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International Isotopes Inc. (INIS+1.94%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $3,924,444 from $2,918,556 in the same quarter the previous year. The increase is attributed to higher sales in the Theranostics Products and Cobalt Products segments.
Cost of sales for the quarter was $1,475,016, representing 38% of sales, compared to 39% in the same quarter of the previous year.
The company reported a gross profit of $2,449,428 for the quarter, compared to $1,792,668 in the previous year, with the increase attributed to higher sales and improved gross profit margins.
Operating expenses increased to $2,269,823 from $2,102,128, primarily due to a $230,000 waste disposal expense and increased costs related to the Medical Device segment.
Net income for the quarter was $150,251, compared to a net loss of $348,605 in the previous year. The improvement is largely due to increased sales and gross profit.
Cash provided by operating activities was $568,215, while cash used in investing and financing activities was $231,307 and $118,041, respectively.
International Isotopes had cash and cash equivalents of $2,372,983 as of September 30, 2024. The company expects cash from operations and financing activities to be sufficient to fund operations for the next twelve months.
The filing also details various financial agreements, including promissory notes with major shareholders and an asset purchase agreement with AMICI, Inc.
The company entered into a definitive agreement to sell assets related to the Fluorine Products segment, with the transaction expected to close within 12 to 24 months, subject to conditions.
International Isotopes continues to focus on its core business segments and the start-up of its Medical Device segment, while addressing challenges such as a global shortage of Cobalt-57 isotopes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the International Isotopes Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.