ORLANDO, FL — (Marketwired) — 06/02/15 — (NASDAQ: LPTH) (“LightPath,” the “Company” or “we”), a leading vertically integrated , and of and high-level optical sub-systems, today provided an update on its new infrared (“IR”) product line.
Commenting on the update, Jim Gaynor, President and Chief Executive Officer of LightPath, said, “We are extremely excited by the growth in market opportunities for our infrared product line. The launch of our proprietary infrared product technologies positions us to participate in an estimated $3.5 billion global market, according to market research expert Techno Systems Research Co., Ltd. LightPath–s infrared molded optics technology brings to market a lower-cost high-value product that promotes the commercial development of infrared imaging technology, much the same way that our aspheric molded lenses have increasingly become the visible molded optical lens of choice with annual production volume increasing over five times in seven years. As reported last month with our fiscal 2015 third quarter results, IR shipment volumes have tripled, albeit from a small initial base, with revenues increasing by more than 193% in the quarter as compared to the prior year period. We believe we have moved into a long-term expansion cycle for IR products that will contribute to revenue growth for LightPath.”
Initial IR applications being targeted by LightPath Technologies include mobile smart phones, small hand-held cameras for thermography, maintenance and security applications such as individual cameras for firefighters and police use, building and vehicle occupancy sensors, electronic enclosure monitoring, in-process quality assurance monitoring, medical sensing devices, automotive driver–s vision, UAVs (drones), gun sights, night vision goggles and 360 degree situational awareness camera systems, to name a few.
Infrared products have been developed in cooperation with customers and original equipment manufacturers, which has led to recurring production levels exceeding $1.5 million per year, or more than 10% of the Company–s consolidated annualized revenues. Several top level commercial and military defense infrared camera providers are sourcing optical elements and lens assemblies from LightPath on a recurring basis.
An example of LightPath–s emergence in the field of IR is its work with a European division of a major producer of thermal imaging cameras. In this case, LightPath is primarily benefiting from its unique lens capabilities, including design, high quality and competitive cost management. The Company received initial orders for 16,000 molded infrared aspheric lenses for delivery over 9 months for hand-held thermography cameras, which demonstrated its ability to provide a low-cost platform for volume manufacturing levels of high precision IR glass molded aspheres. LightPath has since been awarded a single source position at a rate of 2,000 lenses per month.
In another area of focus for its IR product line, LightPath is targeting commercial applications in the thermal imaging market. According to a May 2015 from industry analyst MarketsandMarkets, thermal imaging is a technique to capture IR energy emitted as heat by objects and create an electronic image based on the information about the temperature differences. The firm–s research noted that the “global Thermal Imaging Market has witnessed a significant demand owing to the increasing adoption of related devices across a diverse range of applications. The growth of this market is propelled by the increase in the penetration of devices across the commercial and military sectors. The continual decrease in prices of thermal cameras is expected to remain the key driver behind the increase in the adoption of thermal imaging technology in the coming years. The price of thermal cameras has been decreasing by 12%-15% per annum for the last 5 years and the trend is expected to continue in the near future, eventually resulting in an increased commercial adoption.” LightPath is a leader in delivering low-cost high quality products that enable trends in both end-market growth and new applications.
LightPath continues to improve its capabilities in its IR product line and now offers two types of chalcogenide IR glass materials and several anti-reflective coating options that will cover most requirements in the commercial and military high-volume and small-size application markets. LightPath–s new catalog offering of IR lens assemblies is stimulating interest in many areas of the market. LightPath is working closely with customer partners to develop both build-to-print and custom optics for new markets. Product descriptions and other information on LightPath–s IR line can be found online .
LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical sub-systems, including full engineering design support. For more information, visit .
This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to expand our presence in certain markets, future sales growth, continuing reductions in cash usage and implementation of new distribution channels. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Glenn Breeze
Executive Director Sales and Marketing
407-382-4003 Ext 310
Jordan Darrow
Darrow Associates, Inc.
631-367-1866
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