Shares of International Isotopes Inc (OTCMKTS:INIS) ended lower on Tuesday after releasing quarterly earnings.
On Tuesday, INIS stock fell 5.10% to $0.0949 with more than 121k shares, compared to its average volume of 53k shares. The stock has moved within a range of $0.0900 – 0.1000 after opening trade at $0.10.
International Isotopes Inc (OTCMKTS:INIS) on November 16, 2021 announced its financial results both for three and nine months ending September 30, 2021.
While the revenue for three months was $2,617,514vis-à-vis $2,864,288 for the same period in 2020, the revenues for nine months was $7,369,922 compared to $7,359,633 for the same period in 2020.
International Isotopes cost of sales surged by 3 and 6% respectively for three and nine months in comparison to 2020. The increase was due to surge in raw material costs for cobalt production segment as well as radiochemicals. The firm’s decrease in net income can be attributed to increased operating expense while reduction in other income was due to SBA loan received as part of Payroll Protection Program in 2020.
Steve Laflin, President and CEO of the Company said that the acquisition of RadQual LLC has begun positively impacting nuclear medicine revenue performance. Laflin added that covid-19 continues to affect segment revenue due to delays in nuclear medicine imaging procedures.
The CEO further added that COVID-19 cases are beginning to decline and the company is positive on signalling a return to more normal patient imaging as well as diagnostic schedules.
Furthermore, he said that sales of business segments have witnessed improvement in last month of the quarter and it may be the beginning of robust sales performance.
INIS stock is trading below the 20-Day and 50-Day Moving averages of $0.0976 and $0.1042 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1158. The stock is down 18% over the past 3-month.