Precision Optics Announces First Deliveries by Lighthouse Imaging Division against New Production Order for Next Generation Otoscope Application

Rhea-AI Summary

Precision Optics Corporation (OTCQB: PEYE) announced on May 11, 2022, the successful transition of its newly acquired Lighthouse Imaging division into production for a next-generation otoscope device. This advanced device is already being marketed by a customer, with initial production units shipped against a $600,000 order. The company expects to complete the rest of the order in the next 9 to 12 months and anticipates additional orders as elective medical procedures recover from pandemic impacts. CEO Joe Forkey highlighted this transition as a significant milestone for future product launches.

Positive

• Successful transition of next-generation otoscope into production.
• Initial shipment of production units against a $600,000 order.
• Anticipation of follow-on production orders as elective procedures recover.

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• None.

GARDNER, Mass., May 11, 2022 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced that its newly acquired Lighthouse Imaging division has successfully transferred into production a next generation otoscope device which leverages the Company's unique optical systems capabilities. This product supports an advanced otoscopy procedure and system already being marketed by the Company's customer.  Initial production units have been shipped against a $600,000 production order which follows on from the product development order received by Lighthouse Imaging, prior to being acquired by Precision Optics.  The Company anticipates shipping the remainder of this order over the next nine to twelve months. Follow-on additional production orders are expected as elective medical procedures continue to recover from the impact of the pandemic.

"The transition of this product from our development pipeline to commercial production is a key milestone for the Company as it represents the first of a number of product launches we anticipate from our recently acquired Lighthouse Imaging division," commented Dr. Joe Forkey, CEO of Precision Optics. "We look forward to continuing to supply this customer with this highly sophisticated medical imaging device, and to a great long-term opportunity for both Precision Optics and our customer. With our engineering teams integrating well and working more closely together on new projects as well as projects drawn from both pre-acquisition pipelines, we anticipate an increase in the number of programs to be supported by the company and an acceleration in the rate at which such programs can be transitioned to production."

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.

 

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SOURCE Precision Optics Corporation

FAQ

What is Precision Optics Corporation's recent production announcement regarding the otoscope?

Precision Optics announced the successful transition of its Lighthouse Imaging division into production for a next-generation otoscope, with initial shipments against a $600,000 order.

What is the significance of the new otoscope device for Precision Optics (PEYE)?

The new otoscope device marks a key milestone for Precision Optics, representing the first of many anticipated product launches from the Lighthouse Imaging division.

When does Precision Optics expect to complete the otoscope production order?

Precision Optics expects to complete the remainder of the $600,000 otoscope production order in the next 9 to 12 months.

How does the recovery of elective procedures impact Precision Optics (PEYE) business?

The recovery of elective medical procedures is expected to lead to additional production orders for Precision Optics, enhancing its business opportunities.

What does the CEO of Precision Optics say about the transition to commercial production?

CEO Joe Forkey stated that the transition of the otoscope to commercial production is a significant milestone that opens opportunities for future projects.