Precision Optics Corporation, Inc., a 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.”