Six New Disposable Products Also Introduced at Academy New Marketing Campaign
Launched
MOUNTAIN VIEW, Calif., Nov. 9 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced the introduction of two new ophthalmic laser systems and six new disposable products at the American Academy of Ophthalmology (AAO) being held in Las Vegas, NV on November 10-14, 2006.
For the first time in the history of IRIDEX, the Company will feature two new laser systems at the AAO. Both systems offer advanced features and functionality that enhance usability and continue the IRIDEX tradition of providing innovative new laser technology to satisfy unmet doctor and patient needs.
The OcuLight(R) TX, a 532 nm solid-state laser, is a high-power photocoagulator with 2500 mW of deliverable laser energy. Improvements in laser technology allow the TX to deliver faster pulses, down to 10-millisecond durations, and quick intervals of 0.01-seconds, which offer the potential to lessen patient discomfort during treatment. New accessories that increase the doctor's ease of use include a laser remote control, allowing adjustment of primary treatment parameters and a new wireless, power adjustable footswitch. The wireless power adjustable footswitch is the first that is specifically designed for ophthalmic lasers, offering physicians enhanced flexibility and the ability to reduce clutter in the operating room.
"These new features as well as the engineering we have brought to this system have allowed us to create a very compelling win-win economic opportunity for both the doctors and IRIDEX," said Barry Caldwell, President and CEO. "We are extremely pleased to be able to unveil this new system at AAO with FDA 510k clearance, which we received on November 8, 2006."
IRIDEX will also unveil a new 577 nm true-yellow laser technology that offers physicians this preferred laser light wavelength in a small, affordable, reliable, solid-state technology platform. True-yellow 577 nm light, which is the peak wavelength within the yellow range, has never been available before in a solid-state system for ophthalmology and demonstrates IRIDEX' innovative technology leadership. The new IRIDEX system includes a high-resolution touch-screen interface, remote control, and wireless, power adjustable footswitch. The platform design for this laser represents the first in a line of future laser systems and allows for rapid new product development of additional wavelengths.
The 577 nm laser should be available for shipment to customers in the second quarter of 2007 upon receipt of regulatory clearance and final manufacturing staging. This product will allow IRIDEX to access the market for yellow lasers in which it does not compete today and should be an attractive trade-up for users of the old tunable dye laser systems.
"By offering a true-yellow laser, we are expanding our addressable market and our reputation as a provider of comprehensive laser technology and services," continued Mr. Caldwell. "Based upon conversations with customers and input from our sales and marketing team, we developed this technology that we believe enhances our competitive positioning as it will allow ophthalmologists access to the true-yellow wavelength in a solid-state laser for the first time."
New Disposable EndoProbe(R) Products
Continuing the IRIDEX strategy of providing doctors with a wide range of disposable laser endoocular probes to meet all of their treatment needs, IRIDEX is launching six new EndoProbe models at this year's AAO. The new additions are:
23 and 25 gauge flush-tip illuminating
Straight and Angled 20 gauge bayonet illuminating
23 gauge Adjustable & Intuitive
Specialty probes for international markets
OtoProbes for ENT application
"Providing doctors with probes to meet all of their laser treatment needs is a major component of our recurring revenue growth strategy and these six new disposable products represent some of the continued achievements of our product innovation group," continued Mr. Caldwell. "Combined, these new product introductions and our new marketing campaign position us to expand our ophthalmic revenues worldwide and provide a platform for future new product introductions and revenue growth."
The new branding campaign for IRIDEX products will take advantage of the value in the IRIDEX name established over the years in the retinal community. According to Don Todd, Vice President of Marketing, "Market research data concludes that retinal surgeons equate the IRIDEX name with reliability, innovation and customer service." The new branding efforts will focus on those values and be underscored by taglines like: IRIDEXperience, IRIDEXcitment, IRIDEXcellence and IRIDEXterity that exemplify these characteristics.
About IRIDEX
IRIDEX Corporation is a leading worldwide provider of therapeutic based laser systems, disposable laser probes and delivery devices to treat eye diseases in ophthalmology and skin diseases in dermatology markets (also referred to as aesthetics). IRIDEX products are sold in the United States through a direct sales force and internationally through a network of 77 independent distributors into 107 countries. For further information, visit the Company's website at www.iridex.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Act of 1934, as amended, relating to the Company's growth strategy and prospects, revenues and new product releases. Actual results could differ materially and adversely from those projected in the forward-looking statements based on, among other things, the actual order and shipment rate for the Company's ophthalmology and dermatology product lines, the rate of sales to OEM customers, the rate of growth in sales of disposables and services, the rate of introduction and market acceptance of the Company's products, and the impact of any continuing weakness and uncertainties related to general economic conditions or weakness in overall demand in the Company's markets, especially with regard to the Company's dermatology products which are typically used for elective procedures that can be deferred. Additional risks and uncertainties to which the Company are subject may include, but may not necessarily be limited to, the amount of orders that the Company receives and ships, dependence on international sales and the Company's network of independent distributors, the risks associated with bringing new products to market, the outcome of pending or future litigation and the results of clinical trials and competition in our markets, as well as the risks associated with a competitive market for management talent and the risks inherent with identifying, negotiating and integrating strategic acquisitions of complementary businesses, products or technologies. Please see a detailed description of these risks contained in our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the fiscal year ended December 31, 2005 filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
SOURCE IRIDEX Corporation
11/09/2006
CONTACT: Larry Tannenbaum, Chief Financial Officer, +1-650-940-4700
Web site: http://www.iridex.com
(IRIX)
