CHATSWORTH, Calif., Jan. 25, 2011 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of automated in-vitro diagnostics systems and consumables, and a provider of high value personalized diagnostics testing services through its CLIA certified molecular diagnostics laboratory,has begun to significantly penetrate the Mexican healthcare market with the initial placement in 2010 of 40 iQ®200 Elite™ Automated Urine Microscopy Analyzers within one of the largest social security healthcare systems in Mexico, it was announced today by Cesar Garcia, Chairman, President and CEO of IRIS International.
The iQ200 instruments were placed with the Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado, which in English translates to Institute for Social Security and Services for State Workers, otherwise known as ISSSTE. The instruments were placed throughout 23 of the 31 states that comprise Mexico as well as eight units in the Federal District.
"We are very pleased with our continuing success in the Mexican healthcare market," Mr. Garcia said. "Of the 40 iQ200 instruments placed in Mexico in 2010, 20 were sold in the fourth quarter alone. As the market leader, we believe this growth in market share will have a positive impact on our efforts toward continued placements of our iQ200 automated urinalysis microscopy analyzers in Mexico, as well as the continued implementation of our greater initiative to extend our reach throughout Latin America," he added.
"In the past few years, IRIS and its distribution partners in Mexico, have made significant strides in penetrating the healthcare market in Mexico, the second largest population in Latin America, with more than 100 million people," stated Thomas Warekois, President of the Iris Diagnostics Division. "The ISSSTE attends to the health and social care needs of insured government employees, including local, state, and federal government employees, and is among one of the largest government run health care systems in Mexico, covering some 10 million people or roughly 10% of the population. The ISSSTE, together with IMSS, the Mexican Institute for Social Security providing healthcare to insured employees of the private sector, provides health coverage to 55-60% of the population and encompasses some 1500 hospitals, clinics and laboratories," Mr. Warekois said.
About IRIS International, Inc.
IRIS International, Inc. is a leading global in vitro diagnostics company focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body fluids. The Company's products leverage its strengths in flow imaging technology, particle recognition and automation to bring efficiency to hospital and commercial laboratories. The initial applications for its technology have been in the urinalysis market and the Company is the leading worldwide provider of automated urine microscopy and chemistry systems, with an installed base of more than 3,000 systems in more than 50 countries. The Company is expanding its core imaging and morphology expertise into related markets and is developing applications in hematology and urinary tract infections. In addition, the Company recently acquired a high complexity CLIA-certified molecular pathology laboratory offering differentiated, high value molecular diagnostic services in the rapidly growing field of personalized medicine. The laboratory provides a direct commercial channel for the Company's NADiA® ultra-sensitive nucleic acid detection immunoassay platform, with applications in oncology and infectious disease. For more information, please visit www.proiris.com.
SAFE HARBOR PROVISION
This press 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, regulatory developments, 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; obtaining regulatory approvals for new and enhanced products; 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 financial results presented in this press release are subject to change pending the filing of the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2010. 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.