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MDS Reports First Quarter 2008 Results
Date:3/6/2008

the date when MDS acquired the business.

Sciex revenues were up $7 million or 13%. Sciex revenues are primarily from the sale of products, and SG&A and R&D services to its joint ventures, and $6 million of the revenue increase was related to foreign exchange. End-user revenues for Sciex products grew 5% in the first quarter compared to the same period last year and the small molecule markets continued to be an area of strength for the business. Our high-end triple-quad and ion-trap mass spectrometer instruments have maintained strong sales momentum, across most markets. Good strength in mass spectrometer sales from our core LC/MS products was augmented by continued strength from our ICP/MS product line.

The operating loss for MDS Analytical Technologies for the first quarter of 2008 was $5 million, level with the first quarter of 2007. On an operating income basis, MD lost $2 million in the first quarter because of the acquisition-related items which partially offset the $2 million improvement in Sciex performance. Equity earnings, which are not included in operating income and represent our share of earnings from the Sciex joint ventures were $14 million for the first quarter of 2008, and level with the first quarter of 2007.

Adjusted EBITDA for the quarter was $27 million compared to $12 million last year. Excluding the $11 million of growth attributable to the acquisition of MD, adjusted EBITDA grew by 33% largely as a result of improved gross margins. In the first ten months of ownership by MDS, MD has delivered $44 million in adjusted EBITDA on target to meet or exceed our expectations of $45 - $50 million in adjusted EBITDA for the first full year of MDS ownership. The two adjustments in the first quarter of 2008 are $2 million of MD acquisition and integration costs and $1 million of in-process R&D expense associated with a small technology acquisition described below. There were no adjustments in the prior year.

Increased SG&A and
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SOURCE MDS Inc.
Copyright©2008 PR Newswire.
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