MDS Reports First Quarter 2008 Results ( Net Revenues up 23% A...)

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MDS Reports First Quarter 2008 Results

Date:3/6/2008

Net Revenues up 23%, Adjusted EBITDA up 33%

TORONTO, March 6 /PRNewswire-FirstCall/ - MDS Inc. (TSX: MDS; NYSE: MDZ), a leading provider of products and services to the global life sciences markets, today reported its first quarter 2008 results. For the quarter, MDS reported net revenues of $296 million, net income of $17 million and earnings per share from continuing operations of $0.14. Adjusted EBITDA rose to $40 million, up from $30 million in the prior year. Adjusted earnings per share were $0.05, down from $0.07 in the prior year. This solid start to 2008 is primarily driven by improvements at MDS Pharma Services and MDS Analytical Technologies, partially offset by challenges at MDS Nordion.

Quarterly Highlights

- Delivered $296 million in net revenues, up 23% from $241 million in

the prior year.

- Increased adjusted EBITDA to $40 million, up 33% from $30 million in

the prior year.

- Reported adjusted earnings per share of $0.05, down from $0.07 in the

prior year impacted by $0.08 of intangible amortization from the

Molecular Devices acquisition.

- MDS Pharma Services delivered $146 million in total revenues and

$6 million in adjusted EBITDA, up from $1 million in the prior year

with new business wins at $177 million up 32% over the prior quarter.

- MDS Nordion delivered $60 million in revenues, down 10% in the

quarter impacted by a medical isotope supply disruption and light

cobalt shipments.

- MDS Analytical Technologies delivered $116 million in revenues and

$27 million in adjusted EBITDA with the highest quarterly revenue in

Molecular Devices history.

- MDS repurchased and cancelled 252,000 Common shares for $5 million

under its Normal Course Issuer Bid.

"We are off to a solid start in the first quarter with double-digit growth in both net revenue
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SOURCE MDS Inc.
Copyright©2008 PR Newswire.
All rights reserved

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