| CONTACTS: |
César García, President and Chief Executive Officer |
|
818-709-1244 x 7123
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|
Or
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|
Ron Stabiner, The Wall Street Group, Inc. |
|
212-888-4848 |
CHATSWORTH, Calif., Aug. 3, 2006
— IRIS International, Inc. (NASDAQ: IRIS)
President and Chief Executive Officer César García told conference call participants yesterday that the Company expects a very strong second half of 2006
with an anticipated 15% increase in revenue growth over the first half of 2006 and a corresponding increase in operating earnings.
"Our IRIS Diagnostics Business Unit presently has a significant pipeline of highly qualified domestic sales prospects for its
IVD instruments, including numerous multi-unit and multi-site potential orders, and expects to close on a large number of these transactions during the second half
of 2006," said Mr. García. "Outside of domestic sales, each operating unit at IRIS has performed to or exceeded budget, and the core business is in
excellent shape," he added.
Mr. García said he also sees accelerated growth in 2006 and beyond as a result of the Company's recently announced
comprehensive urinalysis product line extensions and market segmentation initiatives which includes the launch of four new diagnostics products and significantly
broadens the Company's potential available target market opportunity. "We are also taking steps to expand our domestic sales force in 2006 to support the
product line expansion and increased emphasis on domestic sales," he said.
"These initiatives are expected to contribute to record sales in 2007 once again, with earnings in 2007 at a minimum of $0.45
per share," Mr. Mr. García stated. "In addition to our recently launched semi-automated iChem100 Urine Chemistry Analyzer, we are on target for bringing
a fully-automated instrument to market in the second half of 2007. We also expect in 2007 to begin seeing the benefits of our recent acquisition of Leucadia
Technologies with an expected FDA 510(k) submission by the end of this year for an ultra-sensitive PSA test for monitoring of prostate cancer after prostatectomy,"
he added.
The Company
IRIS International, Inc. (http://www.proiris.com), based in Chatsworth, Calif.,
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. Advanced Digital Imaging Research, LLC (ADIR) (www.adires.com),
based near Houston, Texas, is the Company's imaging research and development subsidiary. The IRIS Molecular Diagnostics (IMD) Subsidiary 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.