IRIDEX Announces Receipt of Large Orders for Laser Systems from Developing Countries Orders from BRIC Countries Demonstrate Cost, Durable Therapeutic Advantages of Laser-Based Treatments for Ophthalmologic Diseases
MOUNTAIN VIEW Calif., April 30, 2013 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced that it has recently received two significant orders for its proprietary laser-based medical systems for the treatment of eye diseases. The orders, totaling more than $500,000, are indicative of the burgeoning growth of the ophthalmology market in the "BRIC" economies (Brazil, Russia, India and China) as well as the advantages of modern laser treatments, noted Will Moore, President and CEO of IRIDEX.
"We believe that the growth in the market for lasers is being driven in large part by the rapid spread of diabetes and diabetes-related eye diseases in developing countries as well as the practicality of new laser treatments," Moore added.
"Diabetes is reaching epidemic proportions in many developing parts of the world, and with that comes the spread of diabetes-related eye diseases such as Diabetic Macular Edema, or DME," Moore said. "The health systems in many countries, because of logistics and cost, do not support the current drug treatment model for these diseases we see here in the US, which typically includes a regular series of drug injections in the eye. These ongoing injections are neither practical in remote areas, nor are they cost-effective. Our laser-based medical systems are as effective as drugs in terms of outcomes, are much less costly to a healthcare system, and are much easier to administer from a logistics standpoint because they provide durable results."
Moore added that the advances in laser-based therapies are causing the beginnings of a paradigm shift in the U.S. and European ophthalmology markets, as well.
"We believe the treatment pendulum, which shifted from lasers to drugs for diseases like DME several years ago, is beginning to shift back to lasers thanks to the new advances in modern laser technology," Moore said.
IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 70 independent distributors into over 100 countries. For further information, visit the IRIDEX website at http://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 markets for the Company's products, the growth of ophthalmology markets in developing countries, the prevalence of diabetes and diabetes-related eye diseases in developing countries, the effectiveness of the Company's products and the Company's belief regarding emerging trends in the standards of treatment for diabetes-related eye diseases. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended December 29, 2012, 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