8% revenue growth, and the Cobalt Products segment saw a 48% increase. Gross profit rose by 5% to $1.87M, while the net loss widened slightly to $154K from $148K in Q1 2023. Operating income also decreased by 80%. Cash and cash equivalents decreased to $2.37M from $2.69M at the end of 2023. Despite isotope constraints, the company anticipates growth in the Nuclear Medicine segment by late Q3 2024 and plans to commercialize new Medical Devices later this year.

Positive

• Theranostics Products revenue increased by 8% due to high demand for sodium iodide I-131.
• Gross profit rose by 5% to $1.87 million.
• Revenue from Cobalt Products increased by 48%, totaling $233,968.
• Net cash provided by operating activities was $412,444.
• The company anticipates growth in the Nuclear Medicine Products segment once the global isotope supply chain normalizes.
• Commercialization of new Medical Devices, including The Swirler and Tru-Fit Mouthpiece, is expected in the second half of 2024.

Negative

• Revenue fell by 6% to $2.90 million, down from $3.09 million in Q1 2023.
• Net loss increased to $154,051, up from $148,054 in Q1 2023.
• Revenue from Nuclear Medicine Products decreased by 35% due to global Cobalt-57 shortages.
• Cash and cash equivalents dropped to $2.37 million from $2.69 million at the end of 2023.
• Operating income decreased by 80%, reflecting a significant operational setback.

• Theranostics Products Revenues Increased 8% in the Three Months Ended March 31, 2024;
• Net Cash Provided By Operating Activities Was Approximately $400,000 in the Three Months Ended March 31, 2024;
• Gross Profit Increased 5% in the Three Months Ended March 31, 2024. 

IDAHO FALLS, Idaho, May 16, 2024 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company" or "INIS") announces its financial results for the three-month period ended March 31, 2024.

Revenue for the three months ended March 31, 2024, was $2,904,458 compared to $3,089,535 for the same period in 2023.  This was an overall decrease of approximately 6%. The decrease in revenue for the three-month period was largely the result of continued global isotope shortages of Cobalt-57 isotopes impacting our Nuclear Medicine segment. 

The Company reported a net loss for the three months ended March 31, 2024, of $154,051 compared to net loss of $148,054 for the same period in 2023. This is an increase in net loss of $5,997 that is largely the result of the decrease in revenue in our Nuclear Medicine Standards Products segment partially offset by increased revenue in our Theranostics Products and Cobalt Products segments and increased gross profit percentages for the three months ended March 31, 2024, as compared to the same period in 2023.

As of March 31, 2024, cash and cash equivalents of $2,368,496 as compared to $2,688,141 at December 31, 2023. For the three months ended March 31, 2024, net cash provided by operating activities was $412,444 compared to $981,311 for the three months ended March 31, 2023.

The following provides a summary of our current business segment performance for the three-month period ended March 31, 2024:

Theranostics Products

Revenue from the Theranostics Products segment increased approximately 8% for the three-month period ended March 31, 2024, compared to the same period in 2023. The increase was primarily the result of continued growth in demand for our radiopharmaceutical product (generic sodium iodide I-131).  This sodium iodide radiopharmaceutical drug is used to treat thyroid cancer and diseases, and we are currently the only domestic manufacturer of this important theranostic radiopharmaceutical drug product. We expect continued growth for our Theranostics Products segment for 2024 due to continued demand for generic sodium iodide I-131 products.  We also expect the addition of the EasyFill Automated Iodine Capsule System along with its consumables & accessories in our Medical Devices segment to support our sales in this segment.

Nuclear Medicine Segment

Revenue from nuclear medicine products for the three months ended March 31, 2024, was $765,408, compared to $1,168,831 for the same period in 2023. This represents a decrease in revenue of $403,423, or approximately 35%. The decrease is due to a global shortage of Cobalt-57 isotopes during the three months ended March 31, 2024. We continue to maintain a growing backlog of orders and we expect a revenue catch-up upon normalization of the global isotope supply chain, anticipated by the end of the third quarter of this year. Overall, we anticipate growth of the Nuclear Medicine Products segment upon normalization of the supply chain and as we continue to add new products, customers, and territories.

Cobalt Products

Revenue from the sale of Cobalt Products for the three months ended March 31, 2024, was $233,968, compared to $158,308 for the same period in 2023. This represents an increase of $75,660, or approximately 48%. Large value sales of high activity cobalt sources occur at various times throughout the year. Frequently the timing of these sales can have a significant impact on period comparisons. The Company remains the only domestic manufacturer and supplier of high activity cobalt-60 sealed-source products and we anticipate overall yearly growth in this segment in 2024 due to existing orders planned for manufacturing later this year.

