IsoRay Announces First Quarter 2007 Results and Projected Second Quarter 2007 Sales Revenues.RICHLAND, Wash. -- IsoRay, Inc. ("IsoRay") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ISRY), a medical isotope company focusing on brachytherapy brachytherapy /brachy·ther·a·py/ (-ther´ah-pe) treatment with ionizing radiation whose source is applied to the surface of the body or within the body a short distance from the area being treated. solutions for prostate and other malignant tissue cancers through use of its proprietary Cesium-131 radioisotope radioisotope: see radioactive isotope. Radioisotope (biology) A radioactive isotope used in studying living systems, such as in the investigation of metabolic processes. , announced its financial results for the first quarter of fiscal year 2007 ended September 30, 2006, and anticipated second quarter of fiscal year 2007 ending December 31, 2006. The financial results for the second quarter of fiscal year 2007 reported today should be considered preliminary until IsoRay files its Form 10-QSB for the second quarter ended December 31, 2006. IsoRay consolidated sales revenues for the first quarter of fiscal year 2007 ended September 31, 2006, were $1,025,444, a 386% increase over the $210,915 recorded for the first quarter of fiscal year 2006 ended September 30, 2005. IsoRay consolidated operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the first quarter of fiscal year 2007 ended September 30, 2006, was $2,927,435, compared to an operating loss for the first quarter of fiscal 2006 ended September 30, 2005 of $1,959,690. Included in the net loss for the quarter ended September 30, 2006 is a share-based compensation expense of $781,443 due to the implementation of new accounting rules for option and warrant grants and a one-time severance accrual of $288,000. Without including these two expense items, the net loss would have actually shown a marginal decrease. The company was spotlighted at the 48th American Society for Therapeutic Radiology and Oncology (ASTRO) annual meeting held in Philadelphia last week. "IsoRay is very encouraged by the response from physicians at ASTRO supporting our expansion in the market adoption of Cesium-131," said Lori Woods, vice-president of IsoRay Medical Inc. IsoRay has recently added four leading territory managers, and is targeting to obtain ten territory managers by year end to properly service the increased demand for Cesium-131. For the second quarter of fiscal year 2007 ending December 31, 2006, IsoRay is projecting gross revenues in excess of 1.6 million dollars, another quarterly sales record as IsoRay moves towards a primary market share position in the brachytherapy seed market. "This will be the third straight quarter with double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" sequential revenue growth," said IsoRay CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Roger Girard. "IsoRay is continuing to make significant progress towards achieving operating breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations levels within the 2007 calendar year." The Company estimates having approximately $4.7 million in cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. as of October 31, 2006. About IsoRay IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc., is the sole producer of the Cesium-131 brachytherapy seed, used to treat prostate and other cancers. The Cesium-131 seed offers a significantly shorter half-life than the two other isotopes commonly used for brachytherapy, which results in a substantially faster delivery of therapeutic radiation, lower probability of cancer cell survival and reduction of the longevity of common brachytherapy side effects Side effects Effects of a proposed project on other parts of the firm. . IsoRay is based in Richland, Washington Richland is a city in Benton County in southeastern Washington, at the confluence of the Yakima River and the Columbia River. As of the 2000 census, the city population was 38,708, with a 2005 population estimate of 43,520. . More information is available about IsoRay at www.isoray.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Statements in this news release about IsoRay's future expectations, including: the advantages of our Cesium-131 seed, revenues for the quarter ended September 30, 2006, and for the quarter ending December 31, 2006, the level of market share and the percentage increase in the existing quarter that our seed may attain, when and whether we will attain positive cash flow and all other statements in this release, other than historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell our products, our ability to manufacture our products in sufficient quantities to meet demand within required delivery time periods while meeting our quality control standards, our ability to obtain sufficient supplies of isotopes and other materials from suppliers, our ability to maintain adequate quality control, including with the third parties we rely on, to minimize reduction in orders from customers, and our ability to enforce our intellectual property rights, and other risks detailed from time to time in IsoRay's reports filed with the SEC. |
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