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MDS Reports Second Quarter 2009 Financial Results
Date:6/11/2009

TORONTO, June 11 /PRNewswire-FirstCall/ - MDS Inc. (TSX: MDS; NYSE: MDZ), a leading provider of products and services to the global life sciences markets, today reported financial results for the three-month period ended April 30, 2009. On a GAAP basis, MDS reported total revenue of $282 million, a net loss of $17 million and a loss per share of $0.15 for the second quarter of 2009. These results include a non-cash asset write-down of $16 million. Net revenue was $257 million and adjusted EBITDA was $31 million, compared with $326 million and $34 million in the prior year, respectively. For the quarter, the Company announced adjusted earnings per share of $0.03, compared with $0.08 in the corresponding period a year ago.

    Quarterly Highlights

    -   Net revenue of $257 million, down 21% from $326 million in the prior
        year. Excluding the impact of foreign exchange, acquisitions and
        divestitures, net revenue decreased 10%.
    -   Adjusted EBITDA of $31 million with 12% margin, versus $34 million
        with 10% margin in the prior year, as $15 million in restructuring
        and productivity savings largely offset market declines.
    -   Adjusted earnings per share of $0.03, compared with $0.08 in the
        prior year, primarily driven by lower adjusted EBITDA and higher
        interest expense.
    -   Period-end cash position increased $94 million to $243 million.
    -   New product introductions to provide customers with advanced
        technology and improved performance, including the AB SCIEX TOF/TOF
        (TM) 5800 system, a new administration system for TheraSphere(R), a
        suite of iMethods tests, and MetaXpress(TM) analysis software.

"With a vigilant focus on productivity, we offset declines in a soft market, and delivered solid margins and strong cash flow within the quarter," said Stephen P. DeFalco, President and Chief Executive Officer, MDS Inc. "We continue to maintain a balance of disciplined cost control and strategic investments to make the Company more competitive during this challenging economic period."

    Operating Segment Results

    MDS Pharma Services

                                                                    % Change
    (millions of U.S. dollars)             Q2 2009      Q2 2008     Reported
    -------------------------------------------------------------------------
    Net Revenue
    Early Stage                            $    56      $    68         (18%)
    Late Stage                                  49           60         (18%)
    -------------------------------------------------------------------------
                                               105          128         (18%)
    Reimbursement revenue                       25           24
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total revenue                          $   130      $   152
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Adjusted EBITDA                        $     3      $    (1)         n.m.
                                                3%          (1%)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    n.m. - not meaningful

For the second quarter, MDS Pharma Services reported adjusted EBITDA of $3 million, compared with a loss of $1 million last year. This $4 million year-over-year increase was largely due to productivity gains and restructuring savings, partially offset by lower volumes. Net revenue decreased 18% over the prior-year period with foreign exchange negatively impacting revenue by $9 million. In the second quarter, Late Stage declines were primarily due to lower demand in Central Labs. In Early Stage, declines were largely driven by lower revenues in bioanalytical services.

MDS Pharma Services recorded new business wins totaling $114 million, a sequential increase of 10%, compared with new business wins in the first quarter, but down 31% compared with $165 million of new business wins last year. The sequential improvement was primarily driven by solid orders in Phase II-IV and Early Stage bioanalytical services. The year-over-year decline was largely due to the impact of foreign exchange and slower market demand as customers reprioritize their research and development (R&D) projects. Period-end backlog was $442 million, down 11% from $496 million in the prior year. This decrease is primarily related to changes in foreign exchange and declines in Late Stage, partially offset by a 10% increase in Early Stage backlog.

As part of the Company's quarterly balance sheet assessment, a non-cash write-down of $16 million was recorded in the second quarter to reflect the current fair value of MDS Pharma Services Central Labs fixed assets.

