GARDNER,
Mass., May 12, 2023 /PRNewswire/ -- Precision
Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and
manufacturer of advanced optical instruments for the medical and
defense industries, today announced the receipt of a follow-on
product development order for a next generation single-use urology
program totaling approximately $1.5
million from an established medical device company
leveraging the Company's unique expertise in micro-optics, medical
systems, and digital imaging.
There are multiple benefits to using single-use devices
including ease of inventory control by the hospital, guarantee of
brand-new product image quality for the surgeon in every procedure,
and, importantly, the virtual elimination of the possibility of
cross-contamination from one patient to another. Because of the
clear benefits to hospitals, doctors and patients the market for
single-use medical imaging devices has grown substantially over the
last few years.
"We continue to make tremendous progress in addressing the key
technical and cost challenges to deliver single-use products at
price points many OEMs think the market will bear," commented Dr.
Joe Forkey, CEO of Precision Optics.
"This follow-on order continues progress on the development of our
second large volume single-use device, highlighting the value of
our development capabilities in this growing market space. In
addition to this follow-on order, we are seeing increased inbound
customer interest for entirely new products that will be single-use
from their inception, and for products moving from a re-usable
design to single-use. With few competitive companies able to meet
the unique challenges of custom single-use imaging devices, I
believe we are in a great position to capitalize on this rapidly
growing market."
About Precision Optics Corporation
Founded
in 1982, Precision Optics is a vertically integrated optics company
primarily focused on leveraging its proprietary micro-optics and 3D
imaging technologies to the healthcare and defense/aerospace
industries by providing services ranging from new product concept
through mass manufacture. Utilizing its leading-edge in-house
design, prototype, regulatory and fabrication capabilities as well
as its Lighthouse Imaging division's electronic imaging expertise
and its Ross Optical division's high volume world-wide sourcing,
inspecting and production resources, the Company is able to design
and manufacture next-generation product solutions to the most
challenging customer requirements. Within healthcare, Precision
Optics enables next generation medical device companies around the
world to meet the increasing demands of the surgical community who
require more enhanced and smaller imaging systems for minimally
invasive surgery as well as 3D endoscopy systems to support the
rapid proliferation of surgical robotic systems. In addition to
these next generation applications, Precision Optics has supplied
top tier medical device companies a wide variety of optical
products for decades, including complex endocouplers and
specialized endoscopes. The Company is also leveraging its
technical proficiency in micro-optics to enable leading edge
defense/aerospace applications which require the highest quality
standards and the optimization of size, weight and power. For more
information, please visit www.poci.com.
About Forward-Looking Statements
This
press release contains forward-looking statements. Forward-looking
statements include, but are not limited to, statements which
express the Company's intentions, beliefs, expectations,
strategies, predictions or any other statements related to the
Company's future activities or future events or conditions. These
statements are based on current expectations, estimates and
projections about the Company's business based, in part, on
assumptions made by the Company's management. These statements are
not guarantees of future performances and involve risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in the forward-looking statements
due to numerous factors, including those risks discussed in the
Company's annual report on Form 10-K and in other documents we file
from time to time with the SEC. Any forward-looking statements
speak only as of the date on which they are made, and the Company
does not undertake any obligation to update any forward-looking
statement, except as required by law.
Company Contact:
PRECISION OPTICS
CORPORATION
22 East Broadway
Gardner, Massachusetts
01440-3338
Telephone: 978-630-1800
Investor Contact:
LYTHAM PARTNERS,
LLC
Robert Blum
Phoenix | New York
Telephone: 602-889-9700
peye@lythampartners.com
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SOURCE Precision Optics Corporation