IVAX Diagnostics, Inc. (IVAX), a diagnostics imaging company, has reported net revenues of $20.8 million for the full year of 2008, up 4.2%, compared with the net revenues of $19.9 million in the previous year-end. It has reported a net income of $0.19 million, or $0.01 per share, for the full year of 2008, compared with a net loss of $10.4 million, or $0.38 per share in the previous year-end.
IVAX Diagnostics reported loss for the fourth quarter of 2008 was $465,000, compared with net loss of $1,892,000 for the fourth quarter of 2007. Excluding the one-time charges described below, IVAX Diagnostics reported net income of $756,000 for the year ended December 31, 2008 compared with a net loss of $1,369,000 for the year ended December 31, 2007, and net income of $95,000 for the fourth quarter of 2008 compared with net income of $106,000 for the fourth quarter of 2007.
IVAX Diagnostics reported net revenues of$4,797,000, for the fourth quarter of 2008, a decrease of 2.8% compared with net revenues of $4,937,000 for the fourth quarter of 2007.
For the year ended December 31, 2008, company results included a $560,000 one-time non-cash write-off, which had no tax impact, of a portion of IVAX Diagnostics’ product license for hepatitis technology during the fourth quarter of 2008. For the year ended December 31, 2007, IVAX Diagnostics’ results included the tax-affected impact of $9,064,000 of one-time charges, which were composed of one-time non-cash write-offs of goodwill totaling $5,852,000 and PARSEC System related assets totaling $1,674,000, and one-time severance related costs of $1,998,000 incurred in connection with management and other personnel changes during the fourth quarter of 2007 and included in general and administrative expenses.
Charles Struby, chief executive officer of IVAX Diagnostics, said, “Showing a profit for the year reflects IVAX Diagnostics’ efforts to better manage expenses while growing our consolidated net revenues. As we look at 2009 and beyond, we intend to focus on increasing our top line growth through both organic and strategic collaborations while continuing our efforts to improve operational efficiencies.”
Kevin Clark, chief operating officer and former acting chief executive officer of IVAX Diagnostics, said, “The efforts of our dedicated employees have culminated in considerable improvements to our operating results, including significantly reduced operating expenses. Additionally, I am pleased that IVAX Diagnostics remains debt free and has maintained its strong cash position, supplemented by our receipt in January 2009 of the full par value of all of our investments in auction rate securities. Further, the addition of Dr. Struby’s leadership and experience will enhance the depth and breadth of IVAX Diagnostics’ executive management team.”