IRIS International, Inc. (IRIS International) has reported preliminary results for the fourth quarter and year ended December 31, 2008. For the year, company now expects revenues about $95.5 million, up 13%, compared with $84.3 million for the full year of 2007. For the year, company now expects to report GAAP diluted EPS of $0.48. For the fourth quarter, company expects about $26.7 million, compared with $2.7 million in the fourth quarter of 2007.
For the fourth quarter, company expects to report GAAP diluted EPS of $0.18.
Preliminary GAAP EPS results for the quarter and full year include approximately $0.05 related to the $1.5 million cash payment to IRIS as part of the manufacturing and licensing agreement signed with IDEXX Laboratories in December 2008. This $1.5 million non-recurring payment will be booked as other income and does not impact our revenue from operations.
The company projects to report complete fourth quarter and full year 2008 financial results, as well provide full year 2009 outlook, in late February 2009.
There were a record 153 iQ 200 analyzers sales in the fourth quarter, the highest quarterly number of units ever sold, with a total of 505 iQ 200 analyzers sales for the full year. There were 55 iChem VELOCITY chemistry analyzers sales in the fourth quarter with 88 units shipped through December 31, since its release to the international marketplace in September 2008. In addition, consumables and service revenue in the fourth quarter was at record levels.
“IRIS achieved outstanding record performance in the fourth quarter and full year of 2008, despite continued challenging global economic conditions,” stated César García, chairman, president and chief executive officer of IRIS International. “We remain optimistic for continued strong growth in 2009,” he added.