8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (date of earliest event reported): March 3, 2004

                                  INNOVEX, INC.
             (Exact name of Registrant as specified in its charter)

          Minnesota                     000-13143                41-1223933
          ---------                     ---------                ----------
(State or other jurisdiction    (Commission File Number)     (I.R.S. Employer
of incorporation)                                            Identification No.)

5540 Pioneer Creek Drive
Maple Plain, Minnesota                                             55359-9003
- ----------------------------------------                           ----------
(Address of principal executive offices)                           (Zip Code)

Registrant's telephone number, including area code (763) 479-5300



Items 1 through 6 and 8 through 11 are not applicable and therefore omitted.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

The following is furnished as an Exhibit to this Report:

Exhibit No.       Description of Exhibit
- -----------       ----------------------
99.1              Press release issued March 3, 2004.

ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

      Pursuant to Item 12 of Form 8-K, Disclosure of Results of Operations and
Financial Condition, Innovex, Inc. hereby furnishes a press release, issued on
March 3, 2004, disclosing material non-public information regarding its results
of operations for the quarter which will end March 31, 2004.

                                    SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                            INNOVEX, INC.

                                            By  /s/  Thomas Paulson
                                                --------------------------------
                                                Thomas Paulson
                                                Chief Financial Officer

Dated: March 3, 2004

EX-99.1

                                                                    Exhibit 99.1

             Innovex Expects Second Quarter Revenue of $39 Million

                       Long-term Outlook Remains Strong


    MAPLE PLAIN, Minn., March 3 /PRNewswire-FirstCall/ -- Innovex, Inc.
(Nasdaq: INVX) today reported revenue for the 2004 fiscal second quarter
ending March 31, 2004 is expected to be $39 million, down from the $44 million
reported in the first quarter ended December 31, 2003 and up from the
$37 million reported in the prior year second quarter.  Gross margins for the
quarter ending March 31, 2004 are expected to be between 17 and 18 percent
with earnings per share expected to be between $0.02 and $0.03 per diluted
share.

    The company recently received a sizeable build plan reduction from a major
FSA customer and believes the reduction is related to proactive efforts to
reduce excess HDD channel inventories.   Although the company had factored a
build plan reduction into its original second quarter forecasts, the actual
reductions were much more significant than expected.  In addition, the
company's stacked memory product line experienced production problems during
the quarter, which have impacted the company's ability to maximize its stacked
memory shipments for the quarter.

    Revenue for the third fiscal quarter ending June 30, 2004 is expected to
be between $43 and $45 million.  The company is very confident it will resolve
the production problems related to its stacked memory product line and
maximize planned shipments as it enters the fiscal third quarter.  Revenue
from display applications is also expected to grow substantially in the fiscal
third quarter as at least two new display programs reach production volumes
during the quarter.

    "We are extremely disappointed in both the degree of softness being
experienced in some segments of the disk drive industry and our ability to
predict it," commented William P. Murnane, Innovex's President and Chief
Executive Officer.  "We are further disappointed with our inability to execute
against our stacked memory production plans.  We have intensified our internal
focus on manufacturing execution and are committed to maximizing future
revenue opportunities, which are abundant."

    "Although the current quarter is a disappointment we feel it is a minor
setback in our efforts to grow and diversify our business.  We continue to
make excellent progress penetrating new markets as evidenced by recent
qualifications and hard tool orders in the flat panel display market.   Our
flat panel display business is now well positioned to grow significantly over
the next two quarters and throughout 2005.  We plan to issue more
comprehensive guidance for the third and fourth quarters of fiscal 2004 and
for fiscal year 2005 during our second quarter earnings release and conference
call in April.  The guidance will highlight our expectations for the disk
drive industry as well as our progress penetrating new and rapidly growing
markets for flexible circuits.  We remain confident that these new markets
will generate considerable revenue and earnings growth for the foreseeable
future," stated Murnane.

    Innovex, Inc. is a leading manufacturer of high-density flexible circuit-
based electronic interconnect solutions.  Innovex's products enable the
miniaturization and increasing functionality of high technology electronic
devices.   Applications for Innovex's products include data storage devices
such as hard disk drives and tape drives, liquid crystal displays for mobile
telecommunication devices, flat panel displays and printers. Innovex is known
worldwide for its advanced technology and world class manufacturing.

    Except for historical information contained herein, the matters discussed
in this release are forward looking statements that involve risks and
uncertainties, including the timely availability and acceptance of new
products, the impact of competitive products and pricing, effect of world-wide
economic conditions on flexible circuit demand, changes in manufacturing
efficiencies and other risks detailed from time to time in the company's
reports filed with the Securities and Exchange Commission.



SOURCE  Innovex, Inc.
    -0-                             03/03/2004
    /CONTACT:  Tom Paulson, CFO, or Douglas W.  Keller, VP - Finance, both of
Innovex, Inc., +1-763-479-5300, fax, +1-763-479-5395/
    /Web site:  http://www.innovexinc.com /
    (INVX)

CO:  Innovex, Inc.
ST:  Minnesota
IN:  TLS CPR CSE
SU:  ERP