Medical Devices

Medical Devices is a new reportable business segment starting in the first quarter of 2024. While we have not yet commercialized any medical devices, we have invested in this segment throughout 2023 and 2024 and anticipate additional investments for the remainder of 2024 with commercialization of products starting later in 2024. This segment will include The Swirler® and Tru-Fit™ Mouthpiece with related accessories under the RadVent brand. Additionally, the Company has investments in a joint venture arrangement for our EasyFill Automated Iodine Capsule System.

Shahe Bagerdjian, President & CEO of the Company, commented, "First quarter results delivered a promising start to 2024, despite continued global isotope constraints impacting our RadQual products. Theranostics Products delivered a promising start to 2024, compounding on last strong growth, and we expect the trend to continue into the next quarter. We remain focused on resolving our raw material shortages impacting the Nuclear Medicine Products segment. We are working with various parties, including the U.S. Department of Energy, to help alleviate the shortage. While we successfully added a new cobalt-57 supplier in the first quarter, demand significantly outpaced our supply."

"We are encouraged by the growing demand of our non-Cobalt-57 products and reached various development milestones for new Nuclear Medicine and Medical Device products. We believe the Company will begin commercialization of these new products in the second half of 2024."

International Isotopes, Inc.
		Three months ended
		March 31, 2024
		2024			2023		Change			%
Sale of product		$	2,904,458		$	3,089,535	$	(185,077)			(6 %)
Gross profit		$	1,866,111		$	1,780,036	$	86,075			5 %
Operating Income (Loss)		$	(266,196)		$	(147,572)	$	(118,624)			(80 %)
Total Other Income (Expense)		$	112,145		$	(482)	$	112,627			233 %
Net Income (Loss)		$	(154,051)		$	(148,054)	$	(5,997)			(4 %)
Net income per common share – basic & diluted		$	-		$	-	$	-
Weighted average common shares outstanding - basic			520,167,183			515,566,825
Weighted average common shares outstanding - diluted			520,167,183			515,566,825

About International Isotopes Inc.
International Isotopes Inc. (INIS), established in 1995, with its headquarters in Idaho Falls, ID, USA, manufactures a wide range of radioisotope-focused products. INIS manufactures and supplies generic sodium iodide I-131 radiopharmaceutical drug product for hyperthyroidism and thyroid cancer. INIS manufactures and distributes a complete line of calibration and reference standards for nuclear pharmacies and SPECT/PET imaging systems as well as industrial calibration standards. The Company also manufactures Cobalt-60 sealed source products and provides contract manufacturing of various drug products as well as radioisotope API supply for 3rd party theranostics 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 Company's future growth expectations. 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, 2023. 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

 

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SOURCE International Isotopes Inc.

FAQ

What was International Isotopes' revenue for Q1 2024?

International Isotopes reported a revenue of $2.90 million for Q1 2024, down 6% from $3.09 million in Q1 2023.

How did the Theranostics Products segment perform in Q1 2024?

The Theranostics Products segment saw an 8% increase in revenue due to strong demand for sodium iodide I-131.

What were the gross profits for INIS in Q1 2024?

International Isotopes reported a 5% increase in gross profit, reaching $1.87 million in Q1 2024.

Why did International Isotopes experience a revenue decline in Q1 2024?

The decline was largely due to a global shortage of Cobalt-57 isotopes affecting the Nuclear Medicine segment.

What was the net cash provided by operating activities for INIS in Q1 2024?

Net cash provided by operating activities was $412,444 for Q1 2024.

How did the Cobalt Products segment perform in Q1 2024?

The Cobalt Products segment experienced a 48% increase in revenue, totaling $233,968.

What is the outlook for the Nuclear Medicine Products segment at INIS?

INIS expects growth in the Nuclear Medicine Products segment by late Q3 2024 as the global isotope supply chain normalizes.

What new products is International Isotopes planning to commercialize in 2024?

International Isotopes plans to commercialize new Medical Devices, including The Swirler and Tru-Fit Mouthpiece, in the second half of 2024.

What was International Isotopes' net loss in Q1 2024?

The company reported a net loss of $154,051 for Q1 2024, slightly higher than the $148,054 loss in Q1 2023.

What were the cash and cash equivalents for INIS at the end of Q1 2024?

Cash and cash equivalents were $2.37 million at the end of Q1 2024, down from $2.69 million at the end of 2023.