IsoRay, Inc. (NYSE MKT:ISR) Q4 2020 Earnings Conference Call - Final Transcript
Sep 17, 2020 • 04:30 pm ET
Lori A. Woods
full year fiscal 2020, total revenue growth accelerated to 32% compared to 23% growth we experienced in the prior full-year fiscal 2019. Gross profit increased 68% with gross margin expanding by over 11 percentage points to a record 52.9%. When combined with a modest 4% increase in total operating expenses, our net loss declined by 33%. Continued improvement in each of these key metrics remains a paramount focus of mine and serves as evidence that our strategy is to grow the Company and expand the usage of our proprietary Cesium-131 isotope are working.
Within our core prostate business, we continue to see growth that demonstrates that we are not only taking market share, but we are leading the growth of the prostate brachytherapy market overall, as evidenced by our full year 2020 net physician customer growth of 35%. Despite the challenges we faced, as a result of the COVID-19 pandemic, I am very proud of the continued progress Continued progress we have made for the full fiscal year, and I remain enthusiastic about the future growth prospects for IsoRay and Cesium-131 or Cesium Blu, as it's known commercially. In the initial months of the pandemic, our sales force remained productive, using that time to identify and create a database of all the opportunities inherent in new and existing brachytherapy programs. Based on these regional opportunities, we added another dedicated account manager, readjusted our territories and added an additional territory to support our sales teams providing better service to existing customers, and the timely opportunity to introduce themselves to new centers and those interested in setting up a new program. As a way to continue to get our message out to prospective customers, we developed program to educate urologists on the advantages of modern brachytherapy. This program is an opportunity for us to re-engage with urologists and to communicate the recent technological advances and the recent publication of the exciting clinical outcomes of our novel isotope Cesium-131. Moving forward, we expect a key part of the continued growth in our prostate business in fiscal 2021 will come from broader availability of our proprietary intra-operative disposable delivery system, Blu Build. You may remember that our Blu Build parts manufacturer temporarily converted their production capacity to making critical PPE in support of the battle against the COVID-19 pandemic. I am pleased to report that our parts manufacturer has restored ample production capacity for Blu Build and we anticipate that our innovative disposable delivery system will gain more traction in fiscal 2021, as it will be available to a greater number of customers. In addition to creating unique delivery devices such as Blu Build to further grow our prostate business, we believe that the recent mounting long-term data showing the efficacy of our proprietary isotope will continue to drive greater adoption of Cesium-131. Hopefully, you saw our June press release, on the second key 10-year data observational study from the University of Pittsburgh School of Medicine, that further demonstrates the effectiveness of Cesium-131 in