Decreases for the third quarter and nine months ended September 30, 2025 were driven primarily by outages of Theranostics Product raw materials in March, July, August and outages of Calibration & Reference Products raw material, namely Gd-153, partially offset by growth of sales of Calibration & Reference Products and Medical Devices compared to the same periods in the prior year. The company estimates outages of raw materials reduced revenues for the third quarter of 2025 by more than $400,000 and by more than $750,000 for the nine months ended September 30, 2025, impacting our Theranostics Products and Calibration & Reference Products segments.
(1) See "Non-GAAP Financial Measures" below.
Shahe Bagerdjian, President & CEO of the Company, said, "We saw significant outages of Theranotics raw materials in July and August before we were able to bring on our new FDA approved supplier. Additionally, we continue to have an outage of Gadolinium-153, which is globally sole-sourced from a foreign government, impacting our Calibration & Reference Products. Despite these difficulties, we were able to increase our total Theranostics products customers from the start of the quarter and our Calibration & Reference division continues to see growth.
"We spent a good portion of the quarter on internal improvements. Our operational efficiencies, having driven down our SG&A costs 24% for the quarter and 11% for the year. Our Calibration & Reference Products segment continues to improve legacy products as well as develop new products. We have also increased our corporate governance, adding a Nominating & Corporate Governance Committee and welcoming Dr. Duke Fu to our board of directors."
Segment Results
Theranostics ProductsRevenue from the sale of Theranostics Products for the first nine months of 2025 was $5,176,740, compared to $6,257,410 for the same period in the prior year. This is a decrease of $1,080,670 or 17% compared to the same period in the prior year, primarily due to outage of critical I-131 raw material supply in March, July and August partially offset by recovery of some standing order customers which we had previously reported as lost and from new customers. In the third quarter of 2025, the Company received US FDA approval to add an additional raw material supplier. This supplier did not commence supply until September 2025. We continue to see demand for generic sodium iodide I-131 pharmaceutical and I-131 theranostic API products, which are used in radiolabeling third party drug products.
Calibration & Reference Products (formerly Nuclear Medicine Standards)In Q3 of 2025, we changed the name of the reporting segment from Nuclear Medicine Standards to Calibration & Reference Products to better describe the broad range of products we manufacture and distribute.
Revenue from the sale of Calibration & Reference Products for the first nine months of 2025 was $3,301,673, compared to $2,099,713 for the same period in the prior year. This represents an increase of $1,201,960 or 57%, compared to the same period in the prior year. This increase was primarily due to remedying the global shortage of Cobalt-57 isotope, which lasted from January 2024 to late July 2024. Additionally, our Calibration & Reference Products segment continues to be impacted by an ongoing global outage of Gd-153, which is the raw material in the Company's key products, BM53 line sources. We expect full year 2025 revenues in this segment to reflect historically normal amounts as the supply chain has normalized, and we continue to launch new products under our RadQual and PhanQual brands.
Cobalt ProductsRevenue from the sale of Cobalt Products for the first nine months of 2025 was $1,517,147, compared to $1,641,012 for the same period in the prior year. This represents a decrease of $123,865 or 8%, compared to the same period in the prior year, primarily due to timing of sales over the course of the last 12 months. Large value sales of high activity Cobalt-60 sources are seasonal and occur at various times throughout the year. Frequently the timing of these sales can have a significant impact on period comparisons. Fiscal 2024 marked a historical high in Cobalt Product sales for the Company. The Company remains the only domestic United States manufacturer of high activity Cobalt-60 sealed-source products.
Medical Devices Revenue from the sale of Medical Device products for the first nine months of 2025 was $176,476, compared to no sales for the same period in the prior year. Medical Devices was a new reportable business segment for fiscal year 2024. We have invested in this segment throughout the past three years and anticipate additional investments in the rest of 2025 as we ramp to commercialization of products. This segment includes The Swirler® and Tru-Fit™ Mouthpiece, Xenon System, and related accessories under the RadVent brand as well as partnering with leading manufacturers for distribution through our network of global distributors. Additionally, the Company invested in a joint venture arrangement for our EasyFill Automated Iodine Capsule System, which recently signed a distribution and servicing agreements for the full line of Scintomics ATT products and Global Sonics products. The Medical Device segment is focused on bringing products to ...
