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

Sep 17, 2020 • 04:30 pm ET

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

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Presentation
Executive
Jonathan Hunt

in G&A expenses was driven primarily by increased incentive compensation related to the full-year increase in revenue and Company financial performance, headcount, insurance premiums and public Company related expenses when compared to the comparable prior year period. IsoRay posted a net loss of $1.19 million for the fourth quarter ended June 30, 2020 compared to a net loss of $1.1 million in the -- for the quarter ended June 30, 2019. The net loss per basic and diluted share was $0.02 versus the net loss of $0.02 for the quarter ended June 30, 2019. Basic and diluted share results are based on weighted average shares outstanding of approximately 68.1 million at fiscal year-end 2020 versus 67.4 million for the prior year period. Turning now to our full year 2020 results. Revenue for the full year ended June 30, 2020 increased 32% to a record $9.68 million compared to $7.31 million for the prior year. Prostate brachytherapy revenue represented 86% of total revenue at fiscal year-end 2020 versus 89% for the prior fiscal year. The Company's core prostate brachytherapy revenue increased 29% versus the full year ended June 30 2019. Full year at non-prostate revenue grew 60% versus fiscal year 2019 and was driven by growth in sales to treat brain including sales of GammaTile Therapy, lung and gynecological cancers. Gross profit as a percentage of revenues for the full year ended June 30, 2020 was 52.9% versus 41.7% for the full year ended June 30, 2019. As Lori said at the beginning of the call, full year gross profit dollars of $5.12 billion increased 68% when compared to the fiscal year 2019. The gross margin was primarily driven by higher sales, as well as decreased isotope unit costs compared to fiscal year 2019. Total operating expenses of $8.6 million for the year ended June 30, 2020 increased 4% from $8.3 million in fiscal year 2019. Total R&D expenses decreased 24% to $1.13 million from $1.47 million in fiscal 2019. The decrease in total research and development expenses was primarily the result of lower overall protocol expenses combined with reduced spending related to the development of the Blu Build delivery system during fiscal year 2019. These declines were partially offset by increased incentive compensation related to the increase in revenue and company financial performance in fiscal year 2020. Sales and marketing expenses increased 11% to $2.98 million versus the prior fiscal year. The increase was largely attributed to higher payroll benefits and share-based compensation resulting from increased incentive compensation related to the sales increases and an increase in physician-led training exercises versus the prior fiscal year. These increases were partially offset by decreases in travel and convention costs due to COVID-19 in the second half of fiscal 2020. General and administrative expenses increased 10% to $4.57 million versus the prior year fiscal year. The year-over-year increase in G&A expenses was driven primarily by increased incentive compensation related to increase in revenue and Company financial performance, headcount, insurance premiums and public company