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Vuzix strikes deal with US medical partner to build customized head-mounted display system for assisted cancer surgery

Last updated: 15:57 06 Oct 2020 EDT, First published: 15:29 06 Oct 2020 EDT

Vuzix Corporation - Vuzix Corporation to build customized head-mounted display system for assisted cancer surgery for US medical partner
Vuzix and the customer have agreed upon an upfront payment and phase-gated development milestones and payments

Vuzix Corporation (NASDAQ:VUZI) announced Tuesday that it has entered into an agreement with a new medical partner in the US to build a customized head-mounted display system for assisted medical cancer surgery. 

Under the terms of the first phase of the project, New York-based Vuzix said it and the customer have agreed upon an upfront payment and phase-gated development milestones and payments. 

READ: Vuzix says its M400 Smart Glasses used in successful COVID-19 study in Malaysia

Vuzix said Phase 1 is expected to generate revenues in the "low six-figure range" and be completed by the end of 2020 with potentially greater non-recurring engineering (NRE) revenues -- if awarded by the customer -- in subsequent phases before an accepted final product design could be expected to lead to a volume OEM production order.

"We are excited to enter into this partnership and believe it represents a strong vote of confidence in our capabilities and recognition of our leading position within the waveguide optics technology space,” said CEO Paul Travers.

“Additionally, this development agreement, our third signed just this year, demonstrates how Vuzix is able to leverage our industry-leading optics technology and partner with a broad range of industry leaders, this one in the medical arena.”

Contact the author: patrick@proactiveinvestors.com

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