MDS posts big Q3 losses, attributed to NRU closure
Toronto healthcare company MDS has posted a 2009 third quarter loss of $62 million compared with a $10 million loss for the same period a year ago.
"The economic downturn, further softening in demand for contract research organization services and the unexpected and prolonged shutdown of AECL's [Atomic Energy of Canada Limited] National Research Universal [NRU] reactor created significant challenges for our business," explained MDS President and CEO Stephen P. DeFalco in a statement accompanying the release of the company’s third quarter financial results.
Revenue fell to $199 million in the third quarter compared with revenue of $252 million reported a year ago, MDS reported. Net revenue was $192 million in the third quarter, down 21 percent from a year earlier.
MDS agreed to sell off its analytical technologies business to Danaher earlier this month.
"The economic downturn, further softening in demand for contract research organization services and the unexpected and prolonged shutdown of AECL's [Atomic Energy of Canada Limited] National Research Universal [NRU] reactor created significant challenges for our business," explained MDS President and CEO Stephen P. DeFalco in a statement accompanying the release of the company’s third quarter financial results.
Revenue fell to $199 million in the third quarter compared with revenue of $252 million reported a year ago, MDS reported. Net revenue was $192 million in the third quarter, down 21 percent from a year earlier.
MDS agreed to sell off its analytical technologies business to Danaher earlier this month.