Wed, May 15, 1:36 PM (244 days ago)
International Isotopes Inc.'s quarterly report for the period ending March 31, 2024, indicates a mixed financial performance. The company reported a net loss of $154,051, slightly higher than the $148,054 loss in the same period last year. Revenue decreased by 6% to $2.9 million, primarily due to a significant 35% drop in Nuclear Medicine Standards sales caused by a global shortage of Cobalt-57 isotopes. However, this was partially offset by an 8% increase in Theranostics Products and a 48% rise in Cobalt Products revenue. Operating expenses rose by 11% to $2.1 million, driven by higher general, administrative, and consulting costs, and increased research and development expenses. Cash flow from operations was positive at $412,444, though lower than the previous year's $981,311. The company’s cash and cash equivalents stood at $2.4 million, down from $2.7 million at the end of 2023, mainly due to increased restricted cash funding requirements. The company has extended the maturity dates for several promissory notes and expects its cash balance, along with operational cash flows and potential equity financing, to be sufficient to fund operations for the next twelve months. Future liquidity and capital needs will depend on various factors, including market conditions and availability of financing.