International Isotopes Inc. (INIS) reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue and profitability compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenue reached $3.9 million, a 34% increase from $2.9 million in the same period of 2023. This growth was primarily driven by the Theranostics Products segment, which generated $2.2 million, up 42% from $1.5 million in Q3 2023. The Cobalt Products segment also saw significant growth, with revenue increasing approximately 148% to $814,845. However, revenue from Nuclear Medicine Products decreased by 12% to $926,402.

Gross profit for the third quarter was $2.4 million, reflecting a 37% increase from $1.8 million in the prior year. Despite a rise in operating expenses to $2.3 million, primarily due to increased general and administrative costs and a one-time waste disposal expense, the company achieved a net income of $150,251, a substantial turnaround from a net loss of $348,605 in Q3 2023.

For the nine months ended September 30, 2024, total revenue was $10.0 million, a 10% increase from $9.1 million in the same period in 2023. The Theranostics Products segment contributed $6.3 million, up 24% year-over-year, while Cobalt Products revenue rose 75% to $1.6 million. Conversely, revenue from Nuclear Medicine Standards fell 33% to $2.1 million. Gross profit for the nine-month period increased by 17% to $6.3 million.

The company reported a net loss of $237,245 for the nine months, a significant improvement from a loss of $759,961 in the same period last year. Operating expenses increased to $6.6 million, driven by higher general and administrative costs and research and development expenses.

Strategically, International Isotopes has been active in expanding its business segments. The company entered a joint venture with Alpha Nuclide Inc. to manufacture and distribute Theranostics and Nuclear Medicine Products in China. Additionally, it formed a joint venture with Phantech LLC to design and distribute sealed sources, enhancing its Nuclear Medicine Standards segment. The company also plans to sell its Fluorine Products segment assets for approximately $12.5 million, with the transaction expected to close within 12 to 24 months, pending regulatory approvals.

As of September 30, 2024, cash and cash equivalents stood at $2.4 million, down from $2.7 million at the end of 2023. Total assets decreased slightly to $16.7 million, while total liabilities also saw a reduction to $12.7 million. The company continues to focus on its core business segments and anticipates that cash from operations, along with potential equity or debt financing, will support its operations for the next twelve months.