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IVAX’s first quarter one of mixed results
July 2011
by Kelsey Kaustinen  | 
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MIAMI—IVAX Diagnostics Inc. reported net revenues of $4.1 million in the first quarter of 2011, down from $4.65 million last year. The company's gross profit was $2.1 million, and operating expenses dropped from $3.36 million to $3.1 million. The company's net loss for the quarter was $1.02 million. Kevin D. Clark, CEO, chief operating officer and president of IVAX Diagnostics, noted that decreased revenues meant the company's cash and cash equivalents decreased by $899,000, adding that "we do not believe that our existing cash and cash equivalents will be sufficient to meet our anticipated cash requirements over the next 12 months." In an effort to combat cash losses, IVAX Diagnostics entered into a stock purchase agreement with ERBA Mannheim Diagnostics GmbH to sell 20 million shares of IVAX Diagnostics common stock for $15 million, or 75 cents per share.

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