Subsequent to the quarter, as part of its ongoing strategic review process, MDS announced that it will strategically focus MDS Pharma Services on the delivery of Early Stage (Discovery through Phase IIa) services where the Company has a top-three market position. As a result, MDS intends to sell its Late Stage (Phase II-IV and Central Labs) operations. On June 1, 2009, the Company announced an agreement to sell its Phase II-IV operations to INC Research, Inc. for approximately $50 million, including certain transition services and customary post-closing contingencies and adjustments. This sale is expected to close during MDS's fiscal third quarter of 2009 (the three months ending July 31, 2009). A suitable buyer is being sought for Central Labs.

To further improve operating performance in a challenging economic environment, to sharpen the Company's focus on Early Stage, and to reduce overhead associated with the exit from Late Stage, MDS Pharma Services has initiated restructuring actions in the third quarter of 2009. MDS estimates the cost of this restructuring to be approximately $4 million, impacting some 180 people and generating roughly $9 million in annual savings. As the Company plans to sell these operations, Late Stage will no longer be classified as part of continuing operations for financial reporting beginning in the third quarter of 2009.

To further build core competencies in Early Stage, MDS Pharma Services initiated a project in the second quarter to renovate and expand its preclinical operations in Taiwan. The expanded facility will double the previous capacity to better serve emerging demand for services in the Asia-Pacific region.

    MDS Nordion

                                                                    % Change
    (millions of U.S. dollars)             Q2 2009      Q2 2008     Reported
    -------------------------------------------------------------------------
    Net revenue                            $    65      $    80         (19%)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Adjusted EBITDA                        $    23      $    24          (4%)
                                               35%          30%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

MDS Nordion reported adjusted EBITDA of $23 million in the second quarter, down 4% compared with last year, and included an embedded derivative gain of $3 million, versus a gain of $2 million last year. Excluding divestitures and foreign exchange, adjusted EBITDA increased 12% compared with last year. Revenue for the second quarter was $65 million, compared with $80 million last year. Excluding the $10 million negative impact of foreign exchange and $10 million related to the divestiture of certain product lines, revenue increased by $4 million, or 6% year-over-year. Excluding the divestitures and foreign exchange, year-over-year improvement in revenue and adjusted EBITDA was primarily driven by strength in medical isotopes.

During the quarter, MDS Nordion launched an improved TheraSphere(R) administration system for physicians. TheraSphere(R) is a targeted internal radiation therapy for patients with inoperable, primary liver cancer. The new administration system allows for safer, faster, and more efficient administration of TheraSphere(R), providing better treatment delivery for patients.

Subsequent to the quarter, MDS Nordion commenced the manufacture of Cardiogen-82(R) (Rubidium-82 generators) for Bracco Diagnostics Inc. (Part of Bracco Group). CardioGen-82 is the only generator-based, cardiac Positron Emission Tomography (PET) perfusion imaging agent approved by the United States Food and Drug Administration (FDA). PET is a highly sensitive medical-imaging technique that produces a three-dimensional image of the functioning heart, allowing the cardiologist to identify regions of the heart muscle receiving poor blood flow.

After the end of the quarter, in May 2009, Atomic Energy of Canada Limited (AECL) announced that its National Research Universal (NRU) reactor would be out of service for at least three months. Based on historical EBITDA trends related to NRU-supplied isotopes, MDS expects the financial impact of this shutdown to reduce MDS Nordion's adjusted EBITDA by approximately $4 million for every month the NRU is out of service. MDS is assessing plans to reduce costs over the extended shutdown period. MDS Nordion continues to deliver positive EBITDA from sterilization technologies and radiopharmaceutical product and service lines.

MDS continues to work to secure a long-term reliable supply of medical isotopes. In 1996, MDS Nordion contracted with AECL to complete and commission the MAPLE reactors, which were intended to replace the NRU. In May 2008, this project was unilaterally discontinued by AECL and the Government of Canada. MDS invested over $350 million in the MAPLE project, and believes that the completion of the MAPLE reactors is the best solution to provide global medical isotope supply. More recently, MDS Nordion urged the AECL and Canadian Government to consult with international experts and obtain their assistance to activating the MAPLE project to address the current medical-isotope supply shortage. In addition, MDS Nordion is examining longer-term supply alternatives and announced in the second quarter its collaboration with TRIUMF, Canada's national laboratory for particle and nuclear physics, to study the feasibility of producing a viable and reliable supply of photo fission-based Molybdenum-99.

