Optos Appoints New Chief Executive Officer
12/18/2006
DUNFERMLINE, UK, 18 December 2006 – Optos plc (LSE: OPTS), a leading medical technology company for the design, development, manufacturing and marketing of retinal imaging devices today announced that it has appointed Thomas W. Butts as Chief Executive Officer and a member of the Board of Directors, with immediate effect.
“Tom comes to Optos with a proven ability in leading top performing teams and driving shareholder value. He has an exceptionally strong grasp and understanding of the global healthcare marketplace and extensive operating experience across North America and Europe,” said Dr John Padfield, Chairman of Optos. “Tom’s track record in managing rapid growth and his outstanding commercial leadership skills will be very important additions to the management team as Optos builds for its next phase of development. I would also like to thank Allan Watson, our CFO, for agreeing to step into the CEO role and for a job well done while the Board undertook its search.”
Thomas (Tom) W. Butts (46) has over twenty years of progressively senior international-level experience within the healthcare sector. Most recently he was the President and Chief Operating Officer of IDX Systems Corporation, a public healthcare information technology company with $600 million in annual sales, which he oversaw before it was subsequently acquired by GE Healthcare for $1.5 billion earlier this year. Mr Butts led the successful expansion of the IDX business achieving over $200 million in growth. Prior to his appointment to this position in January 2004 he was President and General Manager of IDX Flowcast, the largest operating unit, a position he held since January 2002. Prior to joining IDX Mr Butts spent 17 years with GE Healthcare, where he held a number of leadership positions in sales and marketing.
“Optos has a proud history of real innovation, outstanding talent and enviable technology, which is enabling dramatic improvements to eye and health care. This, combined with the significant scale of the commercial opportunity that Optos is addressing, is a very exciting challenge,” said Mr Butts. ”It is an honour to take the reins and I am thrilled and looking forward to building upon the Company’s accomplishments to date with the view of turning Optos into a truly recognisable global brand and success story.”
“I am delighted that we have secured an executive of Tom’s calibre and I look forward to working closely with him to accelerate the Company’s continued growth,” said Mr Watson.
There is no information which requires disclosure under paragraph 9.6.13R of the Listing Rules
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Enquiries:
Optos plc
John McNeil, Director of Communications +44 (0) 1383 843 337
+44 (0) 7870 240 325
Citigate Dewe Rogerson
David Dible / Kevin Smith / Yvonne Alexander +44 (0)20 7638 9571
Notes to Editors
Optos plc is a leading and rapidly growing medical technology company for the design, development, manufacturing and marketing of devices that image the retina, the light-sensitive area at the back of the eye. Optos' platform technology is the Panoramic200 Scanning Laser Ophthalmoscope device - known as the P200. In a quarter of a second the P200 device produces a high resolution image of up to 200 degrees or approximately 82 percent of the retina in a single capture. The image - branded the optomap® Retinal Exam - provides eye care practitioners with clinically useful information that facilitates the early detection of disorders and diseases evidenced in the retina, such as glaucoma, diabetic retinopathy and age-related macular degeneration. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as diabetes, hypertension and certain cancers. The Company has recently gained regulatory clearance (CE and FDA 510(k)) to market a second device - P200MA. Optos’ technology provides an unequalled combination of wide-field retinal imaging, speed and convenience for both practitioner and patient and can help save sight and save lives.
Optos estimates that its P200 device is targeting a recurring US$2 billion market opportunity. For the year ended 30 September 2006 Optos had revenues of US$67.7 million and 232 employees with an installed base of 2,593 P200 devices in its existing markets in North America and Europe. Optos plc is headquartered in Dunfermline, Scotland and was admitted to the Main Market of the London Stock Exchange on 15 February 2006 trading under the symbol OPTS.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates and projections about its industry, its beliefs and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.