| CONTACTS: |
César García,
President and Chief Executive Officer |
|
818-709-1244 x 7123
|
|
-or-
|
|
Ron Stabiner, The Wall Street Group, Inc. |
|
212-888-4848 |
CHATSWORTH, Calif., Sep 17, 2007 - IRIS International, Inc. (NASDAQ GM: IRIS)
today announced that it will commence shipping its iChem® VELOCITY™ Automated Urine Chemistry Analyzer to the international markets by March of 2008, approximately three months behind
the original target date of late fourth quarter 2007.
"We have decided to delay the shipping date of our iChem VELOCITY Automated Urine Chemistry Analyzer to further optimize the design of a mechanical module to assure
quality and reliability consistent with IRIS standards. We are very satisfied with the clinical data collected thus far and the delay will not affect our planned FDA 510(k) submission which remains on
schedule for the fourth quarter of 2007. Our revenues and earnings guidance for 2007 will remain unchanged and the release of our NADIA-PSA and Express 4 Centrifuge continue as planned," stated
César García, IRIS President and Chief Executive Officer.
"This design optimization is focused on a mechanism that automatically feeds the test strips and has no bearing on the underlying technology behind the iChem VELOCITY.
Our analytical technology remains sound and we want to assure a final design that is highly reliable in all facets. The product's international launch will continue as planned and Tom Warekois,
President of Iris Diagnostics, will lead the launch efforts with the presentation of iChem VELOCITY Chemistry Analyzer in five major European trade shows in October and November which will culminate with
the Medica International Exposition, November 14 through 17, 2007 in Düsseldorf, Germany. During the fourth quarter, we will accept distributors stocking orders for deliveries starting in March
2008," Mr. García added.
The iChem® VELOCITY™ with Kinetic Imaging leverages IRIS' core image analysis technology to provide a complete and unique benchtop urine chemistry
solution designed for medium to high volume laboratories that typically process more than 100 urine samples per day. The iChem VELOCITY combined with the iQ200 family of urine microscopy analyzers as the
iRICELL® urinalysis workstation embodies a major technological advance in complete urinalysis, a sector of the laboratory which has not seen significant innovation in many years.
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. Iris Molecular Diagnostics develops innovative ultra-sensitive diagnostics and sample processing products with
applications in the urinalysis, oncology and infectious disease markets. 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.
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.
