IsoRay, Inc. (ISR)

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IsoRay Inc. (ISR)

F2Q08 (Qtr End 12/31/07) Earnings Call

February 11, 2008 4:30 pm ET

Executives

Rudy Barrio - Investor Counsel at Allen & Caron, Inc.

Jonathan Hunt - CFO and Treasurer

Roger Girard - Chairman, President and CEO

Analysts

Matt Kaplan - Punk, Ziegel & Company

Rosanne Russell - The Robbins Group

Patrick Dalton - Steinwolf Capital

Jeremy Hamblin - Seamark Capital

Presentation

Operator

Greetings and welcome to the IsoRay Incorporated second quarter fiscal year 2008 Earnings Call. (Operator Instructions)

It is now my pleasure to introduce your host, Rudy Barrio. Thank you, Mr. Barrio. You may begin.

Rudy Barrio

Thank you, Rob. Good afternoon and welcome to the IsoRay earnings conference call where management will review the company's financial results for its second quarter ended December 31, 2007. As mentioned by Rob, I am Rudy Barrio of Allen & Caron.

Before we start this call, there are several items I'd like to cover. Most of you received a copy of the press release announcing the company's financial results, which was released this morning at 7.30 AM Eastern. If you did not receive a copy of the press release, please visit our website at www.allencaron.com where it is posted on the IsoRay Corporation within the client section, or you may call our office in New York at 212-691-8087, and we will email it to you right away. It is also posted on Yahoo Finance.

In addition, this call is being recorded. An audio replay of this call may be accessed for 10 days through February 21 by calling 877-660-6853, using passcode 286 and conference ID number 273560. Callers outside the US and Canada should dial 201-612-7415 using the same passcode 286. This call is also being broadcasted live over the Internet and may be accessed via the company's website at www.isoray.com or via Precision IR through www.investorcalendar.com. A replay of this webcast will also be available through February 21 on each of those websites.

Also, I've been asked to make the following statement. This presentation contains statement concerning IsoRay's expectations, plans, objectives, future financial performances and other statements that are not historical facts. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, a listener can identify these forward-looking statements by words such as estimate, expect, anticipate, intend, plan, believe, forecast, should, could and similar expressions.

Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include but are not limited to physician acceptance, training and use of IsoRay's products, IsoRay's ability to successfully manufacture, market and sell its products, IsoRay's ability to manufacture its products in sufficient quantity to meet demand within required delivery time periods while meeting its quality control standards, IsoRay's ability to obtain a sufficient supply of barium from the reactors in Russia, IsoRay's ability to enforce its intellectual property rights, whether additional studies support the conclusions of early clinical studies, IsoRay's ability to reduce cost and increase revenue, whether a physician's response to IsoRay's educational initiatives will be favorable, whether centers are able to obtain licenses required to use Cesium-131 and whether centers are successful in obtaining such licenses will result in additional sales of IsoRay's products, IsoRay's ability to negotiate favorable [current] agreement in the Russian markets and complete construction of a proposed Russian production facility, successful completion of future research and development activities, changing levels of demand for IsoRay's current and proposed future products in specific markets worldwide, changes in reimbursement rates, changes in laws and regulations applicable to our product in the United States and in our proposed future markets, our ability to attract and retain qualified sales personnel, and other presently unknown and unforeseen factors. Other risk factors are detailed from time to time in our reports to the Securities and Exchange Commission.

Any forward-looking statements speaks only as of the date of which such statement is made, and we undertake no obligation to update the information contained in any forward-looking statement to reflect development or circumstances occurring after the statement is made.

With us this afternoon are Roger Girard, Chairman and CEO; and Jonathan Hunt, CFO of IsoRay. Jonathan will open with a review of the numbers, and after, Roger will provide additional statements. Then the call will move into the Q&A.

I'd now like to turn the call over to Jonathan. Good afternoon, Jonathan.

Jonathan Hunt

Thank you and good afternoon, everyone. As you know, this was a challenging quarter. So let me go through the numbers with you in some greater detail.

Revenue was approximately $1.8 million for the quarter ended December 31, 2007, an increase of 24% over the second quarter of fiscal year 2007. During the quarter, the company sold its Proxcelan seeds to 53 different medical centers as compared to 33 medical centers in the second quarter of fiscal year 2007.

The increase in revenue is related to the increased number of centers ordering as compared to the second quarter of fiscal year 2007. Revenue for the six months ended December 31, 2007 was approximately $3.6 million, an increase of 48% over the six months ended December 31, 2006.

During the six month ended December 31, 2007, the company sold its Proxcelan seeds to 65 different medical centers as compared to 35 during the same period of 2006. Gross loss for the quarter ended December 31, 2007 was $483,451, which represents a decrease in gross loss of $510,210 from the quarter ended December 31, 2006. The increase in gross loss is due the company's higher revenues being more than offset by higher production costs and the cost of decommissioning the company's old production facility.

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