MDS numbers soft despite strong performance at Nordion

TORONTO – Life sciences company MDS Inc. reports first quarter 2009 net revenue of $257 MDS-cropped.jpgmillion, down 13% from $296 million in the corresponding period to January 31st last year. EBITDA was $32 million, down 20% from $40 million. “MDS delivered solid margins in a difficult economic environment, driven by the company’s restructuring and productivity actions,” says Stephen P. DeFalco, president and CEO. “We are focused on building stronger, more competitive businesses that are better able to operate in rapidly changing global markets.” Restructuring efforts include layoffs at the company’s Pennsylvania-headquartered MDS Pharma Services division, announced in last year’s Q3. Ottawa’s MDS Nordion saw revenue rise 20% to $66 million, thanks to higher medical isotopes sales resulting from shutdowns at a European competitor’s nuclear reactor and Atomic Energy of Canada's NRU reactor in the first quarter of 2008. EBITDA was $18 million, up 64% from $11 million. Click here to see MDS’s full financial report.

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