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): September 21, 2006


                                  Innovex, Inc.
                       -----------------------------------
             (Exact name of Registrant as Specified in its Charter)


                                    Minnesota
                       -----------------------------------
                 (State Or Other Jurisdiction Of Incorporation)


               000-13143                                 41-1223933
- -------------------------------------      -------------------------------------
        (Commission File Number)            (I.R.S. Employer Identification No.)

        5540 Pioneer Creek Drive
            Maple Plain, MN                               55359
- -------------------------------------      -------------------------------------
(Address Of Principal Executive Offices)                (Zip Code)



                                 (763) 479-5300
                      -----------------------------------
               Registrant's Telephone Number, Including Area Code


     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

     |_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

     |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

     |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))





Items under Sections 1, 3 through 8 are not applicable and therefore omitted.

ITEM 2.02         Results Of Operations And Financial Condition.

The Company hereby furnishes a press release issued on September 25, 2006 and
attached hereto as Exhibit 99.1 disclosing material non-public information
regarding the Company's results of operations for the quarter ending September
30, 2006.

ITEM 2.05         Costs Associated with Exit or Disposal Activities

On September 21, 2006, the board of directors approved a plan to accelerate end
of life production for FSA flexible circuits in its Litchfield, Minnesota
facility and discontinue use of that facility by the end of March 2007.
Concurrent with FSA flexible circuit end of life production, the Company will
also accelerate end of life production at its Eastlake, Ohio laminate material
manufacturing facility, where it manufactures FSA flexible circuit laminate
materials. In addition, the Company will also selectively reduce its indirect
labor and general and administrative expenses at both its US and Thailand
locations in order to reduce the Company's cost structure and ensure profitable
future operations. The restructuring charge could total up to $6 million over
the next twelve months. Included in the total are non-cash asset impairment
charges of $2.0 million that will be recorded in the fiscal 2006 fourth quarter.
The remaining expected restructuring charges will be recorded as the liabilities
are incurred over the next twelve months. The additional cash related charges
are expected to include severance costs of up to $2.0 million and facility
abandonment costs of up to $2.0 million.

The Company expects annual cost savings of over $10 million once the transition
is complete with interim cost savings being realized as the operation
dispositions are completed. Capital expenditures related to the restructuring
plan will be minimal.

ITEM 2.06         Material Impairments

On September 21, 2006, the Company's board of directors approved a plan to close
the Company's Litchfield , Minnesota flexible circuit manufacturing facility and
its Eastlake, Ohio laminate material manufacturing facility over the next six
months in order to reduce the Company's cost structure and ensure profitable
future operations. As a result, based on management's review of long lived
assets as of September 21, 2006, it was determined that the value of the
Company's manufacturing equipment located within those facilities was impaired.
The review considered the cash flow related to the expected future use of those
assets and resulted in the write down of those assets to their appraised value
as discussed in Item 2.05.

ITEM 9.01         Financial Statements and Exhibits.

Exhibit No.        Description
99.1               Press Release issued September 25, 2006

                                    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/ Douglas W. Keller
                                  -----------------------------------------
                                  Douglas W.  Keller
                                  Vice President, Finance

Date:   September 25, 2006

EX-99.1

                                                                    Exhibit 99.1

          Innovex Updates Fiscal 2006 Fourth Quarter Revenue Guidance

                Announces Further Restructuring to Lower Expenses


    MAPLE PLAIN, Minn.--(BUSINESS WIRE)--Sept. 25, 2006--Innovex
(Nasdaq:INVX) today announced that revenue for its fiscal 2006 fourth
quarter ending September 30, 2006 is expected to be approximately $32
million, down from the Company's previous guidance of $39 to $42
million. Revenue excluding pass-through material is expected to be
approximately $17.5 million for the fiscal 2006 fourth quarter as
compared to guidance previously given of $21 to $24 million. The
revenue shortfall is primarily driven by lower demand from the
Company's disk drive industry customers impacting both Flex Suspension
Assembly (FSA) and Actuator Flex Circuit (AFC) revenue.

