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IVAX ACHIEVES NET REVENUES OF $5,383,000 FOR 1ST QTR 2005.

IVAX Diagnostics, Inc.(AMEX:IVD), Miami, Fla., has reported its financial results for the first quarter of 2005. For the quarter, IVAX Diagnostics recorded record net revenues of $5,383,000, an increase of $651,000, or 13.8%, over the same period of the previous year. Net income for the first quarter of 2005 was $838,000, after giving effect to the previously announced collection of certain Italian accounts receivable, compared to net income of $19,000 for the first quarter of 2004.

Giorgio D'Urso, CEO and president of IVAX Diagnostics, said, "We are proud to have obtained the highest quarterly net revenues in the history of IVAX Diagnostics. We are especially pleased to have obtained this growth in our core business while, at the same time, positioning ourselves for the introduction of our new PARSEC(TM) System and the significant benefit that we expect it to generate. We believe that the new PARSEC(TM) System will provide numerous opportunities for growth and allow us to expand our business beyond our current range of autoimmune and infectious disease assays. The PARSEC(TM) System has been designed and developed by us as a proprietary system and is expected to provide IVAX Diagnostics distinct competitive advantages." Phillip Frost, M.D., IVAX Diagnostics' Chairman, said, "I am pleased to see the record results that IVAX Diagnostics has posted. There are many unique opportunities to pursue in the diagnostic industry and I believe that the company's performance puts us in an improved position to realize them. We look forward to the continued growth of our diagnostic business."

About IVAX Diagnostics, Inc.

IVAX Diagnostics, Inc., headquartered in Miami, Florida, develops, manufactures and markets proprietary diagnostic reagents, instrumentation, and software in the United States and Italy through its three subsidiaries: Diamedix Corporation, Delta Biologicals S.r.l., and ImmunoVision, Inc. IVAX Corporation (AMEX:IVX, LSE:IVX.L) owns approximately 74% of IVAX Diagnostics, Inc.

For more information, call 305/324-2338 or visit http://www.ivaxdiagnostics.com.
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Comment:IVAX ACHIEVES NET REVENUES OF $5,383,000 FOR 1ST QTR 2005.
Publication:Biotech Financial Reports
Geographic Code:1USA
Date:Jul 1, 2005
Words:331
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