PLYMOUTH, MN – Innovex Inc., designer and manufacturer of flex circuitry, reported revenue of $18.2 million for the third quarter, including restructuring charges of $1.4 million.
In the second quarter, the company’s revenue was $21.9 million. The company's net loss was $8.2 million.
Third-quarter results were impacted by weak customer demand, especially from the Hard Disk Drive sector, Innovex says. Demand was impacted by inventory adjustments by customers.
Flex suspension assembly products constituted 49% of the company's net sales; actuator flex circuit revenue was 31%; flat panel display product revenue was 14%, and integrated circuit packaging application, network system and other application revenue was 6%.
The restructuring charges are related to the company's plan to transfer all its manufacturing operations to Thailand.