ISR - Earnings call transcript Q1 2022 | Perspective Therapeutics, Inc.

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Operator

Good day ladies and gentlemen, and welcome to your IsoRay Inc. Q1 FY 2022 Call. At this time all participants have been placed on a listen-only mode and the floor will be opened for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host Mark Levin. Sir, the floor is yours.

Mark Levin

operator. you, Thank thank IsoRay and the joining today us ended Good first you quarter, the fiscal XX, for XXXX for September afternoon XXXX. for earnings quarter call

relate started, believe, in XXXX. as statements to in of as Act currently will, conference minutes meaning well such get by anticipate, of Before meaning forward-looking a on based within These events forward-looking forward-looking of the expectations this available company XXXX. amended. assumptions this and similar information the of as within words the or will Securities of as statements beliefs forward-looking Certain are Private the XXXX the call few identify its and Private about current management future statements as we conference encourage today, statement. call, management's management, to Securities to Litigation I and as expect, statements read XX, used company's the the they constitute When November Act take made Reform Litigation Reform expressions

forward-looking to from projection otherwise. or with subsequent and inherently and uncertainty expressly to obligation and they any or undertakes in forecast, such circumstances, disclaims changes, obligation As new susceptible changes the its to resulting are alter company or statements, events any whether no update information,

Exchange Risk and concerning forward-looking Securities from listed Factors time-to-time and of headings with in Statement the information Additional company's Harbor statements is the contained Safe the filings under Commission.

XXXX Chief Officer, IsoRay's Financial discuss Chief will first the will get call Hunt, financial Jonathan We and Officer then Woods, results. today's Lori quarter Executive in with who IsoRay's fiscal

now Woods. the institutional take questions call investors. we over remarks, I our from prepared Lori will analysts their to and turn will Following

Lori Woods

for the and ended IsoRay's September XXXX. Mark. thank today for XXXX quarter XX, joining you, for Thank quarter earnings conference call afternoon us Good first fiscal you

share with of quarter will XXXX I X% a fiscal you our prepared we quarter business fiscal in my the to row. quarter remarks, we million. growth first as financial am first review results. ago general quarter Hunt increased steady a the more Chief Jonathan I our the experienced Officer, detailed pleased our first year quarter, provide Revenue Following for versus a Financial of quarter. year-over-year this second $X.XX prostate for our experienced fiscal in grew am encouraged trend by the to

including Our business, of GammaTile cancers, non-prostate a treatment continues meaningful brain therapy company. to the brachytherapy for for driver the notably more the become sales

from We patients typically of some through you quarter taking an summer months even physicians reopen. both heard physicians the may years. extended We to and country as summer antidotes months of patients when began consistently tend historically As recall, greater factor take September seasonality This to seasonality. vacations this during or both past July vacations parts in the than many time the is show played modest and off. this believe

offices, physician presently drive more ambulatory hospital it is cancer to Additionally, and our told we nursing strategic surgery licensed inadequate markets. of it Ultimately, and the and as where other away. difficult procedures by is go as pronounced perform non-emergent pivot reinforces settings. to administrators This doesn't making hospital rational in procedures many shortages staffing elective many recent to staffing centers not are are that in being related

rule, and brachytherapy be continue brachytherapy modalities. includes the effective on This diagnosed expect payment comes This the Center rule for prove that Medicaid the XXXX included We treated. from such of treatments Medicare reimbursed A under or which that the we or CMS. rule that continue seeds systems the list has flow or this specifically XXXX. final our center In who paid proposed and ambulatory outpatient January November removed CMS also becomes in and action We to the patients, have ROAPM. through Services model seeking had sources may believe of be eventually fee that current Cesium-XXX physicians the from for patients to X, final will best benefit Cesium-XXX or payment the radiation means belief system changes maintain sources rule kept July, hospital On and year released model payment the still will from the latest final calendar oncology be CMS to prospective X, and treatment yet, separately. surgery alternative will that will this be as the service delayed and backlog been treatment of increasing who payers. will outcome are not opportunities development

likely one duel will or to patients from advanced will intermediate prostate treatment immediate to those expect now be is by need Those treat access patients have for that CMS. supported benefit cancer. We reimbursement who

