30 Nov 2012
Orlando-based optics firm will provide lenses for high-end video gear.
LightPath Technologies has won a $1.1 million supply agreement to provide optics for ultra-high-resolution digital imaging equipment.
The Orlando, Florida, company says that it will start delivering lenses to the new customer early next year, under an initial stocking order. The customer is described as a “leading global manufacturer of high-end digital video recording and playback equipment”.
In a statement announcing the deal, LightPath’s CEO Jim Gaynor said that the supply agreement had resulted from investments made in designing optics for the digital imaging and projection market that have created an “outstanding product line” now being adopted by the top-tier players in the market.
“Digital imaging applications with capabilities that enable digital resolution in excess of four-times HD quality are just now beginning to proliferate through the video production market, and our products and technology are well-positioned to participate in this area of rapid growth,” he said.
Such optics are a critical component in high performance cameras and digital projectors, and Gaynor added that the supply win validated the price, performance and quality of LightPath’s technology in what is a competitive and highly technical market.
“Expanding into new areas is one key element of our growth plan and shows the continued progress we've made in our strategy to become a leading global supplier of molded glass optics and assemblies,” added the CEO, who believes that the global market for those products will grow to $770 million by 2018.
Earlier this month, LightPath reported sales of $2.9 million for the quarter that ended September 2012, a slight increase on the same period last year and a figure that indicates the significance of the new supply deal.
LightPath is also working to develop new low-cost infrared optics, and is working with at least three OEM partners on the technology. Efforts are now transitioning from prototype designs to production development, with sales expected in the second half of the company’s fiscal year 2013.
In an investor conference call to discuss those latest quarterly results, Gaynor said of the infrared program: “Our goal is to become a leading global supplier of optical systems for applications in the infrared market - thermal imaging, sensors, security, and optical assemblies and various sub-sectors, such as infrared countermeasures, gas analysis, and spectroscopy.”
The CEO believes that a $150 million market opportunity exists for LightPath’s optics to be used in commercial and defense-related infrared applications. He highlighted good progress with technology developed for use with quantum cascade lasers, telling investors that 2013 would be a pivotal and “transformational” year for the company as it aims to double in size within the next couple of years.
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