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MDS' Q1 Revenues Drop 13 Percent

NEW YORK (GenomeWeb News) – MDS today reported that its first-quarter revenues fell 13 percent year over year, with its MDS Analytical Technologies segment posting a 27 percent decline in revenues for the quarter.

The Toronto-based firm brought in total revenues of $257 million for the three-month period ended Jan. 31. It said that excluding the impact of foreign exchange, acquisitions, and divestitures, its revenues were down 1 percent year over year.

Its MDS Pharma Services segment had revenues of $124 million, down 12 percent from revenues of $146 million for the first quarter of 2008. The MDS Nordion segment had revenues of $66 million, up 10 percent from $60 million year over year.

MDS Analytical Technologies, which includes the firm's mass spectrometry sales, had revenues of $85 million, down 27 percent from $116 million for the first quarter of 2008. "Declines were primarily driven by lower revenue and the impact of unfavorable foreign exchange due to hedge positions established in 2008, which were partially offset by savings associated with restructuring, the manufacturing transition to Asia, and a year-over-year reduction in R&D spending following the completion of key projects in the second half of 2008," the firm said in a statement.

MDS noted that its mass spectrometry end-user revenue fell 7 percent year over year.

MDS posted a profit of $2 million, or $.02 per share, versus a profit of $19 million, or $.16 per share, for the first quarter of 2008.

The company's R&D costs declined 30 percent to $14 million from $20 million, while its SG&A spending decreased 6 percent to $60 million from $64 million. The firm also took a $4 million restructuring charge for the first quarter.

MDS finished the quarter with $149 million in cash and cash equivalents.

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