MIAMI LAKES, Fla., Oct. 22, 2014 (GLOBE NEWSWIRE) -- ERBA Diagnostics, Inc. (NYSE MKT:ERB) today announced its fully integrated portfolio of in vitro diagnostics platforms and reagents for Hematology and Clinical Chemistry are now available to hospitals, references labs and physician clinics in Brazil. ERBA Diagnostics’ product line includes a comprehensive suite of instruments, reagents and kits for immunology, clinical chemistry, hematology, diabetes and infectious disease testing. ERBA Diagnostics intends to introduce its full suite of products to hospitals, references labs and physician clinics in Brazil as the product registrations in Brazil are completed.
“We believe that our line of products is ideally suited to address the rapidly growing medical needs for Brazil,” said Mohan Gopalkrishnan, chief executive officer of ERBA Diagnostics. “Within Brazil, there is a predominance of smaller, local healthcare providers. We expect that our proprietary instruments and reagents will allow these providers access to the latest diagnostics at a scale and price point that serves their needs. Our initial experience in Brazil during the past three months has been encouraging and we look forward to expanding the number of clinics and hospitals we serve, as we continue to register the full suite of our products in Brazil.”
The estimated market for in vitro diagnostics products in Brazil was approximately U.S. $1.0 billion 2012 and is expected to grow to U.S. $1.4 billion by 2017, far exceeding the rate of growth in the world market for in vitro diagnostics products. Brazil has a population of 200 million people and the country is undergoing a rapid expansion of the elderly and middle class. These factors are contributing to the increased demand for clinical testing at both public and private healthcare providers as a means to inform treatment, improve outcomes and reduce overall healthcare expenditures.
“Given our commitment to Brazil, and as part of our continued effort to streamline our operations, we are evaluating opportunities to establish local manufacturing capabilities,” added Mr. Gopalkrishnan. “We believe that establishing manufacturing capabilities in Brazil will ultimately allow us to operate as efficiently as possible while simultaneously positioning us to best serve the diagnostic testing needs of the country’s healthcare providers.”
About ERBA Diagnostics, Inc.
ERBA Diagnostics, Inc. (www.erbadiagnostics.com), headquartered in Miami Lakes, Florida, is a fully integrated in vitro diagnostics company that develops, manufactures and distributes in the United States and internationally, proprietary diagnostic reagents, test kits and instrumentation, primarily for autoimmune and infectious diseases, clinical chemistry, hematology and diabetes through its six subsidiaries -- Diamedix Corporation (U.S.), Delta Biologicals S.r.l. (Europe), ImmunoVision, Inc. (U.S.), Drew Scientific, Inc. (U.S.), JAS Diagnostics, Inc. (U.S.), and Erba Diagnostics Mexico S.A. (Latin America).
Safe Harbor Statement
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of ERBA Diagnostics, Inc., including, without limitation, risks and uncertainties relating to: ERBA Diagnostics’ ability to successfully enter, and commercialize its products in, the Brazilian market to the extent anticipated; the ability of ERBA Diagnostics’ entrance into the Brazilian market to be a source of revenue growth and earnings growth for ERBA Diagnostics in the future or otherwise positively impact ERBA Diagnostics’ financial condition, operating results and cash flows; the ability of ERBA Diagnostics to successfully register its full suite of products in Brazil and, if ERBA Diagnostics is not able to register its full suite of products in Brazil, the ability of ERBA Diagnostics to implement and achieve the level of commercialization of its products it had anticipated in Brazil; the ability of ERBA Diagnostics’ line of products to address the rapidly growing medical needs for Brazil; the ability of ERBA Diagnostics’ proprietary instruments and reagents to allow smaller, local healthcare providers access to the latest diagnostics at a scale and price point that serves their needs; ERBA Diagnostics’ ability to successfully streamline its operations; ERBA Diagnostics’ ability to establish local manufacturing capabilities in Brazil, the costs related thereto and, if ERBA Diagnostics establishes local manufacturing capabilities in Brazil, the ability of ERBA Diagnostics to operate efficiently while simultaneously positioning ERBA Diagnostics to serve the diagnostic testing needs of Brazil’s healthcare providers; economic, competitive, political, governmental and other factors affecting ERBA Diagnostics and its operations, markets and products; other factors inherent in operations in foreign countries, including, without limitation, compliance with applicable law, constantly changing healthcare and product regulations and the effect of currency exchange rate fluctuations on ERBA Diagnostics; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and uncertainties set forth above, investors should consider the economic, competitive, governmental, technological and other risks and uncertainties discussed in ERBA Diagnostics’ filings with the Securities and Exchange Commission, including, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in such filings.
CONTACT: Investors & Media Tom Baker Stonegate, Inc. Tel: 617.532.0624 tbaker@stonegateinc.com
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