CHATSWORTH, Calif., Feb. 23, 2004 (PRIMEZONE) -- IRIS International, Inc. (AMEX:IRI), a manufacturer and marketer of automated IVD urinalysis systems and medical devices for hospitals and clinical laboratories worldwide, today announced the appointment of John Neuhauser as Director of Corporate Accounts.
Mr. Neuhauser comes to IRIS International from Sysmex America, Inc., where he served as National Account Manager and National Sales Manager for Urinalysis. He previously gained marketing and sales management experience during a 20-year career with Organon Teknika Corp., a medical devices manufacturer, rising to the position of Director of Marketing.
"John has a superb track record with solid sales and marketing experience in medical diagnostics," stated Cesar Garcia, President and Chief Executive Officer of IRIS International. "His expertise will enable IRIS to more deeply penetrate our current market and to increase our presence in market segments that we have not historically served well."
Mr. Neuhauser's mission at IRIS will be to build strategic partnerships with selective key Group Purchasing Organizations (GPOs), Independent Hospital Networks (IHNs), government facilities and reference laboratories in the United States. "We estimate that the key GPO and IHNs represent more than 30% of the labs in the U.S. market," Mr. Garcia said. "While IRIS International currently sells its products to these laboratories, our Iris Diagnostics Division is placing more emphasis on developing a more comprehensive approach that addresses the particular needs of these sophisticated purchasing groups. John will be responsible for developing focused marketing and sales programs that capitalize on the synergies of group purchases both in the government and private sector. In addition, the reference laboratory market offers us an opportunity to significantly increase our target market. The end result should be quicker access and accelerated penetration of these important sectors."
IRIS International recently launched its new iQ(r)200 Automated Urine Microscopy Analyzer and already has sold more than 100 units. The initial target market for its flagship product consists of 2,500 independent laboratories and hospitals in the U.S. and 4,000 internationally performing more than 45 microscopic urinalysis tests per day. The over-all potential market for the iQ(r)200 is 7,500 independent and hospital laboratories in the U.S and 18,000 worldwide.
THE COMPANY
IRIS International, Inc. (www.proiris.com) is a leader in automated urinalysis technology with workstations in major medical institutions throughout the world. The Company's newest generation iQ(r)200 fully automated urine microscopic analyzer utilizing image flow cytometry, patented Automated Intelligent Microscopy (AIM) technology and neural network-based particle recognition capabilities achieves a significant reduction in the cost and time consuming steps for manual microscopic analysis. The Company's StatSpin(r) subsidiary, based in Norwood, Mass., manufactures innovative centrifuges and blood analysis products. Advanced Digital Imaging Research, LLC (ADIR), based in the Houston, Texas, area, is the Company's 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, 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: unexpected technical and marketing difficulties inherent in major product development efforts such as the current project to improve the Company's urinalysis workstation product line; 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.