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MDS' Q1 Revenues Rise 23 Percent

NEW YORK (GenomeWeb News) – MDS today said that its first-quarter revenues rose 23 percent as sales from Molecular Devices exceeded the firm’s expectations.

For the three-month period ended Jan. 31, MDS reported revenues of $296 million, up from $241 million in the first quarter of 2007.

Molecular Devices, which was acquired in the second quarter of 2007 and is part of the MDS Analytical Technologies unit, brought in first-quarter revenues of $56 million, its highest quarter to date, according to MDS. Overall, that unit had revenue of $116 million, up 119 percent year over year. Sciex contributed $60 million in revenue for the quarter.

MDS Pharma Services’ revenues decreased 1 percent to $120 million from $121 million in the same period of 2007, with slight growth in late-stage net revenues being offset by a decline in early-stage net revenues, the Toronto-based firm said.

MDS Nordion’s revenues were down 10 percent to $60 million from $67 million, due primarily to a medical isotope supply disruption and lower cobalt shipments, according to the company.

Currency effects increased net revenue in the first quarter of 2008 compared to the first quarter of 2007 by approximately $25 million.

MDS posted a first-quarter profit of $17 million, or $.14 per share, compared to $16 million, or $.11 per share, in the first quarter of 2007.

The firm’s SG&A costs increased 18.5 percent to $64 million from $54 million year over year. Its R&D expenses rose 67 percent to $20 million from $12 million, due to higher spending in the MDA Analytical Services unit.

MDS finished the first quarter with $144 million in cash and cash equivalents.

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