CHATSWORTH, Calif., Feb. 24, 2011 (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 its Sample Processing division has signed a five-year extension to its exclusive supply agreement for its flagship veterinary centrifuge with IDEXX Laboratories, Inc. (Nasdaq:IDXX).
Under the terms of the agreement, IRIS will be the sole supplier of the StatSpin® VT and similar stand alone veterinary centrifuges for all of IDEXX's in-clinic needs in the U.S. and Europe. Projected centrifuge and spare parts revenue over the life of the extension, which runs through December 2016, is estimated at approximately $10 million.
"We are extremely pleased to extend our long-term relationship with IDEXX Laboratories," stated Robert Mello, IRIS Corporate Vice President and President of the Sample Processing division. "Our association with IDEXX goes back to the late 1980s when we introduced our first StatSpin multipurpose centrifuge for clinical and animal health diagnostics. In addition to supplying stand-alone centrifuges, we continue to provide the separation technology embedded in the IDEXX Catalyst Dx®system and license the rights to produce the whole blood separator used in the Catalyst Dx®."
"The Sample Processing Business Unit continues to build strong relationships with a number of major OEM accounts which contribute to the strong performance of the division," stated IRIS President and Chief Executive Officer Cesar Garcia. "We are pleased that IDEXX, a leader in animal health serving practicing veterinarians worldwide, recognizes the value of our products."
About IRIS International, Inc.
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 3,000 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 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," "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.