As this CMS that increase with believe guidelines policies other companies that will typically private well. for drive insurance we follow, insurance as reimbursement access patients

market evidence conditions. research neutral press regard, any is hold this professional information use treatment not rank or organization. so that of malignant specific forward important believe low more create represents At end providing ABS is the Cesium-XXX consensus and endorse brachytherapy surrounding we September our has we included that remaining American Physicians very recognized has addressing in been dose This first in and instead brachytherapy was option, a insight announced development noted It the ABS's highly based and the that Cesium-XXX sources. We back provides rate believe Looking another of this the in noteworthy, release consensus one credibility. is time statement, additional our substantial prostate on a benign traction. that step we high respected another in new guidelines. society brachytherapy the quarter, will does into because it in

gain result, As brachytherapy to share it opportunity a Isoray’s augment we should market. believe the within prostate further continue market to

time that for Markers of with XXXX. Another seeds. imaging received potential prostate you shared use calendar one precise we that treatment more related the pleased component Sirius future for to targeted We XXX-K preferred give the we as these I that who our brachytherapy remember am believe Marker pairing the MRI a our MRI Sirius in the activities At innovative we and clearance to September. completed at in Cesium-XXX driver with is of pre-market prostate of use CX that may even business doctors growth FDA you technologies beginning to report year the imaging option.

of with in University now successfully evaluation remain prospects clinical weeks. have begun We we of couple patients about I, the having our prostate, of the from product of trial. II technology this been performance first the the Outside Phase excited treated Cincinnati few past

Cesium-XXX KEYTRUDA for the the the inhibitors of PD-X drug, seeds cancers. remember that may of recurrent study immunotherapy Merck's this You involves with and treatment neck for head combination our

this. We're effective Cesium-XXX Hopefully, corner be as and from such front brachytherapy to We turning treatment. the to critical first are battle for are hospital cancer. patient that was note, and not have enrolment October pleased These resection country begun a that patients receiving expand of tandem finding to proven enrolled that continue begin trials an to on and could the belief. restrictions at patients the treatment headwind who here. related with option and have report the parts will we in in due immunotherapy are to believe this for has Of of be clinical alone place COVID. been many this in that We the in in end enrolling

more respectively. on hope their who Society with study. other Florida in an only and potentially interest broaden with study. has administrators professionals neck, evolve and keeping from updated as article comprised and to cancer. and Cesium-XXX than administrators, both this drive received Print featured for institutions unique The have heads comments recently that health ease of were Cincinnati posts. several forward University to bit includes Dade, the different speed radiation isotope top of or areas, Broward, on managers, a data expressed targeted support Its head the publication. recognition treating American cancers. believe strands. We of of of look a South about are News well multi-center medical this companies leaders. use in regional abstracts collaborating all article political We news cancers publication. healthcare the and audience therapeutic of newspaper. on the ASTRO the extensive Annual you were recurrent adoption the Its product you've the Martin about treatment recent It business further into one GammaTile of has and to serve XX,XXX our brain is Oncology the these excited potential shared continue brain, Cesium-XXX of compelling leading results further to professionals, to department of on monthly and additional on continue of If the healthcare Isoray’s treatment recently it under three key Therapeutic Healthcare from body with add website Report. group our seen enrollment of can place healthcare of radio reach presentations as been therapy and here legacy with related the is use as information prostate abstracts month South that regions Miami the may of media reach. for the held of the Palm is benefits remain A includes social heard the in its We email Hospital newsletters who practice Cesium-XXX patient growing Chicago. Munro doctors therapy Publication maximize brain serving and suggesting in to Florida GammaTile in South likely last in and Cesium-XXX of the brain cancers attended Counties. Radiation Meeting their a a It respected Beach, and Florida's The recently the in in presentations as treatment We this hospital of focused and executives addition have of developments. to Cesium-XXX option study, physicians, executives, I up There in and to business Cesium-XXX of of Isoray’s We positive was article cancers,

