Medical diagnostics maker IRIS International Inc. reported an 80 percent increase in net income to $900,000 in the first quarter ended March 31 on an 11 percent increase in revenue. The Chatsworth based company realized record revenues of $29.9 million in the quarter. Gross margins widened to 53 percent compared to 49 percent. Earnings per share came in at $0.05 compared with $0.03 in the same quarter a year ago. “We are pleased to announce our first quarter 2012 results with strong revenue reflecting growth in our diagnostics business,” said Cesar M. Garcia, chairman, president and CEO of IRIS International. During the quarter, the company launched a new prostate cancer test in the U.S. The company said initial patient samples were received in the first quarter, and reception from urologists has been favorable. IRIS also signed three distribution agreements during the quarter. Garcia said he was pleased to announce the commercial launch of two new products in the first quarter: NADiA ProsVue and ThermoBrite Elite. IRIS reaffirmed its full-year 2012 revenue guidance range of $127 million – $131 million, representing 7 to 11 percent growth over 2011. The company provided EPS guidance in the range of $0.30 to $0.35. The company anticipates R&D expense to approximate 15 percent to 16 percent of sales in 2012. Judy Temes
