IsoRay, Inc. (NYSEMKT: ISR) recently updated on its 90-day strategic review of the business. The review process is coming to an end and a team has been assigned to analyze the information. According to IsoRay, the review process early on revealed areas that the company needed to address to drive growth. One of those areas was retooling the sales and marketing organization.
IsoRay, Inc. (NYSEMKT: ISR) investing in growth
As part of the efforts to revamp the marketing department, IsoRay, Inc. (NYSEMKT: ISR) hired a VP in charge of sales and marketing who has extensive experience in marketing of brachytherapy products. The company also retained its former COO as a marketing consultant on part-time work basis. As a result, IsoRay says its sales department has been fully staffed and energized to take advantage of the significant market opportunity for its product called Cesium-131.
The analysis of the other review information should also set the stage for other transformative measures to clear IsoRay’s path to more growth and profitability.
Opportunity created by consolidation
As IsoRay, Inc. (NYSEMKT: ISR) analyzes the data from its strategic review, it sees massive growth opportunity in the prostate cancer treatment market because of the consolidation among providers in the market.
Alongside the update of its strategic review, IsoRay also announced results for its F3Q2016. The company generated revenue of $1.2 million during the quarter, up 3.5% from the like quarter a year earlier. Prostate brachytherapy accounted for 87% of all the revenue generated in the quarter.
Increase in general and administrative expenses complicated the picture for IsoRay in F3Q2016. As a result, operating expenses rose to $1.39 million from $1.11 million in the corresponding quarter a year earlier. The uptick in operating loss pushed IsoRay to log a net loss of $1.33 million, wider than $1.05 million a year ago.
Nine months to end of March 2016
IsoRay, Inc. (NYSEMKT: ISR) also updated on the performance of the nine months to the end of March 2016 compared to a similar period last year. Revenue of $3.65 million rose 11.6% from a year ago.