our in market We end, demographic time January in interested full have located this there starting that XXXX. its a expanding will given sales key profile. To we are presence person

implementation number new we to of capitalize year. this has expenses of This well our a some turn to anticipate staff increase key department successfully which the PMO, opportunities this or continuing capital from is extended want of we I since touch strategic existing to areas, I R&D the add in process including as on past months are over the quarter. This potential Jonathan, we over specific business, we A strategic the during opportunities. the management To as past several raised that several currently initiated on the call continue Before our operations opportunities, office be over example we evaluating. months. evaluate quarter. Recall integral and project more are the to growth earlier new in will in the the that

ensure to pipeline the to support that critical the ability head investments The opportunities. organization. innovation integrate the dedicated evolve, to to successfully PMO of here additional that processes As we that functions anticipation to strategy execution has our and count continues scaling these believe of the in these strategically it critical concluded the bridges necessary in and Isoray have and organization future resources, the within growth. a framework We is are

over to turn more review our quarter results Now the to call in of the will detail. first fiscal I Jonathan

Jonathan Hunt

quarter information we our short last quarter SEC Prostate really filed financial I discuss revenue ended on to the in release X% first anticipate grew fiscal increased XXXX you, while contained versus versus XX-Q or first the XX, XX. for fiscal Revenue that of the year. of was September will November around brachytherapy XXXX We $X.XX with same September for Thank Lori. period ago. million our XXXX. going $X.XX a quarter form that the million, that X% be the am XX, press the ended to for some

Technologies, sales increased quarter was increases. result other XXXX. we seed the primarily of XX, volumes, Due for primarily XX% price XX, for sales decline product margin lower the increase other XX.X% actual ended than revenues profit revenue had quarter prostate was Medical brachytherapy XX.X% brachytherapy. compared year went XXXX cost brachytherapy volumes first as XX% from for services gross ended to the the ago supplier to of September by fiscal a First revenue compared material excess comprised of of XX% to Driven was when revenue quarter XXXX. Other on balance revenue The due costs, contributed in being for quarter. and to of increased which hand a with of isotope to unused. September forecasted the first percentage the Gross XX% versus GT quarter

Additionally, result continued greater year the business. head the payroll ago as of investments increased versus expenses and count as in a we comparable our benefit period

when and of general XX% $X.XX gross to same operating year. dollars XXXX. quarter the the million expenses First versus and development, profit Total last research million and marketing, of period consisting compared decreased quarter and million XX% $X.X administrative first increased $X.XX sales to in

As mentioned, growth, we've of increased year-over-year throughout expenses organization Lori in contributed the in headcount general. anticipation the future to increase which in

Additionally, July, fourth XX, prior quarter our rather grants recall like and ended stock annual were XXXX employee in that June than fiscal director years. the in granted

was year in increased period. from XXXX based The compensation As a comparable expense in approximately with to this $XXX,XXX share quarter result, expense fiscal operating of total total the first majority expenses. $XXX,XXX prior $XX,XXX were

comparable expenses compensation expense the XXX% in compensation based the year-over-year and primarily due and period. as based expense. prior and XX% expenses $XXX,XXX. share Sales due year quarter prior of grants The The greater employee the versus employee travel marketing period. quarter stock increased comparable was year $X.XX comparable increase development and versus versus comparable due to market driven XX% timing year research benefits an compensation and stock total was non-cash employment hiring $XXX,XXX. annual year to the and first and research shift expense in the year prior sales of period. and costs, versus headcount, payroll based result result XXXX. primarily increases as by increase prior of versus stock was increased expenses expense director expense of the greater the share prior reminder, fiscal a in the expenses expense, represented in aforementioned primarily The versus stock expense marketing R&D a to expense G&A in annual increased quarter trade training to benefits payroll well show compensation was increase increased higher increased to the grants million stock and due Total increases expenses shared higher increased based merit increased annual to As and comparable expense shift the headcount, stock increase

based the million share The first and loss quarter net versus The $XXX.X Basic of was $X.XX $XX.X year diluted same million for the the and prior net $X.XX $XXX,XXX year period. fiscal a loss last average quarter net XXXX weighted first period shares quarter. loss first at approximately loss was $X.XX year. diluted outstanding of basic are million share net during fiscal per of results on prior versus for versus the

