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 an initial product development order for a next-generation urological endoscopy program totaling approximately $1.3 million from an established medical device company. The development program will expand Precision Optics’ value-added solutions role from a components supplier to the developer of the entire endoscope imaging system. This opportunity leverages the Company’s unique combination of expertise in micro-optics, medical systems, digital imaging, and system integration.
The development of the next-generation urological endoscope will be undertaken by the combined Precision Optics and Lighthouse Imaging engineering teams, further evidencing the team’s unique value proposition and capabilities. The initial development agreement is expected to be completed over the coming 12 months, with opportunities for future development and commercial production contracts upon successful completion and approval.
“This new development agreement marks a significant opportunity for Precision Optics to continue our move up the value creation chain for our customers by leveraging our enhanced engineering expertise across all aspects of endoscope development,” commented Dr. Joe Forkey, CEO of Precision Optics. “Our engineering product development pipeline remains robust as customers are increasingly understanding the fully integrated optics and electronics capabilities we provide to help bring next generation medical imaging products to the market. We look forward to the continued advancement of this new program in the coming years.”