Exhibit 99.1

       Innovex Expects Fiscal 2004 First Quarter Revenue of $44.3 Million


          Allows Option to Purchase 24.9% of KR Precision to Expire


    MAPLE PLAIN, Minn., Jan. 5 /PRNewswire-FirstCall/ -- Innovex, Inc.
(Nasdaq: INVX) announced that revenue for its fiscal 2004 first quarter ended
December 31, 2003 is expected to be approximately $44.3 million.  This is an
increase over the $41.5 million reported in the prior quarter and
$34.5 million reported in the prior year first quarter.  The improvement was
driven by continued strength in actuator flex circuit (AFC), liquid crystal
display (LCD) and stacked memory product line revenue.  Diluted earnings per
share are expected to be between $0.07 and $0.08, near the high end of analyst
expectations.

    After evaluating a number of investment opportunities in new and existing
growth areas, Innovex allowed its option to purchase 24.9% of KR Precision's
outstanding stock to expire on December 31, 2003.  The company determined that
its Flex Suspension Assembly (FSA) strategic objectives will be achieved
through its strategic alliance with KR Precision without requiring an
ownership position and the risks that would entail.  The company has no
further obligations related to this option.

    "We expect to provide enhanced shareholder value by investing primarily in
flexible circuit related technologies," commented William P. Murnane,
Innovex's President and Chief Executive Officer.  "The market for high density
flexible circuits, Innovex's core technology, is very robust.  We believe the
best return for Innovex shareholders will be achieved by focusing our
investment capital and resources on pursuing the many new and sizeable
opportunities in this market. Our strategic alliance with KR Precision will
continue to support the advancement of the FSA technology," stated Murnane.

    As part of the KR Precision option agreement, Allen Andersen was appointed
to the Innovex Board of Directors.  Under terms of the option agreement, Mr.
Andersen is required to resign from the Innovex Board upon expiration of the
agreement and he has submitted his resignation effective January 14, 2004 and
withdrawn as a board candidate for election at the Innovex Annual Meeting of
Shareholders to be held January 20, 2004.  As a result, the Innovex Governance
Committee is actively seeking qualified Board of Director candidates.

    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-                             01/05/2004
    /CONTACT:  Tom Paulson, CFO, or Doug 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:  CPR HRD CSE
SU:  ERP