Business Services Industry
IRIS Enters into Contract with Major Medical Institution for iQ®200 Systems
Business Wire, June 1, 2006
CHATSWORTH, Calif. -- IRIS International, Inc. (NASDAQ: IRIS), a manufacturer and marketer of automated IVD urinalysis systems and medical devices used in hospitals and clinical reference laboratories worldwide, today announced that it entered into a contract with the Mayo Foundation for the Company's full line of products, including the iQ(R)200 System and iQ(R) Body Fluids Module.
Under terms of the four-year contract, which carries a one-year extension option, Mayo Clinic will utilize iQ200 Systems and iQ Body Fluids Modules, consumable products, reagents and service agreements at its outpatient and inpatient facilities in Rochester, Minnesota; Jacksonville, Florida; and Scottsdale and Phoenix, Arizona. Mayo provides clinical care to more than half a million people each year.
"Large medical and clinical laboratories require high-throughput analyzers with an extensive, highly accurate and flexible test menu due to time pressures, extensive workloads and stringent clinical requirements," stated IRIS President and Chief Executive Officer Cesar Garcia. "The iQ200 high-speed analyzers are designed to meet these needs with fully automated walk-away capability and clinical data consolidation directly to the laboratory information system."
THE COMPANY
IRIS International, Inc. (www.proiris.com) is a leader in automated urinalysis technology with systems in major medical institutions throughout the world. The Company's newest generation iQ(R)200 Automated Urine Microscopy Analyzer, utilizing image flow cytometry, patented flow microscope technology and neural network-based particle recognition, achieves a significant reduction in the cost and time-consuming steps involved in manual microscopic analysis. The Company's Sample Processing business unit (formerly the StatSpin(R) subsidiary), based in Westwood, Mass., manufactures innovative centrifuges and blood analysis products. Advanced Digital Imaging Research, LLC (ADIR), based near Houston, Texas, is the Company's imaging research and development subsidiary.
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 commercial revenues, market growth, capital requirements, and new product introductions, 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, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: the acceptance by customers of our new iQ(R)200 product platform, our substantial expansion of international sales and our 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, as well as 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 increasing competition from imaging and non-imaging based in-vitro diagnostic products. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors that may affect forward-looking statements. The Company assumes no duty to update its forward-looking statements.
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