Ivax Reports 3Q Loss On Revenue Slip

MIAMI (AP) — Ivax Diagnostics Inc., which makes medical and lab test products, reported a third-quarter loss Thursday on lower test sales and contract manufacturing revenue.

Ivax posted a loss of $1.2 million, or 4 cents per share, compared with profit of $18,963, or no reported earnings per share. Revenue fell 16 percent to $4.6 million from $5.4 million.

The company said an anticipated sales force restructuring and new products should help its 2010 financial results.

"Since the beginning of the year we have laid the groundwork to make our company stronger and more efficient, through a thorough evaluation of our operations, our distribution agreements, manufacturing facilities and product offerings," said President and CEO Charles Struby, in a statement.

Shares of Ivax fell 4 cents, or 8.1 percent, to 58 cents. The stock has traded between 28 cents and 84 cents over the past 52 weeks.