IVAX Diagnostics Reports First Quarter Results

Business Wire,  May 14, 2008  

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Profit Achieved in First Quarter of 2008

MIAMI -- IVAX Diagnostics, Inc. (AMEX:IVD) reported its financial results for the first quarter of 2008. For the quarter, IVAX Diagnostics recorded net income of $345,000, or earnings of $0.01 per share, compared to net loss of $238,000, or loss of $0.01 per share, in the first quarter of 2007. Net revenues for the first quarter of 2008 were $5,242,000, an increase of $296,000, or 6%, from the first quarter of 2007.

Kevin Clark, acting Chief Executive Officer and Chief Operating Officer of IVAX Diagnostics, said, "We are very excited with the progress we are making. We have achieved first quarter results that reflect the positive impact of our previously announced plans to contain expenses. Our efforts to contain expenses have directly contributed to a reduction in operating expenses in the first quarter of 2008 compared to the first quarter of 2007. At the same time that we have reduced our selling expenses and general and administrative expenses, we have also achieved consolidated revenue growth. We believe that our first quarter results are the first step toward our goal of achieving improved financial performance on a sustained and continuous basis. We expect our improved financial foundation to provide us with opportunities to develop additional strategic business and scientific relationships. We are particularly grateful to our dedicated employees whose efforts are responsible for our improved financial situation."

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. Teva Pharmaceutical Industries Limited, through its wholly-owned IVAX Corporation subsidiary, owns approximately 72% of IVAX Diagnostics, Inc.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation: that IVAX Diagnostics' efforts to contain expenses may not result in further reductions in operating expenses; that IVAX Diagnostics may not achieve revenue growth; that IVAX Diagnostics may not achieve improved financial performance on a sustained and continuous basis, or at all; that IVAX Diagnostics may not successfully develop additional strategic business and scientific relationships; in the event IVAX Diagnostics develops additional strategic business and scientific relationships, that any such relationships may not be successful or otherwise result in improved financial performance for IVAX Diagnostics; that IVAX Diagnostics may not successfully implement the change in its strategic direction to focus on the development of the Mago[R] 4 as a platform for marketing its kits and to place any further development of the PARSEC[R] System on hold indefinitely; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and uncertainties set forth above, investors should consider the economic, competitive, governmental, technological and other risks and uncertainties discussed in IVAX Diagnostics' filings with the Securities and Exchange Commission, including, without limitation, the risks and uncertainties discussed under the heading "Risk Factors" in such filings.

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