    MDS Analytical Technologies

                                                                    % Change
    (millions of U.S. dollars)             Q2 2009      Q2 2008     Reported
    -------------------------------------------------------------------------
    Net revenue                            $    87      $   118         (26%)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Adjusted EBITDA                        $    13      $    17         (24%)
                                               15%          14%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

In the second quarter, MDS Analytical Technologies reported $13 million in adjusted EBITDA, compared with $17 million in the corresponding quarter last year. Excluding $5 million of unfavorable impact from foreign exchange, primarily as a result of hedge positions established in 2008, adjusted EBITDA increased $1 million or 4%, driven by restructuring and productivity savings, which were largely offset by pricing and lower volumes. For the quarter, MDS Analytical Technologies reported $87 million in revenue, down 26% from $118 million in the prior year. The effect of foreign exchange reduced reported revenue by $11 million, or 9% year-over-year. Including the impact of foreign exchange, total end-user revenue decreased 13%, with an 11% decline in mass spectrometry end-user revenue. Soft end-user demand in pharmaceutical markets for instruments was the primary driver for the year-over-year decline in volumes across all product lines. The Company continues to see growth in applied markets, services and new products - particularly the recently launched 5500 series of mass spectrometers, which are being well received by customers.

In the second quarter, MDS Analytical Technologies continued to introduce innovative technologies and products. The Company and its joint venture partner, Applied Biosystems (a division of Life Technologies Corporation) launched the AB SCIEX TOF/TOF(TM) 5800 system - the fastest, most sensitive MALDI-based mass spectrometer ever built. This system is already commercially available and will help researchers advance the discovery of biomarkers. MDS Analytical Technologies and Applied Biosystems also introduced a new suite of iMethod tests that simplify the use of mass spectrometry for food and water quality testing, forensic toxicology and clinical research, and MetaXpressPowerCore(TM) and MetaXpress(R) 3.0 image acquisition and analysis software, which are designed to accelerate the throughput of high content screening and expand toxicity applications.

    Corporate and Other

                                                                    % Change
    (millions of U.S. dollars)             Q2 2009      Q2 2008     Reported
    -------------------------------------------------------------------------
    Selling, general and administration    $    (7)     $    (7)           -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Adjusted EBITDA                        $    (8)     $    (6)        (33%)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

Corporate selling, general and administration expenses were $7 million in the second quarter of 2009, level compared with the second quarter of 2008. These expenses included $3 million in corporate development costs primarily associated with the sale of MDS Pharma Services' Phase II-IV operations, which were offset by a $2 million recovery in stock-based compensation expense.

Relative to cash performance, as of the end of the second quarter, MDS reported $243 million in cash and cash equivalents, which is approximately equivalent to the Company's debt position of $276 million minus a government loan of $39 million, which is entirely offset by a corresponding financial instrument.

New Disclosure and Delivery Method for Reporting Financial Results

In the fourth quarter of 2008, MDS adopted a new approach to releasing quarterly financial results. The Company no longer uses the newswires to issue its quarterly Management Discussion and Analysis (MD&A), and financial statements and notes. For the Company's first, second and third quarters, the respective MD&A, and financial statements and notes, which are assessable through this link: http://www.mdsinc.com/investors/financial_results.asp, will be posted, concurrently with the press release announcing quarterly results, to the Company's Website at mdsinc.com, and filed with Canadian and U.S. securities regulators. For fourth quarter results, a press release will be issued with expanded disclosure. However, fourth quarter results will no longer be accompanied by an MD&A, and financial statements and notes. A comprehensive MD&A, with financial statements and notes, will be provided on a year-end basis with the Company's Annual Report, Annual Information Form and Proxy Circular filings - all of which will also be posted to mdsinc.com.

Conference Call

MDS will hold a conference call today at 9:30 a.m. EDT to discuss second quarter 2009 results.

The call will be Webcast live at www.mdsinc.com and will also be available in archived format at http://www.mdsinc.com/investors/webcasts_presentations.asp after the call.

