MDS, the Toronto-based parent company of MDS Nordion, reported financial results for its second quarter (end-April 30).
The company posted total revenue of $282 million (U.S.) and a net loss of $17 million. Net revenue was $257 million, down 21% from $326 million in the prior year.
MDS Nordion posted revenue of $65 million, compared with $80 million for the same period in 2008. The company said that much of the decline was due to currency changes and product divestitures; on a comparable basis revenue increased by $4 million.
In May, Atomic Energy of Canada announced that its National Research Universal (NRU) reactor, which supplies MDS Nordion with radioisotopes, would be out of service for at least three months. MDS expects the financial impact of this shutdown to reduce MDS Nordion's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by approximately $4 million for every month the NRU is out of service.
MDS Nordion is examining longer-term medical isotope 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.
Related Reading
MDS begins CardioGen-82 production, June 10, 2009
MDS advocates Maple reactor activation, June 1, 2009
MDS Nordion opens new FDG facility in Belgium, May 28, 2009
MDS Nordion to partner on isotope alternative study, April 28, 2009
MDS Nordion upgrades TheraSphere system, March 9, 2009
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