MDS posts big Q3 losses, attributed to NRU closure

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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.