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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