June As turn $XX.X year will of million that and call now deposit $XX.X zero investors. compared the to the the at The of and fiscal end to share cash fiscal certificates I million company XXXX debt. million XXXX end to company September totaled cash, of XX, the our $X.XX analysts the XXXX at or operator at of million take per equivalents term year had Shareholder’s XXXX. institutional fiscal from equity the approximately end ended of versus questions XX, totaled long $XX.X quarter XXXX. first the $XX.X has over

Operator

Instructions]. [Operator you. Thank

first Lake question today from Capital at Takkinen Our Street coming Frank is Markets.

is line live, you Your begin. may

Frank Takkinen

over as maybe how us have into quarter? the feel has looked. we help this fourth us quarter headwinds you Jonathan, you start referencing thank impacted than the quantify average the I wanted the Can as vacation quarter much of well can and taking the Lori, questions these shortages. time to it months for October then my for some were look relates with it staffing And how more headwind just give today. as a you as in to summer you subsided

Lori Woods

a Hi of longer, vacation patients information taking and some you the stay them their extended went a vacation a from of up be of country on were so, bit we seem got because from degree as seasonality summer on to and see little the Frank. lot in vacations. taking with little them would extra in taking the we They this saw of physicians. vacation bit, typically a to and But decided industry world that we also vacations Yeah people some opening vacations. to our

than we feel that this have little typically was would definitely seasonality time a we there like year. of So bit the more

just get lay nurses to in are time been They hearing. from during back their to of did hearing terms to doing we're are hard we're those that filling a is and they off hiring the nurses what is what time care, access elective hard even to more that ready we've of having particular In they positions. had they physicians surgeries, back who having hospitals lot pandemic elective are is surgeries but and hearing a a what empty

feel we time and assuming season, fall a crystal start that diagnosed, into they rears to going back the winter ball, into get bit little it's geared for not the doctors, that really we hoping people we and would get a it looking But doesn't and their going its I'm get to will So a that treated. we're everybody normal that here get to to take see more not COVID up hope again. system having back head of getting can will get in start then where to

Frank Takkinen

a offering little non-prostate little taken as back, then it out many customers now the I give touch level of non-prostate basis, looks you how tease percent us And the digit set to well. maybe had lot you've business. things over growth, I shift brachytherapy. was been quarter, impressive, on like year-over-year that's bit a going are but accounts XX% exciting there. to little that on on triple those Okay, actually can closer like and impacted Looks to helpful. just specific growth that's more want right But have may think step on, in that a a more a just

Lori Woods

So, summer, believe non-prostate kind and in it, of on that growth get seasonality around was seasonality happened for thing again. people definitely the move could the vacation terms did out I – was There awful an of that would impacted happened affected say of people it I the lot and of with fact really prostate. with that same and the by that

for say of same second was business. thing question your many…? how I the So the And part applies would non-prostate the

Frank Takkinen

many non-prostate have? do brachytherapy, How you offering currently accounts

Lori Woods

number actually so I number it’s a we numbers At of this in how would But what because we add that from us, number ordering many the continue point are of wouldn't in well. we know – people accounts to time, have area you growth have don't specifically in and GT we as to see is. for and a their solid

Frank Takkinen

I’ll this little sounds bit there's tenure okay. one, lot guidelines, a data, it, things ask Got going way, one’s level. papers, and a of It higher ROAPM. like your

grow back a bit line tail-winds take us potentially the through to to start massive well So maybe But important going and just little but some a to step line? at more to the and markets, have of business What’s those rate end run Obviously you top challenging on in the grow can to double it's are and a that? start to most penetrate we we're a beyond really further. maybe, just where which the important go in most thing. ones focus drive and the aggressive top

