IsoRay, Inc. (NYSE MKT:ISR) Q4 2020 Earnings Conference Call - Final Transcript

Good day, ladies and gentlemen, and welcome to your IsoRay Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] At this time, it is my pleasure to turn the floor over to Mark Levin with IsoRay Investor Relations. Sir, the floor is yours.

Thank you, operator. Good afternoon, and thank you for joining us today for the IsoRay fiscal fourth quarter and fiscal 2020 full year earnings call for the quarter and year-ended June 30, 2020.

Before we get started, I will take a few minutes to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this conference call, words such as will, believe, expect, anticipate, encourage and similar expressions, as they relate to the Company or its Management, as well as assumptions made by and information currently available to the Company's management, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Management's current expectations and beliefs about future events, as of today, September 17, 2020. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances, and the Company undertakes no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements, whether resulting from such changes, new information, subsequent events or otherwise. Additional information concerning forward-looking statements is contained under the headings of Safe Harbor statement and risk factors listed from time to time in the Company's filings with the Securities and Exchange Commission.

We will begin today's call with Lori Woods, IsoRay's Chief Executive Officer; and then Jonathan Hunt, IsoRay's Chief Financial Officer, who will discuss the fiscal fourth quarter and fiscal 2020 full-year financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors.

I will now turn the call over to Lori Woods.

Thank you, Mark. Good afternoon, and thank you for joining us today for IsoRay's fiscal fourth quarter and full year 2020 earnings conference call for the quarter ended June 30, 2020. Following my comments, our Chief Financial Officer, Jonathan Hunt, will provide a more detailed review of fiscal fourth quarter and full year 2020 financial results.

I am very pleased to announce record full year fiscal 2020 financial results, as well as fiscal fourth quarter 2020 financial results, which illustrates improving trends in the wake of the start of the COVID-19 pandemic. Revenue for the fourth quarter increased 18% over the year-ago quarter to $2.28 million. Prostate brachytherapy revenue increased 11% versus the fiscal fourth quarter of 2019. Procedure volumes and sales improved sequentially and substantially throughout the fiscal fourth quarter, after beginning the quarter with April sales down 20% versus the prior year period.

For the first quarter of fiscal year 2021, which ends September 30, we expect revenue to be between $2.3 million and $2.5 million and gross margin between 48% and 53%. For the