EXHIBIT 99.1
NEWS RELEASE
CONTACTS: CESAR GARCIA, PRESIDENT
AND CHIEF EXECUTIVE OFFICER
818-709-1244 X 7123
OR
RON STABINER, THE WALL STREET GROUP, INC.
212-888-4848
FOR IMMEDIATE RELEASE:
IRIS EXPECTS CONTINUED STRONG GROWTH WITH BROADENING
OF URINALYSIS MARKET AND DEVELOPMENT OF NEW PRODUCTS IN
MOLECULAR DIAGNOSTICS AND HEMATOLOGY, CEO TELLS
ANNUAL MEETING OF SHAREHOLDERS
CHATSWORTH, CALIF., JULY 13, 2007 - IRIS INTERNATIONAL, INC. (NASDAQ: IRIS)
President and Chief Executive Officer Cesar Garcia told shareholders at the
Annual Meeting today that the Company expects continued strong growth as it
evolves into a broad-based cell morphology diagnostics company offering multiple
new products in urinalysis, molecular diagnostics and hematology, with robust
contributions from its existing core urinalysis product line and an expanding
high profit consumables business.
"We continue to grow our urinalysis product line with our flagship iQ(R)200
series, which is generating record revenues from both the instruments and
related consumables and service," Mr. Garcia said. "In the past year, the
Company has expanded its memberships in Group Purchasing Organizations,
extending its reach to nearly 75% of all U.S. hospitals and acute care
facilities. In addition, the Company received the two largest orders in its
history with a multi-year agreement from LabCorp and a second contract from a
prominent national healthcare provider. We have been able to capitalize on sales
opportunities and convert them into revenues at an impressive rate."
To further the growth of the Company, IRIS is engaged in the execution of a new
five year plan which integrates new technology platforms and strategic
initiatives that total a market opportunity approaching $4.0 billion with an
anticipated tripling of revenues by 2011. The new five year plan calls for IRIS
to diversify its proprietary flow imaging technology under what has been termed
the "Third Generation Morphology(TM)," or 3GEMS(TM), platform into expanded
urinalysis, body fluids and hematology applications. Other projected new
products in the development pipeline include novel, high value,
high-reimbursement molecular blood-based tests for cancer and infectious
diseases and a novel separation and concentration "bubble"
(MORE)
technology to isolate many different types of bacteria and cells, which can be
used for the rapid detection of minute levels of bacteria in urine.
Mr. Garcia also noted that the Company's strong balance sheet and cash flow are
enabling new product development and solidifying its position as a world leader
in urinalysis. "We are preparing a 510(k) submission to the U.S. Food and Drug
Administration for our iChem(R) VELOCITY fully automated chemistry unit with
Kinetic Imaging. This device, scheduled for international launch later this
year, leverages the Company's core image analysis technology to provide a
complete and unique benchtop urinalysis solution which, when combined with the
iQ(R)200 Automated Microscopy System, forms the iRICELL Complete Urinalysis
Workcell. Other products, such as the CLIA-waived handheld urine chemistry
analyzer, scheduled for launch in 2008, will establish IRIS as the only company
to offer a complete range of fully and semi- automated urinalysis solutions. We
have also submitted a 510(k) application with the FDA for the ultra-sensitive
Prostate-Specific Antigen (PSA) test, which is based on our proprietary Nucleic
Acid Detection Immuno Assay (NADIA(TM)) technology platform," Mr. Garcia said.
Mr. Garcia noted that the evolution of IRIS into a urinalysis company with a
broad-based specialization in cell morphology is "being achieved through
internal cash-flow generated investment, without dilution to shareholders" and
that the Company had closed its fiscal year with no debt and $23.2 million in
cash.
Shareholders attending the annual meeting and those voting by proxy re-elected
all seven members of the Company's Board of Directors. In addition to Mr.
Garcia, they are: Chairman of the Board Richard H. Williams, a businessman,
entrepreneur and consultant to emerging growth companies; Thomas H. Adams,
Ph.D., the Company's Chief Technology Officer; Steven M. Besbeck, President and
Chief Executive Officer of Aspyra, Inc.; Stephen E. Wasserman, former Group Vice
President - Diagnostic Systems Products of Olympus America Inc.; Richard G.
Nadeau, Ph.D., founder and Chairman of Vistar Ventures, and Michael D. Matte,
President of Matte Holdings and former CFO of Cyberguard Corporation.
Shareholders also approved the Company's 2007 Stock Incentive Plan and ratified
the selection of BDO Seidman, LLP, as the Company's independent accountant for
the fiscal year ended Dec. 31, 2007.
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(R) 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,"
(MORE)
"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.
###