Navy Precision Optical Interferometer

Precision Optics Receives Initial Purchase Order Against $1.4 Million Development Program

Retrieved on: 
Thursday, November 16, 2023
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"We have received initial purchase orders from the customer for $170,000 towards the initial development budget which will be completed over the next 18 months.

Key Points: 
  • "We have received initial purchase orders from the customer for $170,000 towards the initial development budget which will be completed over the next 18 months.
  • Assuming key benchmarks are achieved, the program is anticipated to move to initial production shortly thereafter."
  • "This program is another example of our ability to attract new development programs while others are transitioning to commercial production.
  • This product development agreement further reinforces Precision Optics' position in the market as a leading enabler of medical device innovation," Forkey concluded.

Precision Optics Announces the Receipt of a New Production Order for Robotic Laparoscopy System

Retrieved on: 
Thursday, November 9, 2023
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The imaging subassembly incorporates cutting edge optical, electronic and mechanical systems designed by Precision Optics.

Key Points: 
  • The imaging subassembly incorporates cutting edge optical, electronic and mechanical systems designed by Precision Optics.
  • This initial production order is expected to be delivered between January and October 2024 with follow on production orders expected; the timing and volume of orders ultimately depends on end market acceptance of the system.
  • "Precision Optics continues to be at the forefront of the development of highly integrated endoscopy systems that help our clients bring innovative new surgical solutions to the market," commented Dr. Joe Forkey, CEO of Precision Optics.
  • We look forward to working closely with this customer in the years to come to fulfill their commercial production needs."

Advanced Scanners Inc. Announces Company Rebrand & New Name Effective Today: VISIE™ Inc.

Retrieved on: 
Wednesday, November 1, 2023
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Advanced Scanners Inc., a 3D computer vision company developing a deep tech optical scanner for orthopedic, neuro, and spine surgery, announces a company rebrand.

Key Points: 
  • Advanced Scanners Inc., a 3D computer vision company developing a deep tech optical scanner for orthopedic, neuro, and spine surgery, announces a company rebrand.
  • Effective immediately, Advanced Scanners will be known as VISIE Inc.
  • View the full release here: https://www.businesswire.com/news/home/20231101737243/en/
    The company makes this announcement after coming out of a 90-day stealth period.
  • In August, the company teased, “From Darkness Comes New Light | 11.01.23,” on its website and LinkedIn, raising eyebrows around the medtech startup industry.

Precision Optics Announces Receipt of $680,000 Production Order from Top Tier Defense/Aerospace Customer for New Optical Application

Retrieved on: 
Thursday, October 19, 2023
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This becomes the third commercialized defense/aerospace program for Precision Optics and builds upon the momentum the company has achieved within the medical device market.

Key Points: 
  • This becomes the third commercialized defense/aerospace program for Precision Optics and builds upon the momentum the company has achieved within the medical device market.
  • Precision Optics initially engaged with the customer at the end of calendar 2022 to help advance a new optical assembly that is higher on the value chain than other previously developed defense/aerospace projects.
  • The initial production order is expected to be delivered during fiscal 2024 and creates the opportunity for future follow-on production orders.
  • "We are extremely pleased to have successfully advanced our prototypes to commercial production for this top tier defense/aerospace customer," commented Dr. Joe Forkey, CEO of Precision Optics.

Precision Optics Appoints Wayne Coll as Chief Financial Officer

Retrieved on: 
Monday, June 12, 2023
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GARDNER, Mass, June 12, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced the appointment of Wayne Coll as Chief Financial Officer (CFO), effective June 12, 2023.

Key Points: 
  • GARDNER, Mass, June 12, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced the appointment of Wayne Coll as Chief Financial Officer (CFO), effective June 12, 2023.
  • "Wayne is a results oriented leader and strategic minded executive who will help us efficiently plan and lead the growth of our business," said Dr. Joe Forkey, CEO of Precision Optics.
  • I believe Wayne will be a strong addition to the Precision Optics executive team as we enter a new phase of growth and maturity."
  • Coll joins Precision Optics most recently from Flowonix Medical Incorporated where he served as CFO since July 2021.

Precision Optics Appoints Mahesh Lawande as Chief Operating Officer

Retrieved on: 
Monday, April 17, 2023
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In the newly created role, Lawande will lead Precision Optics operations team, including its sales & marketing, production and engineering activities at its facilities in Massachusetts, Maine and Texas.

