PLYMOUTH, MN – Innovex reported revenue of $21.8 million in the fourth quarter, a 17% sequential increase. The net loss was $7.2 million, down from a $8.2 million loss in the third quarter. Revenue for 2007 was $87.8 million, a decrease of 75% year-over-year.
 
The fourth quarter included restructuring charges of $1 million.
 
Innovex’s 2007 net loss was $29.1 million, compared to a net loss of $17 million in 2006. The year includes restructuring charges of $6.8 million.
 
The company reports flex suspension assembly products constituted 40% of net sales for the fourth quarter; actuator flex circuit revenue was 38%; flat panel display product revenue was 19%, and integrated circuit packaging application, network system and other application revenue was 3%.
 
In 2007, FSA products constituted 49% of net sales; AFC revenue was 35%; FPD product revenue was 11%, and integrated circuit packaging application, network system and other application revenue was 5%.
 
On Oct. 1, the company announced plans to relocate many of its corporate business functions to Lamphun, Thailand by January.
 
Excluding FSA, Innovex expects double-digit sequential revenue growth throughout 2008 as a result of new AFC customer ramps, expanding FPD product ramps and penetration of new markets.