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Ivax Diagnostics Q1 Revenue Marginally Decreases

Ivax Diagnostics, a fully integrated in vitro diagnostics company, has reported revenues of $4.65m for the first quarter ended Mar 31, 2010, a decrease of 1.4%, compared to $4.71m for the comparable period in 2009.

Ivax Diagnostics has posted a net loss of $0.96m for the first quarter 2010, or $0.03 per diluted share, compared $0.46m, or $0.02 per diluted share, for the comparable period in 2009. Loss from operations was $0.88m, compared to $0.39m for the comparable period in 2009.

Charles Struby, president and CEO of Ivax Diagnostics, said: “We continued our transition during the first quarter of the year, with some important organisational changes as well as the signing of three collaborative agreements highlighting our initiatives.

“We have entered into several new distribution and OEM agreements and expanded our product line and global footprint, and we are working towards completing the clinical testing on the Mago 4S. We have more work to do and progress to achieve, and with what we believe to be a strong balance sheet, operational improvements and growth plans in place, we look forward to continuing our efforts to transform our Company and reporting on those efforts in the upcoming months.”