About MDS

MDS Inc. (TSX: MDS; NYSE: MDZ) is a global life sciences company that provides market-leading products and services that our customers need for the development of drugs and diagnosis and treatment of disease. We are a leading global provider of pharmaceutical contract research, medical isotopes for molecular imaging, radiotherapeutics, and analytical instruments. MDS has more than 5,000 highly skilled people in 29 countries. Find out more at www.mdsinc.com or by calling 1-888-MDS-7222, 24 hours a day.

Caution Concerning Forward-Looking Statements

This document contains forward-looking statements. Some forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. The statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. MDS's actual results could differ materially from those expressed in the forward-looking statements due to these risks and a number of other factors, including, but not limited to, successful implementation of structural changes, including restructuring plans and acquisitions, technical or manufacturing or distribution issues, the competitive environment for MDS's products and services, the degree of market penetration of its products and services, the ability to secure a reliable supply of raw materials, the impact of our clients' exercising rights to delay or cancel certain contracts, the strength of the global economy, the stability of global equity markets, the availability and cost of financing, the impact of the movement of the U.S. dollar relative to other currencies, particularly the Canadian dollar and the euro, uncertainties associated with critical accounting assumptions and estimates, and other factors set forth in reports and other documents filed by MDS with Canadian and U.S. securities regulatory authorities from time to time, including MDS's quarterly and annual MD&A, Annual Information Form, and Annual Report on Form 40-F for the fiscal year ended October 31, 2008, filed with the U.S. Securities & Exchange Commission.

Also note that all financial data is now shown on a U.S. GAAP basis. MDS converted to U.S. GAAP reporting with the filing of the Company's 2007 Annual Report and financial statements on January 29, 2008.

Use of Non-GAAP Financial Measures

Non-GAAP measures, including terms such as net revenue, adjusted EBITDA, adjusted EPS, new orders and backlog, are used to explain the operating performance of the Company. These terms are not defined by GAAP and MDS's use may vary from that of other companies. MDS uses certain non-GAAP measures so that investors and analysts have a better understanding of the significant events and transactions that have had an impact on results, or may have an impact on MDS's financial outlook. MDS provides a description of these non-GAAP measures and a reconciliation of these non-GAAP measures for actual results to GAAP financial results in its MD&A and Annual Report.

    MDS Inc.
    CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                                           As of       As of
    (UNAUDITED)                                         April 30  October 31
    -------------------------------------------------------------------------
    (millions of U.S. dollars,
     except share amounts)                                  2009        2008
    -------------------------------------------------------------------------
    ASSETS
    Current assets
    Cash and cash equivalents                           $    243    $    117
    Accounts receivable, net                                 223         264
    Notes receivable                                          14          75
    Unbilled revenue                                          86          86
    Inventories, net                                          88          85
    Income taxes recoverable                                  64          61
    Current portion of deferred tax assets                    18          20
    Prepaid expenses and other                                33          16
    Assets held for sale                                       6           6
    -------------------------------------------------------------------------
    Total current assets                                     775         730

    Property, plant and equipment, net                       278         301
    Deferred tax assets                                       82          95
    Long-term investments                                     25          30
    Other long-term assets                                    98         108
    Intangible assets, net                                   136         155
    Goodwill                                                 455         452
    -------------------------------------------------------------------------
    Total assets                                        $  1,849    $  1,871
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities
    Accounts payable and accrued liabilities            $    246    $    266
    Current portion of deferred revenue                       93          79
    Income taxes payable                                       9           1
    Current portion of long-term debt                         36          19
    Current portion of deferred tax liabilities                9           4
    -------------------------------------------------------------------------
    Total current liabilities                                393         369

    Long-term debt                                           240         263
    Deferred revenue                                          11          10
    Other long-term obligations                               33          31
    Deferred tax liabilities                                  81         108
    -------------------------------------------------------------------------
    Total liabilities                                        758         781
    -------------------------------------------------------------------------

