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

---------- Adjusted EBITDA $ 13 $ 21 (38%) 14% 20% ------------------------------------------------------------------------- -------------------------------------------------------------------------

For the third quarter, MDS Analytical Technologies reported $94 million in revenue, a sequential increase of 8%, compared with the second quarter of 2009, driven by the strength of the new AB/SCIEX 5500 series mass spectrometers. On a year-over-year basis, revenue decreased 10%, compared with a strong third quarter last year. The effect of foreign exchange reduced reported revenue by $7 million. Including the impact of foreign exchange, total end-user revenue decreased 15%. End-user demand for instruments from pharmaceutical markets remained soft and was the primary driver for the year-over-year decline in volumes across all product lines. In the third quarter, MDS Analytical Technologies reported $13 million in adjusted EBITDA, compared with $21 million in the corresponding quarter last year. Excluding the $1 million of unfavorable impact from foreign exchange, adjusted EBITDA decreased 29%, driven by pricing and lower volumes, which were partially offset by restructuring and productivity savings.

As part of the strategic repositioning of MDS, the Company has entered into an agreement to sell MDS Analytical Technologies. Under the terms of the agreement, Danaher will acquire the MDS Analytical Technologies business, which includes approximately 1,100 employees operating in 10 countries. MDS is committed to working with Danaher, a strong company with a track record of successful acquisitions, to achieve a smooth and timely transition for customers and employees.

    Corporate and Other

                                                        Q3 2008(1)  % Change
    (millions of U.S. dollars)    
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SOURCE MDS Inc.
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