Ivax faces second quarter losses

Ivax has reported losses in the second quarter, though overall revenue was up in comparison to the previous year.

The company earned a net revenue of $5,363,000, which is an increase of $119,000 on the previous year, equating to a 2.3 per cent rise since last year. However, this has also resulted in a net loss for the second quarter of $118,000.

Consequent impacts on share prices mean a loss of a penny a share, with year-on-year sales up by around $0.45 million to $5.24 million.

Giorgio D’Urso, president of Ivax, commented: “We are pleased that we achieved an increase in revenues over the same quarter from last year despite the unavailability of the Parsec system in the?market place. We remain optimistic about obtaining the required 510(k) clearance from the FDA for the Parsec system during 2006 and believe that this new laboratory automation system will have a significant impact once we have achieved its full commercial release.”

Mr D’Urso further commented that he expects hepatitis projects to allow an extension to major product lines, which will be run in conjunction with Parsec systems.

The Miami-based diagnostic reagent, instrumentation and software marketer was recently acquired by Teva and added a respiratory line of products to its portfolio, which analysts expect will raise the parent company’s revenues by $400 million.

© Adfero Ltd