    Shareholders' equity
    Common shares at par - Authorized shares:
     unlimited; Issued and outstanding shares:
     120,137,229 and 120,137,229 as of April 30,
     2009 and October 31, 2008, respectively                 489         489
    Additional paid-in capital                                76          75
    Retained earnings                                        286         301
    Accumulated other comprehensive income                   240         225
    -------------------------------------------------------------------------
    Total shareholders' equity                             1,091       1,090
    -------------------------------------------------------------------------
    Total liabilities and shareholders' equity          $  1,849    $  1,871
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    MDS Inc.
    CONSOLIDATED STATEMENTS OF OPERATIONS

                                        Three months              Six months
    (UNAUDITED)                       ended April 30          ended April 30
    -------------------------------------------------------------------------
    (millions of U.S. dollars,                  2008                    2008
     except per share amounts)      2009    Restated        2009    Restated
    -------------------------------------------------------------------------
    Revenues
      Products                  $    135    $    169    $    269    $    320
      Services                       122         157         245         302
      Reimbursement revenues          25          24          43          50
    -------------------------------------------------------------------------
    Total revenues                   282         350         557         672
    -------------------------------------------------------------------------
    Costs and expenses
      Direct cost of products         82         106         164         201
      Direct cost of services         77         101         154         193
      Reimbursed expenses             25          24          43          50
      Selling, general and
       administration                 62          75         122         139
      Research and development        14          22          28          42
      Depreciation and
       amortization                   23          23          45          50
      Restructuring charges, net       -           1           4           1
      Change in fair value of
       embedded derivatives           (3)         (3)          -           1
      Other expenses
       (income), net                  18          (7)         16          (7)
    -------------------------------------------------------------------------
    Total costs and expenses         298         342         576         670
    -------------------------------------------------------------------------

    Operating (loss) income          (16)          8         (19)          2

    Interest expense                  (5)         (3)        (10)         (6)
    Interest income                    3           4           6          10
    Change in fair value
     of interest rate swaps            -           -           -           2
    Equity earnings                    9          10          15          24
    -------------------------------------------------------------------------
    (Loss) income before
     income taxes                     (9)         19          (8)         32
    -------------------------------------------------------------------------

    Income tax (expense) recovery
      - current                       (2)         (3)        (12)        (25)
      - deferred                      (6)         (3)          5          25
    -------------------------------------------------------------------------
                                      (8)         (6)         (7)          -
    -------------------------------------------------------------------------
    Net (loss) income           $    (17)   $     13    $    (15)   $     32
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted (loss)
     earnings per share         $  (0.15)   $   0.11    $  (0.13)   $   0.27
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    MDS Inc.
    CONSOLIDATED STATEMENTS OF CASH FLOWS

                                        Three months              Six months
    (UNAUDITED)                       ended April 30          ended April 30
    -------------------------------------------------------------------------
                                                2008                    2008
    (millions of U.S. dollars)      2009    Restated        2009    Restated
    -------------------------------------------------------------------------
    Operating activities
    Net (loss) income           $    (17)   $     13    $    (15)   $     32
    Adjustments to reconcile
     net (loss) income to cash
     provided by (used in)
     operating activities:
      Items not affecting
       current cash flows             43          (3)         52          22
      Changes in non-cash
       operating assets
       and liabilities                71           4          98        (134)
    -------------------------------------------------------------------------
    Cash provided by (used in)
     operating activities             97          14         135         (80)
    -------------------------------------------------------------------------
    Investing activities
    Purchase of property,
     plant and equipment              (7)        (15)        (14)        (28)
    Proceeds on sale of
     property, plant
     and equipment                     -           2           3           3
    Proceeds on sale of
     short-term investments            -           -           -         101
    Proceeds on sale of
     long-term investment              -           4           -           7
    Decrease (increase)
     in restricted cash                -          (2)          8          (3)
    Other                              -          (2)          -          (2)
    -------------------------------------------------------------------------
    Cash (used in) provided
     by investing activities          (7)        (13)         (3)         78
    -------------------------------------------------------------------------
    Financing activities
    Repayment of long-term debt       (1)         (1)         (7)        (81)
    Issuance of shares                 -           4           -           5
    Repurchase of shares               -         (12)          -         (17)
    -------------------------------------------------------------------------
    Cash used in financing
     activities                       (1)         (9)         (7)        (93)
    -------------------------------------------------------------------------

