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MDS Reports Third Quarter 2009 Financial Results
Date:9/10/2009

ear-over-year decline in revenue was primarily due to the shortage in medical-isotope supply as a result of the AECL shutdown of the NRU reactor announced May 18, 2009, and the timing of cobalt shipments. Based on current supply and demand, the Company expects to see an increase in cobalt volumes in the fourth quarter of 2009. Adjusted EBITDA for the third quarter was $21 million, including an embedded derivative gain of $11 million, which resulted from amendments to the Russian Cobalt Supply contract and the strengthening Canadian dollar this quarter. There was no impact from embedded derivatives on adjusted EBITDA last year. Excluding the impact of foreign exchange and the embedded derivative, adjusted EBITDA decreased $14 million or 61%, compared with last year, driven by the shortfall in medical isotope and cobalt revenues.

TheraSphere(R), a targeted internal radiation therapy for patients with inoperable, primary liver cancer, continued on its growth trajectory generating 23% year-over-year revenue growth this quarter.

As part of its strategic repositioning plan, MDS intends to have MDS Nordion as its sole operating unit with a goal to remain an innovative market leader delivering strong financial performance.

As previously reported, AECL announced that its NRU reactor would be out of service to repair a heavy water leak discovered in May 2009. On August 12, 2009, AECL further clarified that the NRU would be out of service until at least the first calendar quarter of 2010. 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 Nordion continues to deliver positive EBITDA from sterilization technologies and radiopharmaceuticals.

MDS continues to move on alternative paths intended to secure a long-term reliable supply of medical isotopes. In 1996, MDS Nordi
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SOURCE MDS Inc.
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