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MDS Reports Overall Losses, But Improved Position for Proteomics, Instruments

NEW YORK, Dec. 12 (GenomeWeb News) - MDS Inc. reported a 19 percent increase for its Sciex analytical instruments business in year-over-year revenue for its fiscal year fourth quarter, which ended Oct. 31; and a decline in operating losses for MDS Proteomics.


The company took care not to write off MDSP, after CEO John Rogers stated in last quarter's earnings report that "MDS Inc. does not intend to make any further investments in MDS Proteomics." The company clarified shortly afterwards that MDS wants to "dilute" its ownership in the company, rather than divest the unit entirely. In this quarter's report, the company stated, "We continue to manage spending on proteomics research activities to focus on key obligations and research projects. Work with our existing partners on previously signed agreements continues as we actively investigate new collaborations with financial and scientific partners."


In regards to its Sciex mass spec sales, the company said that demand "remains steady," and that it was "pleased with sales" of its API 4000, QSTAR, and QTRAP4000.


MDS reported total revenues of $449 million for the fourth fiscal quarter of 2003, compared with $471 million in the same quarter of 2002. It reported $4 million in losses, compared with $25 million in net income in Q4 of FY2002. As of Oct. 31, 2003, the company said it had $260 million in cash and cash equivalents.


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