| CONTACTS: |
César García, President and Chief Executive Officer |
|
818-709-1244 x 7123
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|
-or-
|
|
Ron Stabiner, The Wall Street Group, Inc. |
|
212-888-4848 |
CHATSWORTH, Calif., Jul 13, 2007 - IRIS International, Inc. (NASDAQ GM: IRIS)
President and Chief Executive Officer César García told shareholders at the Annual Meeting today that the Company expects continued strong growth as it evolves into a broad-based cell morphology
diagnostics company offering multiple new products in urinalysis, molecular diagnostics and hematology, with robust contributions from its existing core urinalysis product line and an expanding high profit
consumables business.
"We continue to grow our urinalysis product line with our flagship iQ®200 series, which is generating record revenues from both the instruments and related
consumables and service," Mr. García said. "In the past year, the Company has expanded its memberships in Group Purchasing Organizations, extending its reach to nearly 75% of all U.S. hospitals
and acute care facilities. In addition, the Company received the two largest orders in its history with a multi-year agreement from LabCorp and a second contract from a prominent national healthcare provider.
We have been able to capitalize on sales opportunities and convert them into revenues at an impressive rate."
To further the growth of the Company, IRIS is engaged in the execution of a new five year plan which integrates new technology platforms and strategic initiatives that total a
market opportunity approaching $4.0 billion with an anticipated tripling of revenues by 2011. The new five year plan calls for IRIS to diversify its proprietary flow imaging technology under what has been
termed the "Third Generation Morphology™," or 3GEMS™, platform into expanded urinalysis, body fluids and hematology applications. Other projected new products in the development pipeline
include novel, high value, high-reimbursement molecular blood-based tests for cancer and infectious diseases and a novel separation and concentration "bubble" technology to isolate many different
types of bacteria and cells, which can be used for the rapid detection of minute levels of bacteria in urine.
Mr. García also noted that the Company's strong balance sheet and cash flow are enabling new product development and solidifying its position as a world leader in
urinalysis. "We are preparing a 510(k) submission to the U.S. Food and Drug Administration for our iChem® VELOCITY fully automated chemistry unit with Kinetic Imaging. This device,
scheduled for international launch later this year, leverages the Company's core image analysis technology to provide a complete and unique benchtop urinalysis solution which, when combined with the
iQ®200 Automated Microscopy System, forms the iRICELL Complete Urinalysis Workcell. Other products, such as the CLIA-waived handheld urine chemistry analyzer, scheduled for launch in 2008, will
establish IRIS as the only company to offer a complete range of fully and semi-automated urinalysis solutions. We have also submitted a 510(k) application with the FDA for the ultra-sensitive Prostate-Specific
Antigen (PSA) test, which is based on our proprietary Nucleic Acid Detection Immuno Assay (NADIA™) technology platform," Mr. García said.
Mr. García noted that the evolution of IRIS into a urinalysis company with a broad-based specialization in cell morphology is "being achieved through internal
cash-flow generated investment, without dilution to shareholders" and that the Company had closed its fiscal year with no debt and $23.2 million in cash.
Shareholders attending the annual meeting and those voting by proxy re-elected all seven members of the Company's Board of Directors. In addition to Mr. García, they
are: Chairman of the Board Richard H. Williams, a businessman, entrepreneur and consultant to emerging growth companies; Thomas H. Adams, Ph.D., the Company's Chief Technology Officer; Steven M. Besbeck,
President and Chief Executive Officer of Aspyra, Inc.; Stephen E. Wasserman, former Group Vice President - Diagnostic Systems Products of Olympus America Inc.; Richard G. Nadeau, Ph.D., founder and Chairman
of Vistar Ventures, and Michael D. Matte, President of Matte Holdings and former CFO of Cyberguard Corporation.
Shareholders also approved the Company's 2007 Stock Incentive Plan and ratified the selection of BDO Seidman, LLP, as the Company's independent accountant for the fiscal
year ended Dec. 31, 2007.
THE COMPANY
IRIS International, Inc. (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.
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.