    While the Company was able to reduce its cost structure as a
result of the transfer of manufacturing and prototyping operations
from the Company's Litchfield, MN facilities to its lower cost
Thailand facilities, fiscal 2006 fourth quarter margins will be
impacted by the lower revenue levels. In spite of the lower revenue
levels, the fiscal 2006 fourth quarter gross margin and operating
profit excluding restructuring charges are expected to be similar to
the fiscal 2006 third quarter.

    Revenue for the fiscal 2007 first and second quarters is expected
to be similar to the fiscal 2006 fourth quarter and lower than
previously expected as a result of lower disk drive industry demand
and slower than expected production ramp-ups of new Flat Panel Display
(FPD) programs. As a result the Company is taking steps to further
reduce its fixed cost basis over the next six months in addition to
steps previously announced.

    The Company had previously planned to retain its Litchfield,
Minnesota facility to support its development efforts once the FSA
products being produced in that facility reached end of life. The
Company now plans to accelerate end of life production for FSA
flexible circuits in Litchfield and discontinue use of that facility
by the end of March 2007. Concurrent with FSA flexible circuit end of
life production, the Company will also accelerate end of life
production at its Eastlake, Ohio laminate material manufacturing
facility, where it manufactures FSA flexible circuit laminate
materials. In addition to the closing of its Litchfield and Eastlake
facilities, the Company will also selectively reduce its indirect
labor and general and administrative expenses at both its US and
Thailand locations. Sales resources and expenses will not be impacted
by the restructuring and will likely be increased in an effort to
aggressively leverage the Company's low cost business model.

    "We expected our core businesses to be strong enough in the first
and second quarters of fiscal 2007 to maintain our Minnesota based
development site and our Ohio based material operation," stated
William P. Murnane, Innovex's President and CEO. "The softer revenue
forecast for the first half of fiscal 2007 dictates that we make cost
structure adjustments in order to reach our targeted long-term margin
structure by the end of fiscal 2007."

    "Although we are disappointed with these developments, we are
encouraged by strong new business activity, especially in the FPD
market," commented Murnane. "We continue to win new FPD programs and
we are now qualified on displays that will be used in mobile phones
made by 3 of the 4 largest mobile phone producers. Our increased sales
efforts are also generating new opportunities for advanced flexible
circuits used in mobile phone camera modules and digital still cameras
(DSC)."

    Restructuring charges related to these changes could total up to
$6.0 million over the next twelve months. Included in the total are
non-cash asset impairment charges of approximately $2.0 million which
will be included in the fiscal 2006 fourth quarter. The remaining
expected restructuring charges of approximately $4.0 million will be
recorded as the liabilities are incurred over the next twelve months.
The $4.0 million is expected to include severance costs of up to $2.0
million and facility abandonment costs of up to $2.0 million.

    The Company expects annual cost savings of at least $10 million
related to these changes by the end of fiscal 2007. Over 90% of the
savings are expected to be cash related. Approximately 65% of the
savings are expected to reduce cost of goods sold while the remaining
savings will reduce general and administrative expenses. Capital
expenditures related to the restructuring plan will be minimal.

    Conference Call & Live Webcast

    Innovex will conduct a conference call and webcast for investors
beginning at 11:00 a.m. Eastern Time (ET) on Tuesday, September 26,
2006. During the conference call, Mr. Murnane and senior managers will
discuss the Company's future product, revenue, mix and margin
expectations along with historical results.

    To listen to the live conference call, dial 785-832-2422 and ask
for conference ID "Innovex." The live webcast will be available at
www.innovexinc.com/investor.shtml. A replay of the call will be
available at 1:00 p.m. ET on Tuesday, September 26 through 11:59 p.m.
ET on Thursday, September 28, 2006. To access the replay, dial (402)
220-2673 and ask for conference ID "Innovex." The webcast version of
the conference call will be archived at
www.innovexinc.com/investor.shtml.

    About Innovex, Inc.

    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 and
printers. Innovex is known worldwide for its advanced technology and
world class manufacturing.

    Safe Harbor for Forward Looking Statements

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


    CONTACT: Innovex, Maple Plain
             Douglas W. Keller, 763-479-5300
             Facsimile: 763-479-5395
             Internet: http://www.innovexinc.com