Precision Optics Announces New Product Development Order for Single Use Urology Program

Rhea-AI Summary

Precision Optics Corporation (NASDAQ: POCI) has announced a $750,000 product development order for a next-generation single-use urology program from an established medical device company. This program is the second single-use project moving past the proof-of-concept phase and leverages the combined expertise of Precision Optics and Lighthouse Imaging. The development effort will span one to two years, with anticipated production orders following successful validation. The CEO emphasized the industry’s recognition of their capabilities in micro-optics and the importance of single-use products for future growth.

Positive

• Received a $750,000 development order for a single-use urology program.
• Second single-use program advancing beyond proof-of-concept.
• Collaboration with Lighthouse Imaging enhances engineering capabilities.
• Anticipated production orders after successful validation could increase revenue.
• Focus on single-use devices aligns with market growth trends.

Negative

• None.

News Market Reaction – POCI

+2.61%

1 alert

+2.61% News Effect

On the day this news was published, POCI gained 2.61%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

GARDNER, Mass., Dec. 8, 2022 /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 an initial product development order for a next generation single-use urology program totaling approximately $750,000 from an established medical device company leveraging the Company's unique expertise in micro-optics, medical systems, and digital imaging.

This marks the second high volume, single-use program in the Company's development pipeline to move beyond the proof-of-concept phase as Precision Optics expands its focus on this rapidly growing segment of the medical device market. The program also marks the first product development program in which the engineering teams from Precision Optics and the recently acquired Lighthouse Imaging combined to bring their respective optical and electronics expertise to advance a next generation program. The development program is expected to continue for one to two years, with production orders expected upon successful validation.

"I am pleased with the tremendous progress we are making to advance programs through our product development pipeline, particularly around single-use devices for next generation medical applications," commented Dr. Joe Forkey, CEO of Precision Optics. "Importantly, this order further illustrates the industry's recognition of the opportunities generated by the combination of Precision Optics and Lighthouse Imaging as we offer customers unparalleled capabilities in micro-optics, medical device optical systems, digital imaging and system integration. This adds another potential, future high-volume production candidate to our portfolio of production customers.  We continue to expect single-use products to be important contributors to our future growth."

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

FAQ

What is the recent development order announced by Precision Optics Corporation (POCI)?

Precision Optics Corporation announced a $750,000 product development order for a next-generation single-use urology program.

How long will the development program for the urology program take for Precision Optics?

The development program is expected to continue for one to two years.

How does the partnership with Lighthouse Imaging impact Precision Optics (POCI)?

The partnership combines expertise in optics and electronics, enhancing the company's product development capabilities.

What potential does the new single-use urology program hold for Precision Optics shareholders?

The program could lead to future high-volume production orders, contributing positively to revenue.

What is the strategic focus of Precision Optics Corporation (POCI) following the recent announcement?

Precision Optics is focusing on expanding its single-use medical device offerings in response to market demand.