SAN JUAN CAPISTRANO, Calif., Oct. 8 /PRNewswire-FirstCall/ -- ChromaVision Medical Systems, Inc. has been named to Deloitte's prestigious Technology Fast 50 Program for Orange County, a ranking of the 50 fastest growing technology companies in the area by Deloitte & Touche LLP, one of the nation's leading professional services firms. Rankings are based on the percentage of growth in fiscal year revenues over five years, from 1999-2003.
ChromaVision CEO Ronald A. Andrews, Jr. credits the dedication and creativity of the entire ChromaVision organization and the emergence of the need for better, more accurate diagnostic tools with the company's outstanding revenue growth from 1999-2003. He said, "The diagnostic imaging technology we brought to the market six years ago has gained a solid foothold in the hospital and reference laboratory markets and has led to better outcomes for cancer patients. Looking forward, we are expanding our product lines to trade on that success, developing advanced imaging tools for drug development as well as offering in-house laboratory services to our customers."
ChromaVision's increase in revenues of 4,334 percent from 1999 to 2003 resulted in the 3rd highest ranking in the Fast 50 for Orange County.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1999 and $1 million in 2003, must be public or private companies headquartered in North America, and be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or devoting a significant proportion of revenues to research and development of technology.
Winners of the 19 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Fast 50 or Fast 500 programs, visit http://www.fast500.com/.
About ChromaVision Medical Systems, Inc.
ChromaVision Medical Systems, Inc. is evolving into a comprehensive cancer services provider that incorporates innovative medical systems to improve anatomic pathology diagnostics through accuracy, standardization and quantification. ChromaVision's ACIS(R) (pronounced a-sis) or automated cellular imaging system is a unique patented technology that detects, counts and classifies cells of clinical interest based on color, size and shape to assist pathologists in making critical medical decisions. Peer-reviewed clinical data and publications have demonstrated that the ACIS digital microscope and proprietary software can considerably improve accuracy and consistency over other methods of laboratory testing. ChromaVision's mission is to provide critical information to clinicians that will improve the quality and reduce the cost of patient care, and speed drug discovery. Many of the top clinical laboratories, hospitals, university medical centers and biopharmaceutical companies in the United States and Europe have adopted the company's technology and services.
ChromaVision and ACIS are registered trademarks of ChromaVision. For more information, visit http://www.chromavision.com/.
ChromaVision is a majority owned subsidiary of Safeguard Scientifics . Safeguard Scientifics, Inc. is an operating company creating long-term value by taking controlling interest in and developing its companies through superior operations and management. Safeguard operates businesses that provide business decision and life science software-based product and service solutions. For more information, visit http://www.safeguard.com/.
Deloitte, one of the nation's leading professional services firms, provides audit, tax, financial advisory services and consulting through nearly 30,000 people in more than 80 U.S. cities. Known as an employer of choice for innovative human resources programs, the firm is dedicated to helping its clients and its people excel. "Deloitte" refers to the associated partnerships of Deloitte & Touche USA LLP (Deloitte & Touche LLP and Deloitte Consulting LLP) and subsidiaries. Deloitte is the US member firm of Deloitte Touche Tohmatsu. For more information, please visit Deloitte's web site at http://www.deloitte.com/us.
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms, including their affiliates, deliver services in four professional areas: audit, tax, financial advisory services and consulting. Our member firms serve more than one-half of the world's largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies.
Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons certain member firms do not provide services in all four professional areas listed above.
The statements herein regarding ChromaVision Medical Systems, Inc. contain forward-looking statements that involve risks and uncertainty. Future events and the Company's actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, the Company's ability to successfully implement its plans to begin offering cancer diagnostic laboratory services, biopharma services and in-sourcing of the Company's Access remote pathology program, the performance and acceptance of the Company's system in the market place, the Company's ability to expand and maintain a successful sales and marketing organization, continuation of favorable third party payer reimbursement for tests performed using the Company's system, the ability to obtain additional financing for its business on favorable terms or at all, unanticipated expenses or liabilities or other adverse events affecting cash flow, uncertainty of success in developing any new software applications, failure to obtain FDA clearance or approval for particular applications, the Company's ability to compete with other technologies and with emerging competitors in cell imaging and dependence on third parties for collaboration in developing new tests and in distributing the Company's systems and tests performed on the system, and risks detailed from time to time in the Company's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Recent experience with respect to ACIS placements, new contracts for placements, revenues and results of operations may not be indicative of future results for the reasons set forth above.
The company does not assume any obligation to update any forward-looking statements or other information contained in this document.
The statements contained herein regarding Safeguard Scientifics, Inc. may contain forward-looking statements that involve risks and uncertainty, including risks associated with the uncertainty of future performance of Safeguard's companies, acquisitions of additional companies and dispositions of companies, additional financing requirements, management of rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, the effect of economic conditions in the business sectors in which its companies operate, its ability to execute our business strategy, the ability of its companies to execute their respective strategies, and other uncertainties described in Safeguard's filings with the Securities and Exchange Commission. Safeguard does not assume any obligation to update any forward-looking statements or other information contained in this press release.
NOTE TO EDITORS: Safeguard is a service mark of Safeguard Scientifics, Inc.
For further information, please contact: Investors, Matt Clawson of Allen & Caron, Inc., +1-949-474-4300, for ChromaVision Medical Systems, Inc.; or Stephen T. D. Dixon, Executive Vice President & CFO of ChromaVision Medical Systems, Inc., +1-949-443-3355.
ChromaVision Medical Systems, Inc.