The Life Sciences division of Canadian healthcare firm MDS of Toronto reported growing revenues for its fiscal 2005 first quarter (end-January 31), although operating income declined.
The division, which includes medical isotope supplier MDS Nordion, had fiscal 2005 first-quarter revenues of $293 million Canadian ($244 million U.S.) up 3% from $285 million Canadian ($237 million U.S.) for the same period in 2004.
For the quarter, operating income for the Life Sciences segment decreased to $35 million Canadian ($29 million U.S.), a sharp downturn from the $57 million Canadian ($47 million U.S.) posted in the first quarter of 2004.
The firm said that the continued depreciation of the U.S. dollar has had a significant negative effect on its life sciences performance in the first quarter, despite gains realized on currency hedging. For the quarter, the declining U.S. dollar impacted revenues by $18 million Canadian and operating income by $12 million Canadian, according to MDS.
By AuntMinnie.com staff writers
March 11, 2004
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