NEW YORK, Sept. 9 (GenomeWeb News) - Buoyed by sales of its 4000 series of mass spec instruments, Toronto-based MDS today reported a 5 percent growth in earnings for its third quarter ending July 31.
The company, which is undergoing a strategic reorganization, had revenues of CA$465 million, up from CA$444 million for the year-ago quarter as sales for the company's API 4000 and 4000 Qtrap mass spec instruments increased 36 percent, the company said. Net income was CA$50 million, compared to CA$33 million for the same quarter in 2003.
MDS has net revenues of and finished the quarter with CA$273 million in cash and cash equivalents. The company reported a loss of CA$7 million on research and development, compared to CA$11 million in Q3 '03.
On Sept. 1, MDS and Applied Biosystems announced an expansion of their mass spectrometry joint venture (click here to read the article).