Key Points: 
  • In the newly created role, Lawande will lead Precision Optics operations team, including its sales & marketing, production and engineering activities at its facilities in Massachusetts, Maine and Texas.
  • The creation of the newly appointed Chief Operating Officer position was necessitated by Precision Optics' rapid growth over the past few years, including 47% growth in revenues during fiscal 2022 and 76% growth during the first half of fiscal 2023.
  • Mahesh Lawande has over twenty-five years' experience scaling operations and delivering efficient growth for companies through operations excellence and lean manufacturing leadership.
  • The timing is appropriate for us to expand our executive leadership team through the creation and appointment of a Chief Operating Officer to further scale our operations going forward," commented Dr. Joe Forkey, CEO of Precision Optics.

Precision Optics Market Size to Expand Lucratively and Reach USD 59.74 Billion to 2031 - Explained Details | Updated InsightAce Study

Retrieved on: 
Friday, March 31, 2023
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Due to the complexity of building and optimizing resilient optics systems, space optics are difficult to implement.

Key Points: 
  • Due to the complexity of building and optimizing resilient optics systems, space optics are difficult to implement.
  • The Cincinnati-based firm will operate under the name 3M Precision Optics Inc. as a subsidiary of the 3M Optical Systems Division.
  • In June 2021, with its new state-of-the-art lens-centring equipment, PFG Precision Optics will build on its well-established market reputation.
  • These capabilities expand a well-known advantage in the lens-making industry, which has been developed over many years of refining the craft.

Precision Optics Market Size to Expand Lucratively and Reach USD 59.74 Billion to 2031 - Explained Details | Updated InsightAce Study

Retrieved on: 
Friday, March 31, 2023
Television, Pressure, Wavefront sensor, WFS, Health, Electronics, Telecommunications, University, Lens, Research, Temperature, Element, Lidar, Projection, Traction, Acquisition, NCPA, Navy Precision Optical Interferometer, United Kingdom, Corning, POC, PFG, Medical imaging, Telescopic sight

Due to the complexity of building and optimizing resilient optics systems, space optics are difficult to implement.

Key Points: 
  • Due to the complexity of building and optimizing resilient optics systems, space optics are difficult to implement.
  • The Cincinnati-based firm will operate under the name 3M Precision Optics Inc. as a subsidiary of the 3M Optical Systems Division.
  • In June 2021, with its new state-of-the-art lens-centring equipment, PFG Precision Optics will build on its well-established market reputation.
  • These capabilities expand a well-known advantage in the lens-making industry, which has been developed over many years of refining the craft.

Precision Optics Enters into Production and Technology Licensing Agreement for Single-Use Ophthalmic Program

Retrieved on: 
Monday, February 13, 2023
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The licensing agreement arises from a joint product development initiative with this customer over the past four years.

Key Points: 
  • The licensing agreement arises from a joint product development initiative with this customer over the past four years.
  • The agreement grants the medical device company exclusive rights for an agreed period of time to certain POC intellectual property, within a defined and limited field of use in the ophthalmic industry.
  • Under the agreement, POC has received a one-time upfront payment of $600,000 for these technology rights.
  • "This agreement to leverage our intellectual property and know-how surrounding single-use disposable medical devices adds a new dimension to Precision Optics' business strategy and growth outlook," commented Dr. Joe Forkey, CEO of Precision Optics.

Precision Optics Announces Receipt of $2.3 Million Follow-On Production Order from Large Medical Device Company for Otoscopy Application

Retrieved on: 
Tuesday, January 17, 2023
Calendar, Growth, Otoscope, POCI, Traction, Navy Precision Optical Interferometer

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 a follow-on production order totaling approximately $2.3 million from a large medical device company for an otoscopy application to meet enhanced demand for the product.

Key Points: 
  • 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 a follow-on production order totaling approximately $2.3 million from a large medical device company for an otoscopy application to meet enhanced demand for the product.
  • The order is expected to be delivered over the next 12 to 24 months commencing in early calendar 2023.
  • The end product application has since regained traction in the marketplace with an expectation for ongoing production orders into the future.
  • "Precision Optics continues to build upon the momentum of the past few quarters with large new production orders from existing and established customers," commented Dr. Joe Forkey, CEO of Precision Optics.