Lori Woods

absolutely. Yeah,

in would in COVID’s there we the it would patients lot Well of that So several through year are gotten will estimated again. we a seen the so the be than you out things huge will a would unfortunately and getting very come again, that to American thought haven't increase things longer patients have we coming know that see there we through into Society patients yet. beneficial. be, and past assuming group haven't see One that system that back pipeline come start are we expected of that Cancer numbers XXXX. extended The from through would this we COVID

and there through are the are So there the system. come that to into believe get we that still going system out patients

patients are our we things We're like soon. things CX as as looking we getting options. Cancer, things that broader up know in training and you about And year, this can that way hospitals, of our then the out and the sure when groups some will doing multiple are rolling place seeing business working working in like do at you brachytherapy, have be their prostate well core in our talk hoping later in so and and we'll virtual Proximie on in new training. Markers so well awareness. that as ZERO a And we to brand making Proximie person in product with are the are aware sure physician be you we advocacy guys as able making set training

to do were front we physicians have adding ABS just because report for are we that side we opportunity as for back, data. their Cesium into to we're things. very there look before, very because So that as of there's on that, When the really feel lot see going like they that important non-prostate what then support to a XX-year we to you our really us, be we are well. brain is taking get consensus in business, COVID core our advantage That's really we know about market our out that things of excited at weren't fact also on beneficial the can And rolling several going including hit where us doing. able be we're

believe easier seeing patients that front. going to be and those and get to add start through that are going hospitals new that we larger as accounts the in numbers forward increase well on getting system those You're it'll and into be to numbers

there, down we've yet, things of as we’re able we out. for So at as about know should are we'll And all us. as of tailwinds then them of but been out talk some to lifts COVID quite positive not finalize to do opportunities we hope that ahead we're our the go we to ready looking looking those and opportunities that be able narrow and real those we you be kinds

Frank Takkinen

my taking helpful. questions. that's Thanks Okay, for

Lori Woods

Frank. Thanks

Operator

Thank you.

Ott Mike is Oppenheimer. from coming Our at next question today

begin. Your line may is you live,

Mike Ott

Cincinnati taking and CX of enrollment. on the the afternoon questions. thanks my Congrats and initial treatment University for Jonathan, Good first Lori

On collaboration the on that enable timeline, and soon of any you how could without yet, curious on latter, that multicenter, hear impact could if that? you if might a the study multicenter how both you speculate know can with and a the

Lori Woods

actually here next Yeah hospitals University them of the institutions approved. couple of absolutely! the you time to months. Cincinnati So takes hear and through in of because we I hope run IRP some things to other kinds to have get committees with and joining additional know collaborating some the that these mean

So it's not going we to as opens quickly believe And go happen overnight, up but we serious those also bodies do process absolutely enrolled. see more that once interest then to will more as a get that ability regulating the lot of that we very centers allow. have patients on, that

be You the University They've Cincinnati having a out multiple of community things done about and word to beneficial know that and we so this great doing is they're this. expect to a enroll really spreading able of that communities the they job some to amount it of wonderful the but news should getting have letting be. that there's institutions about be patients know to like the going only very multiple certain available, would

Mike Ott

new know the shortage, those settings? in in program Proximie If alongside still early its any see, outpatient helpful mentioned, that's you the about days, yet seasonality quarters Great, much place know the you is then you with you virtual specifically which still of prostate there COVID seen but are core kind impacting training that but reported, because? have and And how color. realizing traction you the you restrictions in understanding know nurse your

Lori Woods

at of some more in of the bit. it a So, staff, kind patients of patients number COVID, certain not of of hospitals, to country of to able of of see that of be COVID restrictions lot be some we of to lot the seen. continue is due specifically to it need go are of less beds actually that areas there's getting tends If some the number the to come of and the available who Absolutely! rest is handle number the now that the A about nursing and volume terms high employees see than handle to hospitals and we a seasonality able of cases, in patients. to the

So be no the might the seeing able going this. little to shift beds in they to hospital address be staffing in know available to a there hospital, but beds that all it, the we’re they have from you still in available need don't

as have the hoping more COVID people no of see accept country. we really get restrictions is or the restrictions will can people There vaccinated and more on overwhelmed and start depends so get certainly and patients they we're and more So are or actually how that this it again, ease parts the to past in hospital feeling whether not.

