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Precision Optics Announces $1.5 Million Follow-On Product Development Order for Single Use Urology Program
GARDNER, Mass., May 12, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical
About this update from Precision Optics Corporation, Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nThere 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.\n\"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.\"\nAbout 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 volu...