MDS Reports First Quarter 2008 Results (to the first quarter of 2007. The reduct...)

MDS Reports First Quarter 2008 Results

Date:3/6/2008

to the first quarter of 2007. The reduction in operating income and adjusted EBITDA was primarily a result of a $5 million decrease from the medical isotope supply disruption, lower Cobalt shipments, and 2004 cancellation of the supply agreement noted above. In addition, there was $4 million related to a non-cash loss on embedded derivatives in the first quarter of 2008 which is included in other expense. These reductions were partially offset by foreign exchange and lower R&D expense versus the first quarter of 2007. In the first quarter of 2008, the adjusting item in the amount of $4 million relates to the loss we recorded on the previously announced sale of the MDS Nordion external beam therapy and self-contained irradiator product lines, which is described below in more detail.

SG&A of $11 million in the first quarter of 2008 was level with the first quarter of 2007.

Capital expenditures in the MDS Nordion segment for the quarter were $3 million primarily related to increased capacity for our Glucotrace(R) product in Europe, compared to $1 million last year.

In the quarter, we announced the signing of an agreement to sell our external beam therapy and self-contained irradiator product lines. The sale is a key part of MDS Nordion's strategy to strengthen its position as a leading innovator in molecular medicine. Under the terms of this agreement, Best Medical International Inc., a provider of radiotherapy and oncology products, will purchase MDS Nordion's external beam therapy and self-contained irradiator product lines. Best Medical International Inc. will acquire these two product lines with combined annualized revenues of approximately US$32 million and approximately 150 employees. The transaction, which is subject to the usual closing conditions, is expected to close in the second quarter of 2008. In the first quarter of 2008, we are reporting a loss on disposal of this business in the amount of $4 million, including all costs to sell th
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SOURCE MDS Inc.
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MDS Reports First Quarter 2008 Results(to the first quarter of 2007. The reduct...),Health