Q1 2013 Earnings Call Transcript

Transcript Call Date 03/06/2013

Operator: Good morning, ladies and gentlemen. Welcome to the Nordion First Quarter Results Conference Call.

I will now like to turn the meeting over to Ms. Ana Raman, Investor Relations. Please go ahead, Ms. Raman.

Ana Raman - Director, IR: Thanks Jason. Good morning and welcome to Nordion's first quarter fiscal 2013 earnings call and webcast. On the call this morning are our Chief Executive Officer, Steve West; and our Chief Financial Officer, Peter Dans. The format for our call will be that Steve and Peter will provide their perspectives and then we'll open up the lines for questions to analysts. Slides have been posted to accompany this webcast.

As per Slide 2, which contains our caution on forward-looking statements, please note that today's comments do contain forward-looking information, so actual results may differ materially from expected results because of various risk factors. These factors are described in Nordion's quarterly and year-end filings, which are available on SEDAR, EDGAR, and the Company's website. Results have been prepared under U.S. GAAP and all amounts mentioned are in U.S. dollars, except when otherwise noted.

Turning to Slide 3, we have included certain non-GAAP measures. These include adjusted net income and adjusted earnings per share. These non-GAAP measures exclude certain items, and are intended by management to provide investors with a meaningful, consistent comparison of the Company's core operating results. This information should be considered as a supplement to and not a substitute for the corresponding financial measures prepared in accordance with GAAP.

Our first quarter news release was issued yesterday after market close. You can find it on our website at

With that I will turn it over to Steve.

Steve M. West - CEO: Thank you, Ana, and good morning to everyone joining us today.

Nordion generated solid first quarter results across our three business lines. So revenues of $53.7 million were up slightly compared to the same period last year. In Q1, TheraSphere generated revenue of $12 million which is 9% up over the same period last year. Sterilization revenue of $16.4 million increased 2% compared with Q1 2012. Medical Isotopes saw revenue of $25.2 million. While this was a decrease of 0.7 or 2.6% compared with Q1 of 2012, Medical Isotopes volumes were above our expectations for the quarter.

We announced in January that Nordion initiated a review of strategic alternatives with the assistance of Jefferies. Now that review is still in its early stages, we believe it's an important step in evaluating appropriate strategic options and creating future opportunities for Nordion. Nordion remains focused on our operations, customers and execution of our planned business strategies as we progress through this review.

In the quarter, we were pleased to announce Grant Gardiner has been appointed as Senior Vice President, General Counsel, and Corporate Secretary and Grant will serve as our legal officer responsible for all global legal matters, effective March 18, 2013. Grant has a strong background in leading cross-listed publicly traded companies through complex legal governance and compliance landscapes. He joins us from his previous leadership role as Assistant General Counsel at BlackBerry formerly known as Research In Motion and is expected to play an important role in the execution of our strategic priorities.

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