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Precision Optics Announces Receipt of $2.3 Million Follow-On Production Order from Large Medical Device Company for Otoscopy Application
GARDNER, Mass., Jan. 17, 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., Jan. 17, 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 production order totaling approximately $2.3 million from a large medical device company for an otoscopy application to meet enhanced demand for the product. The order is expected to be delivered over the next 12 to 24 months commencing in early calendar 2023.\n\n \n \n \n \n \n \n\n \nPrecision Optics has supplied sophisticated optical assemblies to the customer since 2018. Due to the impact of the pandemic, however, production of the assemblies had halted in December 2020, with little revenue recognized during the past eight quarters from this customer. The end product application has since regained traction in the marketplace with an expectation for ongoing production orders into the future.\n\"Precision Optics continues to build upon the momentum of the past few quarters with large new production orders from existing and established customers,\" commented Dr. Joe Forkey, CEO of Precision Optics. \"Today's announcement is especially exciting as it represents a significant follow-on production order for a program that had been previously impacted by the pandemic causing production volumes to halt for over 24 months. The impact of these programs restarting combined with recently launched products and anticipated launches from our development pipeline, continues to support our expectations for significant growth this fiscal year and into the future.\"\nAbout Precision Optics Corporation\nFounded 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 healthca...