    Effect of foreign exchange
     rate changes on cash and
     cash equivalents                  5           3           1          (2)
    -------------------------------------------------------------------------
    Net increase (decrease) in
     cash and cash equivalents
     during the period                94          (5)        126         (97)
    Cash and cash equivalents,
     beginning of period             149         130         117         222
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period              $    243    $    125    $    243    $    125
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    MDS Inc.
    Consolidated operating highlights and reconciliation of consolidated
    adjusted EBITDA

    (millions of U.S. dollars)

    Second Quarter                                              Year-to-date
    --------------                                            ---------------
     2009    2008                                               2009    2008
    -------------------------------------------------------------------------
    $ 282   $ 350   Total revenues                             $ 557   $ 672
      (25)    (24)  Reimbursement revenues                       (43)    (50)
    -------------------------------------------------------------------------
    $ 257   $ 326   Net revenues                               $ 514   $ 622
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    $ (17)  $  13   Net (loss) income                          $ (15)  $  32
        8       6   Income tax expense                             7       -
        2      (1)  Interest expense (income), net                 4      (4)
        -       -   Change in fair value of interest rate swaps    -      (2)
       23      23   Depreciation and amortization                 45      50
    -------------------------------------------------------------------------
       16      41   EBITDA                                        41      76
        -       1   Restructuring charges, net                     6       1
       16       -   Impairment of property,                       16       -
                    plant and equipment, net
        -       3   Write-down of investments                      1       3
                    and valuation provisions
        -     (10)  Change in FDA estimate                         -     (10)
        -       -   Loss on sale of business                       -       2
       (1)     (1)  Acquisition integration                       (1)      2
    -------------------------------------------------------------------------
    $  31   $  34   Adjusted EBITDA                            $  63   $  74
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      12%     10%   Adjusted EBITDA margin                       12%     12%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated operating highlights and reconciliation of consolidated
    adjusted Earnings Per Share

                               Second Quarter           Year-to-date
    -------------------------------------------------------------------------
                                    2009        2008        2009        2008
    -------------------------------------------------------------------------
    Basic (loss) earnings per
     share from operations -
     as reported                $  (0.15)   $   0.11    $  (0.13)   $   0.27
    Adjusted for:
      Restructuring charges, net       -        0.01        0.03        0.01
      Write-down of investments
       and valuation provisions        -        0.03        0.01        0.03
      Impairment of property,
       plant and equipment, net     0.11           -        0.11           -
      Change in FDA estimate           -       (0.06)          -       (0.06)
      Change in fair value
       of interest rate swaps          -           -           -       (0.02)
      Acquisition integration      (0.01)      (0.01)      (0.01)       0.01
      Write-off of tax assets       0.08           -        0.08           -
      Tax rate changes                 -           -           -       (0.09)
    -------------------------------------------------------------------------
    Adjusted earnings per
     share from operations      $   0.03    $   0.08    $   0.09    $   0.15
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated operating highlights and reconciliation of consolidated
    adjusted Income from Continuing Operations

    (millions of U.S. dollars)
                               Second Quarter           Year-to-date
    -------------------------------------------------------------------------
                                    2009        2008        2009        2008
    -------------------------------------------------------------------------
    (Loss) income from
     operations - as reported   $    (17)   $     13    $    (15)   $     32
    Adjusted for (after tax):
      Restructuring charges, net       -           1           4           1
      Write-down of investments
       and valuation provisions        -           3           1           3
      Impairment of property,
       plant and equipment, net       13           -          13           -
      Change in FDA estimate           -          (7)          -          (7)
      Change in fair value of
       interest rate swaps             -           -           -          (2)
      Acquisition integration         (1)         (1)         (1)          1
      Write-off of tax assets          9           -           9           -
      Tax rate changes                 -           -           -         (11)
    -------------------------------------------------------------------------
    Adjusted income
     from operations            $      4    $      9    $     11    $     17
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


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