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IRIS International Posts 49% Revenue Growth

For the first quarter ending March 31, IRIS International reported net earnings of $1.3 million, or $0.07 per diluted share on revenues of $14 million. Revenue growth was 40 percent compared with the same period last year, while net income grew by 140 percent. The record revenues are primarily due to sales for its new iQ (R)200 Automated Urinalysis Analyzer. The company revised its guidance for 2005, its projected revenue growth went from 25 percent to at least 35 percent, and projected earnings per share are between $0.30 and $0.35. Earlier this week, IRIS announced an agreement to acquire the assets of the urine chemistry strip product line from Quidel Corporation, which will allow the company to address a $250 million international market, said Cesar Garcia, chief executive officer of IRIS.

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