Precision Optics, a designer and manufacturer of advanced optical instruments for the medical and defense industries, has 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.
Single-use devices have multiple benefits, 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.
"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," says 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."