ERBA Diagnostics (ERB) 8-K Ivax Diagnostics Releases Fourth Quarter and Year End Results

EXHIBIT 99.1

IVAX DIAGNOSTICS RELEASES FOURTH QUARTER AND YEAR END RESULTS

Profit Achieved for Fourth Quarter and Full Year of 2004

2004 Net Income Improves $827,000 Over Previous Year

MIAMI—(BUSINESS WIRE)—March 29, 2005—IVAX Diagnostics, Inc. (AMEX:IVD) reported net revenues for the year ended December 31, 2004 of $18,933,000, compared to $17,673,000 for the year ended December 31, 2003, an increase of 7%. For full year 2004, net income was $152,000, compared to a net loss of $675,000 for full year 2003, an improvement of $827,000. Net revenues for the fourth quarter 2004 were $4,613,000, compared to $4,395,000 from the same period of the previous year, an increase of 5%. Net income for the fourth quarter of 2004 was $23,000 compared to a net loss of $96,000 for the fourth quarter of 2003.

Giorgio D’Urso, CEO and President of IVAX Diagnostics, said, “For the first time in IVAX Diagnostics’ history, we have been able to achieve profitability for both the fourth quarter and full year results. We expect to continue to grow our business for the long term through a combination of organic growth, acquisitions, and strategic relationships. We have continued to make progress with our new PARSEC^™ System project and have recently placed our first system for evaluation testing at a customer site in Europe. We expect to begin placements later this year in the United States and anticipate that this proprietary automated testing system will allow us to improve our market presence in the markets in which we compete. We also expect that it will be a growth vehicle, allowing IVAX Diagnostics to enter new markets and test sectors in which we do not currently compete. The hepatitis market is one of these new targeted markets and we are in the process of transferring to IVAX Diagnostics the previously announced hepatitis technology that is expected to ultimately allow us to manufacture a full panel of hepatitis assays at our facility in Italy. We plan to add these important assays to the testing menu that will be offered in select markets with our PARSEC^™ System. As our business model progresses, we expect that our financial results will continue to improve. We are excited about the challenge of transforming IVAX Diagnostics into a major integrated diagnostic company that can generate sustained growth.”

Phillip Frost, M.D., IVAX Diagnostics’ Chairman said, “We are very pleased with the ongoing developments at IVAX Diagnostics. The company has established a profitable base from which it can enlarge its diagnostics enterprise. We see the diagnostics sector as an exciting area for future expansion and believe that IVAX Diagnostics is well positioned to capitalize on this opportunity.”

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. IVAX Corporation (AMEX:IVX, LSE:IVX.L) owns approximately 74% 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: risks and uncertainties regarding the PARSEC^TM System, including, without limitation, that the PARSEC^TM System may not perform as or be available when expected, that the PARSEC^TM System may not be a factor in the future growth of IVAX Diagnostics or in allowing it to enter new markets or testing sectors, that IVAX Diagnostics may not be successful in its marketing of the PARSEC^TM System or improving its market presence, and that customers may not integrate the PARSEC^TM System into their operations as readily as expected; that profitability may not be maintained; that IVAX Diagnostics may not experience internal or external growth; that IVAX Diagnostics may not enter into additional acquisitions or strategic relationships; that IVAX Diagnostics may not be able to manufacture hepatitis assays or add hepatitis assays to the testing menu for the PARSEC^TM System; that improved financial performance or results may not occur; and that IVAX Diagnostics may not become a major diagnostic company; 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 risk factors set forth above, investors should consider the economic, competitive, governmental, technological and other factors discussed in IVAX Diagnostics’ filings with the Securities and Exchange Commission.

IVAX DIAGNOSTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months						Twelve Months
Period Ended December 31,	2004			2003			2004			2003
	(Unaudited)			(Unaudited)			(Unaudited)
Net revenues	$	4,612,724		$	4,394,756		$	18,933,468		$	17,673,478
Cost of sales		1,866,444			1,991,329			7,724,076			7,484,578
Gross profit		2,746,280			2,403,427			11,209,392			10,188,900
Operating expenses:
Selling		1,561,071			1,329,650			5,811,803			5,335,702
General and administrative		1,033,658			952,975			4,378,915			4,587,870
Research and development		371,210			301,672			1,333,079			1,296,734
Total operating expenses		2,965,939			2,584,297			11,523,797			11,220,306
Loss from operations		(219,659	)		(180,870	)		(314,405	)		(1,031,406	)
Other income:
Interest income		85,664			43,786			223,230			225,556
Other income, net		121,202			65,418			224,775			210,936
Total other income		206,866			109,204			448,005			436,492
Income (loss) before income taxes		(12,793	)		(71,666	)		133,600			(594,914	)
Provision for (benefit from) income taxes		(35,452	)		24,719			(18,660	)		79,781
Net income (loss)	$	22,659		$	(96,385	)	$	152,260		$	(674,695	)
Basic earnings (loss) per common share	$	0.00		$	0.00		$	0.01		$	(0.02	)
Diluted earnings (loss) per common share	$	0.00		$	0.00		$	0.01		$	(0.02	)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		27,019,829			27,655,905			27,341,043			27,589,908
Diluted		28,099,257			27,655,905			28,542,970			27,589,908

IVAX DIAGNOSTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2004 and 2003

	2004			2003
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents and marketable securities	$	12,142,885		$	15,464,839
Accounts receivable, net of allowances for doubtful accounts of $3,080,952 and $2,897,833, respectively		7,739,548			6,676,910
Inventories		5,143,611			4,473,062
Other current assets		2,203,473			1,649,360
Total current assets		27,229,517			28,264,171
Property, plant and equipment, net		2,258,818			2,128,029
Goodwill, net		6,632,986			6,683,461
Equipment on lease, net		719,277			1,205,593
Other		73,627			84,240
Total assets	$	36,914,225		$	38,365,494
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	1,207,042		$	810,694
Accrued expenses and other current liabilities		3,029,820			3,119,941
Total current liabilities		4,236,862			3,930,635
Other long-term liabilities		631,391			471,577
Commitments and contingencies
Shareholders’ Equity:
Common stock, par value $0.01, authorized 50,000,000 shares, issued and outstanding 27,019,829 in 2004 and 27,659,329 in 2003		270,198			276,593
Additional paid-in capital		41,010,041			43,582,346
Accumulated deficit		(8,948,844	)		(9,101,104	)
Accumulated other comprehensive loss		(285,423	)		(794,553	)
Total shareholders’ equity		32,045,972			33,963,282
Total liabilities and shareholders’ equity	$	36,914,225		$	38,365,494

Contact:	Duane M. Steele
	IVAX Diagnostics, Inc.
	305-324-2338
	www.ivaxdiagnostics.com