time several virtual put In that. working with in getting training, bit terms of of Proximie it actually do now our are of right centers to we it in and takes little a

have think do I bit other little terms So before right we're training, from now, But training. types done work. training using training, we've to a video We've those. – some of first the Proximie. perspective, done one physicians actually a other in little time bit still able do done been virtual we we've some of training a types phone of done of some phone things We've we've other some than some of in-office training

So there's is product, it because do this other best think do addressing virtually ways that But now. of one be excited to it. about are the ways we really able in and to know we being what we're will you really right Proximie person

Mike Ott

the much color there. you Thank for Absolutely! all so

Lori Woods

Mike. Thanks

Operator

you. Thank

coming Tim today from question Capital. Chiang Northland next at Our is

may Your line you is live, begin.

Tim Chiang

in how to and talk doing go as hospital, a expect back year. growth Well Thanks. to and if you that’s GammaTile hopefully could start of next not last practitioners sometime year you this Hi! resurgence a healthcare the Lori, little bit early being about know do you assuming, therapy, nurses the just,

Lori Woods

Tim. Yeah, absolutely

about talk ASTRO. of about what's to and the going been excited GammaTile really on going at I'm potential are We therapy

interesting. the They and there several physicians So and what that mentioned were attended therapy American drew interest great Therapeutic really But my lot attending are from I a Radiation was Society in of of remotely virtually. that who Oncologist the presentations very that or GammaTile presentation. others in had were met was Chicago

know the the know you getting new sales front from bringing kinds well can lot so these I'm suffering get I doctors system; back again, and on start of future that for ASTRO, up And can problems the that although very a think at encouraged very, there's in group patients we are, technologies at as of into group you they GammaTile same are physicians. these sales bodes look and as our there interest that showed of

this impacted So definitely GammaTile has encouraged opportunities about very everybody, would strong that seasonality market. make to that but had into inroads going the to the continue summer I I I'm think that forward say

Tim Chiang

just maybe one And follow-up, Lori.

You do with and of think combination When talked this we could about actually the Cincinnati from you study? University some data Keytruda. see Cesium-XXX

Lori Woods

we going been we having to have that's patients, be first trouble So, have to get so enrolling over. the hurdle

getting safety part patients I we're really other it's looking and do. I, other these of these institutions really the II, is very how Phase at So the think beneficial. Phase Then be to on will study because

So report can't just on. be they we then treated and

can how time are have to these to going to we We before give some that. patients report see do it

efficacious to these you to guys, have we is know So make share with this to safe enrolled it actually that I'm and am to going that patient but them. you then way treat a get very be eager – information sure while I patients and

going have for to to be to be a going little - So a patient we're sure. to I'm have

Tim Chiang

know at development. think you last business late? business of just call opportunities of I asked see sort about Have the that you development you? developing for you on Lori, of looked how as type guys do you market And more And I

Lori Woods

every those people. day, single well us that, with a have of good was and some at lot were well. really placed other And lot had conversations we there, conversations looking a that again to really companies we're opportunities of know lot opportunity companies ASTRO a for there interesting start-up You there's with so as strategic of a companies

see development the I to the are for very a at we think helpful us to beneficial what we narrowing physicians mentioned, of in, continue are future process. opportunity, and to are down help place I looking As really at understand other some our and people were business what down our companies doing. narrow had meetings key ASTRO what interested It are the opportunities was

Tim Chiang

narrow deals, to know down of months. a Okay great, next finish that’s on Hopefully to scope and six get you'll the couple line you helpful. nine the

Lori Woods

hoping we too. Yep, so are

Tim Chiang

Thanks.

Lori Woods

Thank you.

Operator

you. Instructions]. [Operator Thank

at We further questions queue the no in have this time.

Lori Woods

Thank today, for us joining you have everyone evening! Bye-bye! a and great

Operator

conclude you, does event. today's Thank and gentlemen. ladies This

for disconnect have may at day! wonderful and You Thank you this your a participation. time

Perspective Therapeutics (CATX) 11 Nov 212022 Q1 Earnings call transcript