IVAX Diagnostics, Inc. Reports Third Quarter 2005 Results

MIAMI--(BUSINESS WIRE)--Nov. 10, 2005--IVAX Diagnostics, Inc. (AMEX:IVD) reported net revenues for the third quarter of 2005 of $4,669,000, a 1.9% increase over net revenues of $4,583,000 for the same period of 2004. IVAX Diagnostics reported a net loss of $1,100,000 for the third quarter of 2005 compared to a net loss of $94,000 for the third quarter of 2004. Net revenues for the nine months ended September 30, 2005 totaled $15,296,000, an increase of $975,000, or 6.8%, from the $14,321,000 reported in the prior year comparable period. The net loss for the nine months ended September 30, 2005 was $106,000 compared with net income of $130,000 during the comparable period of the prior year. Net losses for the three and nine months ended September 30, 2005 include the effect of the previously disclosed employment compensation expense and related payroll taxes of approximately $580,000 resulting from the July 22, 2005 cancellation of certain stock options.