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MDS Announces Strategic Repositioning
Date:9/2/2009

view its operational requirements and intends to take appropriate action to reflect the scope and complexity of MDS following the completion of these transactions.

MDS Inc. Third Quarter 2009 Outlook

In the third quarter, MDS Inc. will begin reporting MDS Pharma Services Late-Stage operations as discontinued operations to reflect the previously announced decision to divest Late-Stage operations and to focus MDS Pharma Services on the delivery of Early-Stage services only. As a result, MDS has revised prior periods and expects to report second quarter results from continuing operations as net revenues of approximately $208 million and adjusted EBITDA of approximately $29 million, versus previously reported results for net revenues and adjusted EBITDA of $257 million and $31 million, respectively.

For the third quarter of 2009, MDS expects to report net revenues in the range of $190 million to $195 million and adjusted EBITDA in the range of $5 million to $10 million from continuing operations. Third quarter results were negatively impacted by further softening in customer demand for Phase I services as customers continue to reprioritize their research-and-development pipelines in relation to economic pressures, pharmaceutical company mergers, reduced biotech funding and customer concerns regarding uncertainties created by the Company's strategic review process. In addition, results for the quarter were negatively impacted by the unexpected shutdown of AECL's NRU reactor. As previously announced, the NRU outage reduces adjusted EBITDA by approximately $4 million per month.

MDS also expects to report third quarter 2009 cash flow in the range of $52 million to $57 million, including $35 million of proceeds related to the sale of Phase II-IV operations which closed on July 1, 2009. The Company's cash balance at July 31, 2009 is expected to be in the range of $295 million to $300 million.

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