THERAGENICS RECORDS THIRD CONSECUTIVE PROFITABLE QUARTER;
SUCCESS OF CANCER THERAPY PRODUCT BOOSTS REVENUE 120 PERCENT
ATLANTA, Nov. 1 /PRNewswire/ -- Theragenics Corp. (NASDAQ: THRX), an Atlanta-based cancer therapy company, announced today that, for the third quarter ended Sept. 30, 1991, it had a net profit of $96,463, or $.01 per share, compared to a net loss of $172,875, or $(.02) per share, for the third quarter of the preceding year.
Theragenics' revenue for the third quarter of fiscal 1991 was $586,668, a 120 percent improvement on the $267,018 in revenue recorded for the same period in fiscal 1990.
For the first nine months ended Sept. 30, 1991, Theragenics had a net profit of $465,867, or $.05 per share, compared to a net loss of $422,958, or $.04 per share, for the first three quarters of fiscal 1990. The company's revenue for the first nine months of fiscal 1991 was $1,895,263, a 115 percent improvement on the $881,603 compiled for the same period last year.
President and CEO John V. Herndon said accelerated domestic revenues from the company's TheraSeed implant therapy for prostate cancer were responsible for the company's quarterly profit, the third consecutive and third in the company's history.
Herndon said Theragenics now has built its client base of U.S. clinics and hospitals for TheraSeed to more than 80. He projected that the balance of the fiscal year would bring "continued expansion" of this client list as well as the receipt of new revenues from sales of the company's TheraSphere liver cancer product through Nordion, a $120 million Canadian company and the world's largest supplier of radioisotopes.
TheraSeed is a nonsurgical, outpatient treatment which uses implanted Palladium 103 seeds to eradicate prostate cancer. TheraSphere is a treatment which uses a quantity of microscopic yttrium-90 glass spheres to treat liver cancer.
"We are very gratified to have established this string of profitable quarters," added Herndon. "As our products continue to receive wider acceptance, I am very confident that future quarters will build on this successful trend."
Prostate cancer is the second most common and fatal cancer among men, afflicting an estimated 106,000 and killing 30,000 Americans last year. These rates of affliction and mortality are similar to those for breast cancer in women.
New cases of liver cancer in the United States in 1990 were estimated at 14,600, and deaths from the disease at 11,900.
Consolidated Statement of Operations
Three months ended March 31 1991 1990
Revenues $586,668 $ 267,018
Net profit/(loss) $ 96,463 $(172,875)
Earnings/(loss) per common share $.01 $(.02)
Nine months ended March 31 1991 1990
Revenues $1,895,263 $ 881,603
Net profit/(loss) $ 465,867 $(422,958)
Earnings/(loss) per common share $.05 $(.04)
/CONTACT: Bruce Smith, CFO of Theragenics, 404-381-8338; or Rick Eisenberg of Eisenberg Communications, 212-496-6828, for Theragenics/
(THRX) CO: Theragenics Corp. ST: Georgia IN: HEA SU: ERN GK-OS -- NY011 -- 0085 11/01/91 09:14 EST