CHATSWORTH, Calif., April 1, 2004 (PRIMEZONE) -- IRIS International, Inc. (AMEX:IRI), a manufacturer and marketer of automated IVD urinalysis systems and medical devices used in hospitals and reference clinical laboratories worldwide, today announced that it has entered into an exclusive supply agreement for its new iQ(r)200 Automated Urine Microscopy Analyzer with the Premier Purchasing Partners LP unit of Premier, Inc., a leading healthcare alliance that provides more than $17 billion in medical supplies and equipment annually to 1,500 participating hospitals and other healthcare facilities.
Premier has chosen Iris Diagnostics' iQ200 Automated Microscopy Analyzer to be its sole source product for urine microscopy, and IRIS is the only company with a Premier contract for a system combining both urine chemistry and microscopy. IRIS will share the Premier award for urine chemistry analyzers with one other company.
Iris Diagnostics will be able to sell to Premier participating members its new line of urinalysis products, including its flagship iQ200 System, the stand-alone iQ200 Automated Microscopy Analyzer, and the urine chemistry analyzers distributed by IRIS, the AUTION MAX(tm) AX-4280 and AUTION JET(tm) AJ-4270. The AX-4280 and AJ-4270 are manufactured by Arkray, Inc., Kyoto, Japan, IRIS's business partner. The combination of IRIS's iQ200 Automated Urine Microscopy Analyzer and the AUTION MAX AX-4280 Automated Urine Chemistry Analyzer, linked through proprietary hardware and software, becomes the iQ200 System.
"This is the first agreement IRIS has signed with a large group purchasing organization and provides IRIS an excellent opportunity to increase market penetration with the iQ200 and our extended line of urinalysis products and consumables," stated President and Chief Executive Officer Cesar Garcia. "Premier's broad reach into hundreds of medical institutions and healthcare facilities opens the way for accelerated sales of the iQ200 System," Mr. Garcia said. "We are particularly satisfied with the selection by Premier of the iQ200 Automated Microscopy Analyzer as the exclusive product for urine microscopy applications. The iQ200 already has established a reputation as a cutting-edge medical diagnostic tool since its launch in August 2003."
"After a comprehensive review of bids in each product category, Premier awards contracts that we believe represent the best overall value to its membership," stated David Gooden, Product Manager - Hematology, Coagulation and Urine, Premier Purchasing Partners LP. "Iris has received two such contract awards. IRIS's ability to provide a comprehensive solution for both urine chemistry and microscopy to our members was a major contributing factor to awarding the contract. We look forward to our partnership with Iris, which commences April 1, 2004."
Premier has a field force of 51 Regional Directors and 13 Regional Vice Presidents who promote contract uptake and compliance among their members. Iris Diagnostics's domestic sales force will sell the Company's instruments and consumables directly to Premier participating members with marketing support from Premier.
"Premier has the capability of extending IRIS's marketing efforts with tremendous group purchasing power that reaches into the buyers and purchasing managers of hundreds of major hospitals and institutions," Mr. Garcia noted. "We estimate that Premier represents some 500 laboratories performing more than 45 urine microscopies per day; our immediate target market for the iQ200 System."
The initial key target market for the iQ200 Automated Microscopy Analyzer is an estimated 2,500 laboratories in the U.S. and 6,000 internationally; those laboratories performing more than 45 urine microscopy tests per day.
About Premier
Premier, Inc., is a strategic alliance in U.S. healthcare, entirely owned by more than 200 of the nation's leading hospital and healthcare systems. These systems operate or are affiliated with nearly 1,500 hospital facilities and hundreds of other healthcare sites. Premier provides an array of resources supporting health services delivery including group purchasing for more than $17 billion annually in supplies and equipment. Other resources offered by Premier are supply chain and clinical performance improvement services and insurance programs. Headquartered in San Diego, CA, Premier has other major facilities in Chicago, IL; Charlotte, NC; and Washington, DC.
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 iQ200 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: 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.