Healthcare Industry News: Microscopy
News Release - March 6, 2007
Iris Announces Agreement with Premier, Inc., Nation's Largest Healthcare Group Purchasing Organization
CHATSWORTH, Calif.--(HSMN NewsFeed)--IRIS International, Inc. (NASDAQ: IRIS ) today announced that it has signed a 40-month agreement with Premier Purchasing Partners LP, a unit of Premier, Inc., for its iQ®200 Automated Urine Microscopy Analyzer and Systems, and has expanded its relationship to include IRIS' entire in-vitro diagnostics product line. Premier Purchasing Partners LP is the nation's largest healthcare Group Purchasing Organization with $27 Billion in annual purchasing volume.The contract is effective April 1, 2007, and is for the full iQ®200 product line, including SPRINT(TM), ELITE(TM) and SELECT(TM) units, along with iQ® Body Fluids Modules, the iChem(TM)100 Semi-Automated Urine Chemistry Analyzers, vChem(TM) Visual Read Urine Test Strips and Service Agreements.
"Premier has had a valuable relationship with IRIS for the past three years and we are pleased that a new agreement has been awarded, giving IRIS continued opportunities to increase market penetration with the iQ®200 and our extended line of urinalysis products and consumables," stated President and Chief Executive Officer Cesar Garcia. "Premier was our first large group purchasing organization for the iQ200 series and the relationship has been very successful for both parties. Premier's broad reach into hundreds of medical institutions and healthcare facilities also fits perfectly with our market segmentation initiative."
The new agreement with Premier secures Iris access to 1,500 acute care hospital Members and 44,000 other healthcare providers. Premier's membership includes many of the nation's prominent healthcare institutions, integrated delivery networks and group affiliates. Premier has a field force of more than 100 members and consultants who promote contract uptake and compliance among their members. Iris Diagnostics' domestic sales force will continue to sell the Company's instruments and consumables directly to Premier participating members with marketing support from Premier.
ABOUT PREMIER, 2006 MALCOLM BALDRIGE NATIONAL QUALITY AWARD RECIPIENT
Serving 1,700 hospitals and more than 44,000 other healthcare sites, Premier Inc. is the largest healthcare alliance in the United States dedicated to improving patient outcomes while safely reducing the cost of care. Owned by not-for-profit hospitals, Premier operates the nation's largest healthcare purchasing network, the most comprehensive repository of hospital clinical and financial information and one of the largest policy-holder owned, hospital professional liability risk-retention groups in healthcare. Headquartered in San Diego, Premier has offices in Charlotte, N.C. and Washington. For more information, visit www.premierinc.com.
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 is a leader in automated urinalysis technology with systems in major medical institutions throughout the world. The Company's Sample Processing business unit (formerly the StatSpin® subsidiary), based in Westwood, Mass., manufactures innovative centrifuges and blood analysis products. The Iris Molecular Diagnostics (IMD) Subsidiary, based in San Diego, Calif., develops innovative ultra-sensitive diagnostics and sample processing products with applications in the urinalysis, oncology and infectious disease markets. Advanced Digital Imaging Research, LLC (ADIR), based near Houston, Tex., 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 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.
Source: IRIS International
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