September 5, 2012 / 10:13 PM / 5 years ago

Nordion posts profit on growth in targeted therapies segment

(Reuters) - Canadian medical isotope supplier Nordion Inc NDN.TO posted a quarterly profit as growth in its targeted therapies segment more than offset a decline in its medical isotope segment.

Nordion, which is one of the world’s leading producers of molybdenum-99 used in medical imaging, said it experienced lower demand in the third quarter for molybdenum-99.

Revenue from the targeted therapies segment rose 15 percent to $15.3 million, while medical isotopes revenue fell 8 percent to $19.7 million in the quarter.

The company has said in the past that growth will be driven by its targeted therapies business, including liver cancer treatment TheraSphere.

“We increased our margins and generated double-digit TheraSphere growth,” Chief Executive Steve West said in statement on Wednesday.

Nordion began an internal probe last month into potential improper payments and other related financial irregularities in connection with the supply of materials and services to the company.

The company currently does not expect an impact on revenue in 2012 or 2013 based on the investigation.

Net earnings for the third quarter were $12.3 million, or 20 cents per share, compared with a loss of $4.1 million, or 6 cents per share, a year earlier.

On an adjusted basis, the company earned 25 cents per share.

Revenue rose marginally to $67.1 million.

Shares of the company closed at C$10.40 on Wednesday on the Toronto Stock Exchange.

Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel

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