| CONTACTS: |
César García, President and Chief Executive Officer |
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818-709-1244 x 7123
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|
-or-
|
|
Ron Stabiner, The Wall Street Group, Inc. |
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212-888-4848 |
CHATSWORTH, Calif., Nov 20, 2007 - IRIS International, Inc. (NASDAQ GM: IRIS)
a leading developer, manufacturer and marketer of medical devices, diagnostic systems and consumables, today announced the election of Chief Executive Officer and President César M. García to the
additional post of Chairman of the Board, succeeding Richard H. Williams who assumes the new role of Independent Lead Director. Mr. García, who joined IRIS International as Executive Vice President in
January 2002, was elevated to President in June 2003 and Chief Executive Officer in November of that year.
Mr. García spearheaded the transformation of IRIS International from its position as the founder and leading manufacturer of a legacy automated urinalysis machine, sold
principally in the United States, to the diversified producer of urinalysis equipment with multiple platforms and applications, sold internationally, creating iterations of the product adapted to specific target
audiences. Revenues in 2007 are expected to be in the range of $83.0 - $85.0 million, with net income of at least $0.40 per share, compared with revenue of $31 million and a net loss of $0.05 per share in 2003,
the year in which Mr. García was named President. Cash and cash equivalents at year-end 2007 is expected to be approximately $24.0 million against $2.5 million in 2003.
Mr. Williams, who joined the IRIS Board in June 2003 and was elected Chairman in March 2004, helped lead the implementation of the Company's first five-year program with Mr.
García. Earlier this year, Mr. García and the IRIS Board of Directors unveiled the Company's second five-year plan with anticipated continued strong growth in the Company's core business of
urinalysis equipment and its broadened line of consumables, while extending the platform into the expected high growth, high margin areas of hematology and molecular diagnostics, including high value, high
reimbursement blood-based tests for cancer and sexually transmitted diseases.
Mr. García, at the time, noted that "This newest effort and substantial 'disruptive' technology pipeline introduces IRIS to a combined market opportunity approaching
$4.0 billion annually worldwide," and set as a company goal the attainment through organic growth, as well as acquisition, of at least tripling revenue to approximately $250 million by 2012. "This is a
realistic goal," said Mr. García, and will create a new paradigm for the device and diagnostics industries."
Mr. Williams noted that "The carefully planned and well targeted program, backed by a well financed research and development program, has resulted in an international company with
a diversified product base, a heavy pipeline of new products and transformative technologies, and a seasoned employee base and top management group well prepared to meet the challenges of this unusual growth
opportunity. The Board of Directors and the management team are unified in their focus on this goal and Mr. García's elevation to the Chairmanship exemplifies our confidence in the team and the expected
success of this program."
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.