Theragenics Corp. (NYSE: TGX), a maker of brachytheraphy treatment devices, reported financial results for the fourth quarter and the year, posting a net loss for both.
For the quarter, the company had a net loss of $1.2 million on $7 million in revenue, compared with net income of $222,000 on $9.3 million in revenue in the fourth quarter of 2002. Loss per share in the fourth quarter was 4 cents, compared with earnings of 1 cent a share in the same period of 2002.
In 2003, Theragenics posted a net loss of $312,000 on $35.6 million in revenue in 2003, compared with net income of $5.6 million on $41.9 million in revenue in 2002. Loss per share was 1 cent, compared with earnings of 19 cents a share in 2002.
“As expected, industry consolidation, competitors’ discounting, and uncertainty about reimbursement contributed to disappointing revenues in 2003,” said Christine Jacobs, who serves as chairman, president and CEO. “Additionally, the situation was exacerbated by distributor performance, with sales through one particular distributor declining by some $6 million in 2003 compared to 2002. Theragenics decided to create its own sales organization in order to reduce dependence on distributor performance in the future.”
Shares of TGX dropped to $5.70 but have since rallied, closing at $6.14 on Wednesday, up another 4 cents. The 52-week range for the stock is $3.12 to $6.29.