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Press Releases ---------------------------------------------------------------- FOR IMMEDIATE RELEASE
IRIS TO PRESENT NEW 5-YEAR PLAN AND STRATEGIC NEW PRODUCT INITIATIVES TO INVESTMENT COMMUNITY IN NEW YORK ON APRIL 10 CHATSWORTH, Calif., Mar. 20, 2007 — IRIS International, Inc. (NASDAQ: IRIS) a leading manufacturer and developer of in vitro diagnostics systems, consumables and supplies used in automated urinalysis and body fluids testing, today announced that its senior management will be in New York City for an invitational luncheon meeting on Tues., April 10 to present to the investment community an overview of the Company's new five-year plan, including new strategic initiatives in molecular diagnostics. For those who cannot attend, the presentation will be broadcast via a live audio webcast beginning at 12:45 p.m. Eastern time on the Company's website at www.proiris.com or at www.investorcalendar.com, and will be archived for three months. For this event, IRIS President and Chief Executive Officer César García will be joined by Chief Technology Officer Dr. Thomas H. Adams along with newly-appointed Iris Diagnostics President Thomas Warekois. They will provide an overview of the planned evolution of IRIS, new product initiatives in its core business, and strategic initiatives to deploy new platform technologies being developed by the Company. Invited guests include professional investors, analysts, institutional investors and key followers of IRIS. Attendance will be limited and qualified parties interested in attending the presentation are asked to contact Ron Stabiner at 212-888-4848 or for details on the luncheon to be held in midtown Manhattan. "The five-year plan overview will focus on new platform technologies and strategic initiatives designed to propel the Company to its next stage of growth. During the last year we have been formulating a plan to expand the Company's core technology in morphological imaging, chemistry and the NADIA (Nucleic Acid Detection Immuno Assay) ultra-sensitive detection method, and other technology and know-how acquired in April 2006 from Leucadia Technologies. We have now reached the point where we can further discuss our exciting new products that will evolve from the broad technology pipeline that we have created," Mr. García said. The IRIS core in-vitro diagnostics urinalysis business remains strong. For the year ended Dec. 31, 2006, IRIS reported record revenues of $70.6 million, a 13% increase over revenue of $62.8 million for fiscal 2005, and adjusted EPS of $0.37 versus $0.35 in 2005. IRIS also reported record fourth-quarter revenues of $19.9 million, an increase of 16% over revenues of $17.2 million in the fourth quarter of 2005, and adjusted EPS of $0.13 versus $0.10. The Company finished 2006 with $23.2 million in cash and equivalents and a debt-free balance sheet. In February 2007, the Iris Molecular Diagnostics Subsidiary filed a 510(k) application with the U.S. Food and Drug Administration (FDA) for its ultra-sensitive Prostate Specific Antigen (PSA) test, which is based on its proprietary NADIA platform technology. This is the first major product to emerge from the April 2006 acquisition of Leucadia Technologies and is scheduled to launch in late 2007. Planned applications for the NADIA platform include blood-based tests for the recurrence of HIV and a Her-2 Neu test to monitor the recurrence of breast cancer after a mastectomy or a lumpectomy. The company has also initiated a technological feasibility program to apply its novel bubble separation and concentration technology for the rapid detection of minute levels of bacteria in urine. This advancement would change current urine culture laboratory practices and improve therapy of patients symptomatic of urinary tract infection (UTI). It can also be used to detect epithelial cells in blood, including tumor and cancer cells. THE COMPANY IRIS International, Inc. (http://www.proiris.com), based in Chatsworth, Calif., is a leading developer, manufacturer, and marketer of medical devices, diagnostic systems and consumables. The Iris Diagnostics Division (www.irisdiagnostics.com) is a leader in automated urinalysis technology with systems in major medical institutions throughout the world. The Company's Sample Processing business unit (formerly the StatSpin® subsidiary) (www.statspin.com), based in Westwood, Mass., manufactures innovative centrifuges and blood analysis products. The Iris Molecular Diagnostics (IMD) Subsidiary, based in San Diego, Calif., develops innovative ultra-sensitive diagnostics and sample processing products with applications in the urinalysis, oncology and infectious disease markets. Advanced Digital Imaging Research, LLC (ADIR), based near Houston, Tex., is the Company's imaging research and development subsidiary. SAFE HARBOR PROVISION This news release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the Company's views on future financial performance, market growth, capital requirements, new product introductions and acquisitions, and are generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: identification of feasible new product initiatives, management of R&D efforts and the resulting successful development of new products and product platforms; acceptance by customers of the Company's products; integration of acquired businesses; substantial expansion of international sales; reliance on key suppliers; the potential need for changes in long-term strategy in response to future developments; future advances in diagnostic testing methods and procedures; potential changes in government regulations and healthcare policies, both of which could adversely affect the economics of the diagnostic testing procedures automated by the Company's products; rapid technological change in the microelectronics and software industries; and competitive factors, including pricing pressures and the introduction by others of new products with similar or better functionality than our products. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
