IsoRay, Inc. (ISR) saw its loss widen to $1.36 million, or $0.02 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.20 million, or $0.02 a share. Revenue during the quarter grew 6.92 percent to $1.28 million from $1.20 million in the previous year period. Gross margin for the quarter expanded 1727 basis points over the previous year period to 22.85 percent.
Operating loss for the quarter was $1.39 million, compared with an operating loss of $1.33 million in the previous year period.
"IsoRay's sales improved in the third quarter with revenue increasing 7% from the same period last year and 24% from the previous quarter. The revenue increase was driven by the more aggressive sales and marketing strategy we introduced earlier in the fiscal year that positions IsoRay and Cesium-131 as a leader in brachytherapy for prostate cancer treatment. This turnaround also underscores the quality of our recently expanded sales force, which is comprised of highly experienced brachytherapy sales people, most of whom are new to IsoRay. Combined with our renewed commitment to the prostate brachytherapy community, our message is gaining traction as our client roster has expanded with both new and returning accounts," said Thomas LaVoy, chairman and chief executive officer.
Working capital declines
IsoRay, Inc. has witnessed a decline in the working capital over the last year. It stood at $10.78 million as at Mar. 31, 2017, down 10.35 percent or $1.24 million from $12.03 million on Mar. 31, 2016. Current ratio was at 10.46 as on Mar. 31, 2017, down from 10.92 on Mar. 31, 2016. Days sales outstanding went down to 65 days for the quarter compared with 71 days for the same period last year.
Days inventory outstanding has decreased to 14 days for the quarter compared with 38 days for the previous year period.
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