The Life Sciences division of Canadian healthcare firm MDS of Toronto reported growing revenues for its third quarter (end-July 31), although operating income declined.
The division, which includes medical isotope supplier MDS Nordion, had fiscal 2004 third-quarter revenues of $292 million Canadian ($226.8 million, U.S.) up 6% from $275 million CAD ($213.6 million) for the same period in 2003.
For the quarter, operating income for the Life Sciences segment declined to $47 million CAD ($36.5 million) from the $57 million CAD ($44.3 million) posted in the third quarter of 2003. The firm attributed the downturn to revenue shortfalls in the bioanalytical segment of its pharmaceutical services business and timing issues related to cobalt sales.
The firm said that currency fluctuations, including the weakness of the U.S. dollar, continue to be an important risk factor for its Life Sciences business, and that it expects the average realized conversion rate on U.S. dollar exports to decline further through the balance of 2004. It added that if exchange rates remain at current levels, it does not expect to be able to fully mitigate the impact of U.S. dollar fluctuations on its results in 2005 and beyond.
By AuntMinnie.com staff writers
September 9, 2004
Related Reading
MDS Nordion, Nucletron partner, June 29, 2004
MDS Nordion, Molecular Insight link up, June 17, 2004
MDS Nordion launches Theryttrex in E.U, April 22, 2004
MDS Nordion offers new radioisotopes, March 2, 2004
MDS revamps for Q4, October 29, 2003
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