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MDS Division Housing Mass Specs Reports 26 Percent Drop in Revs for Q2

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MDS reported on Thursday that revenues for the division housing its mass spectrometry business declined 26 percent in its fiscal second quarter year over year.

For the three months ended April 30, the company, which has a joint-venture agreement with Life Technologies' Applied Biosystems on mass specs, said its Analytical Technologies revenues fell to $87 million, down from $118 million in Q2 2008.

The effects of currency exchange reduced revenues by $11 million, or 9 percent, year over year, and including the impact of foreign exchange, mass spec end-user revenue fell 11 percent year over year.

In a statement, MDS said that soft demand for its instruments in the pharmaceutical markets "was the primary driver" for the revenue reduction across all product lines in the Analytical Technologies division, but added that it continues to see growth in the applied markets, services, and new products such as the AB Sciex Triple Quad 5500 and the AB Sciex QTrap 5500 mass specs launched in October.

In April it and ABI also introduced the AB Sciex TOF/TOF 5800.

Companywide, MDS' receipts fell 21 percent to $257 million from $326 million in Q2 2008. Excluding the impact of foreign exchange, acquisitions, and divestitures, revenues fell 10 percent.

MDS recorded a net loss of $17 million for the quarter, compared to a profit of $13 million a year ago. R&D spending shrank 36 percent to $14 million from $22 million in Q2 2008. It said it had $243 million in cash and cash equivalents as of April 30.

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