CHATSWORTH, Calif., Sept. 22, 2010 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of automated in-vitro diagnostics systems and consumables for use in hospitals and commercial laboratories worldwide, and a provider of high value personalized diagnostics testing services through its CLIA certified molecular diagnostics laboratory, today announced that The Wall Street Transcript (TWST) has published an in-depth interview with Chairman, President and Chief Executive Officer Cesar Garcia. The interview, which was published in the September 20 Medical Devices issue of TWST, is available in its entirety on the IRIS web site at www.proiris.com/interview, or to subscribers at TWST's web site (www.twst.com).
During the interview, Mr. Garcia noted that, "In a typical lab, our iQ®200 system provides automation and workflow improvements that result in labor savings that typically justify their capital investment with a payback of less than two years. This product superiority has made us the global leader in automated urinalysis."
He went on to say that, "With the launch of the iQ200, we became a significant player in urinalysis. Since 2005, we have consistently sold between 400 and 500 iQ200 systems per year, in comparison to the 50 legacy systems per year that we sold prior to the release of the iQ200. We now have an installed base of more than 2,800 iQ200 systems worldwide with recurring consumables and service revenue representing more than 50% of our total revenue. Our revenue has grown to more than $100 million today from $28 million in 2002. We are now debt-free and have more than $30 million in cash, even after investing more than $50 million in new technology and acquisitions over the last five years."
Commenting on the Company's recent acquisition of AlliedPath, a CLIA-certified laboratory focused on oncology and molecular diagnostics, Mr. Garcia said, "Our CLIA laboratory acquisition not only enables the distribution channel for NADiA®ProsVue™, which we plan to launch as soon as it receives FDA clearance, but it also provides a commercial platform to sell most of the other NADiA-based products we are developing, including the NADiA HIV viral load test, a NADiA test for breast cancer, and other NADiA applications. We also believe the CLIA laboratory, in addition to being an anticipated source of additional revenue and earnings, allows us to better control critical commercial decisions such as a value-based pricing strategy, marketing, communication programs and other commercial priorities."
In conclusion, Mr. Garcia said, "We are confident that we can focus on earnings generation now that our technology acquisitions are behind us. We have the management team to execute on our future plans. The company has a solid core business that continues to generate revenues and earnings, and an emerging business in personalized medicine and molecular diagnostics. I believe the current valuation of the company does not reflect the value of our new product pipeline under development. Our plan is to change that by attaining clearance on our pending regulatory applications and consistently achieving our strategic and financial milestones."
About IRIS International
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 2,800 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 Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.