MDS shows Q3 revenue growth

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Canadian life sciences and radiopharmaceutical development firm MDS reported a growth in operating income and a growth in earnings before interest, taxes, depreciation and amortization (EBITDA) for its fiscal 2007 third quarter (end-July 31).

For the period, the Toronto-based company stated unaudited net revenues of $321 million (U.S.), a strong uptick compared with the $258 million in revenues for the same period in fiscal 2006. MDS noted that its adjusted EBITDA rose to $56 million, up 167 percent from the prior year.

Net income, however, showed a downturn to $7 million, compared with third quarter 2006 net income of $19 million.

The firm said that it continues to monitor currency markets and noted that there has been significant volatility in the value of the U.S. dollar this year. Although it has hedged a significant portion of its net U.S.-dollar cash flows from its Canadian-based businesses this year, MDS said that currency markets will continue to have an impact on its reported results.