INTERNATIONAL ISOTOPES INC.
Climate Impact & Sustainability Data (2021, 2022, 2023)
Reporting Period: 2021
Environmental Metrics
Social Achievements
- Increased sales in the Radiochemical segment by 5% mainly due to a 9% increase in sales of our FDA approved generic sodium iodide I-131 drug product.
- Purchased the remaining 75.5% of RadQual for an aggregate purchase price of approximately $4.4 million, which was paid in shares of our common stock, resulting in the issuance of 40,176,236 shares of our common stock as consideration, making RadQual and TI Services wholly owned subsidiaries of International Isotopes, Inc.
- Successfully obtained cobalt-60 from the Department of Energy (DOE) to increase our cobalt source production activities which contributed to an 11% increase in Cobalt Product revenues.
- Developed several new products for our Nuclear Medicine products segment and expanded these products into Positron Emission Tomography (PET) imaging standards.
- Expanded sales of our nuclear medicine products through exercising our management opportunity with RadQual, LLC (RadQual). In particular, we increased our international sales by utilizing the marketing and distribution expertise of our wholly owned subsidiary TI Services
Climate Goals & Targets
Short-term Goals:
- Continue to expand sales of our FDA approved sodium iodide I-131 generic drug product
- Begin development of one or more new generic drug products to further enhance revenue production within our Radiochemical segment and identify additional future generic product opportunities
- Expand sales of our nuclear medicine products and increase cash flow by offering new products and further expanding our international sales and distributor relationships
- Develop a business plan to produce additional radiopharmaceutical products or explore new contract manufacturing opportunities
- Support research and development of an advanced COVID test at a leading research hospital, with a goal of developing an accurate, inexpensive, at home saliva-based test
- Continue to expand our customer base, increase revenues, reduce production and operating costs, and attempt to achieve profitability in our core business segment operations
- Continue to support essential tasks related to our de-conversion project and continue to pursue any opportunities to obtain additional contracts for depleted uranium de-conversion
Environmental Challenges
- Negative cash flow materially reduced working capital, impacting ability to fund future operations.
- Operations expose us to the risk of material environmental liabilities.
- Dependence on key personnel.
- General economic conditions impacting demand for goods and services.
- Volatility in raw material and energy costs, supply chain interruptions.
- Extensive government regulation increasing cost of doing business.
- Potential for material losses and costs from product liability claims.
- Catastrophic events (natural disasters, pandemics, war, terrorism) disrupting business.
- COVID-19 pandemic reducing sales in some segments.
- Global economic and political conditions affecting supply chain and inflation.
- Dependence on ability to develop and market new products.
- Dependence on various third parties for operations.
- Dependence on a limited number of customers.
- Competition from other companies with greater financial resources.
Mitigation Strategies
- Actions taken to improve financial condition and results of operations.
- Surety bond and restricted cash account for decommissioning financial assurance.
- Efforts to retain and attract qualified employees.
- Monitoring and controlling direct costs, purchase agreements with suppliers.
- Efforts to reduce dependency on a small number of customers.
- Insurance coverage for product liability claims.
- Alternative sourcing strategies for raw materials.
- Developing a business plan to produce additional radiopharmaceutical products or explore new contract manufacturing opportunities.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2022
Environmental Metrics
Social Achievements
- Increased company revenues by 16%.
Climate Goals & Targets
Short-term Goals:
- Continue to expand sales of our FDA approved sodium iodide I-131 generic drug product.
- Complete development of and launch a fully automated I-131 capsule loading system to pharmacies in the U.S and select overseas customers.
- Begin development of one or more new generic drug products to further enhance revenue production within our Radiochemical segment and identify additional future generic product opportunities.
- Expand sales of our nuclear medicine products and increase cash flow by offering new products and further expanding our international sales and distributor relationships.
- Develop a business plan to produce additional radiopharmaceutical products or explore new contract manufacturing opportunities.
- Explore acquisition opportunities to expand our product offerings and increase revenue, cash flow, and profit margin.
- Continue to expand our customer base, increase revenues, reduce production and operating costs, and attempt to achieve profitability in our core business segment operations.
- Continue to support essential tasks related to our de-conversion project and continue to pursue any opportunities to benefit from sale of these assets through and through royalty payment arrangements.
Environmental Challenges
- Increased costs for many raw materials and production supplies due to recent cost inflation.
- Global shipping disruptions partially attributable to the COVID-19 pandemic.
- Fraudulent transactions incident resulting in approximately $85,000 in charges.
Mitigation Strategies
- Working on offsetting cost increases with increases to product prices.
- Obtained alternative sources of raw materials without production interruption.
- Recovered all fraudulent charges from the bank.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2023
Environmental Metrics
Social Achievements
- Increased total company revenues by $1,085,397 or 10%
- Reached $12.3 million in total revenues which was the largest single year in company history
- Increased sales in our Theranostics Products segment by 13% primarily through increases in sales of our FDA approved generic sodium iodide I-131 drug product
- Increased sales in our Nuclear Medicine Standards by 10%
- Developed several new products for our Nuclear Medicine products segment and expanded our range of products in this segment including Positron Emission Tomography (PET) imaging standards
- Purchased medical devices and related assets and intellectual property rights from AMICI, Inc. that we plan to expand into an additional business segment, "Medical Devices" starting in 2024
Climate Goals & Targets
Long-term Goals:
- Continue to expand our customer base, increase revenues, reduce production and operating costs, and attempt to achieve profitability in our core business segment operations
- Continue efforts towards closing the DUF6 Asset Sale agreement
Medium-term Goals:
- Expand sales of our nuclear medicine products and increase cash flow by offering new products and further expanding our international sales and distributor relationships
- Explore acquisition opportunities to expand our product offerings and increase, revenue, cash flow, and profit margin
Short-term Goals:
- Continue to expand sales of our FDA approved sodium iodide I-131 generic drug product, including entering new territories
- Complete development of and launch a fully automated I-131 capsule loading system to pharmacies in the U.S and select overseas customers
- Launch our Medical Devices business segment beginning by offering products purchased from AMICI, Inc. in 2023
Environmental Challenges
- Decreased Cobalt Sealed Source Manufacturing due to timing of receipt of additional cobalt material from the ATR in 2023, delays in customer contracts for Cobalt Sealed Source Manufacturing, and delays due to maintenance and repairs to our manufacturing equipment
- Recurring losses with an accumulated deficit of $127,329,859 at December 31, 2023 and net loss of $869,016 for the year then ended
- Dependence on various third parties in connection with our business operations
- Dependence on a limited number of customers in connection with some of our current business operations
- Competition from other companies
- Extensive government regulation in jurisdictions around the globe in which we do business
- Volatility in raw material and energy costs, interruption in ordinary sources of supply and an inability to recover unanticipated increases in energy and raw material costs from customers
Mitigation Strategies
- Management has taken and continues to take, actions to improve our financial condition and results of operations
- Continued to monitor and control direct costs
- Purchase agreements in place with suppliers to obtain optimum pricing
- Worked to find more effective cost controls and to increase our overall utilization of our raw materials
- Efforts to reduce our dependency on a small number of customers by expanding both domestic and foreign
- Improving operating cost control measures, making improvements in current manufacturing processes, pursuing new service contracts, and developing new products