Vuzix Corporation (NASDAQ: VUZI), a leading supplier of smart glasses and augmented reality (AR) technology and products, announced Thursday it has completed the first phase of development with a US medical partner to build a customized head-mounted display system for assisted cancer surgery.
The program was first announced in October 2020, New York-based Vuzix said in a statement.
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Vuzix said a second phase of development is currently being contemplated by the customer and could result in 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 original equipment manufacturing (OEM) production order.
"We are excited to complete phase 1 of development for this medical partner and continue to make progress towards obtaining approval for the second phase of the planned development agreement. Ultimately this work is expected to lead to a production opportunity with them," said Vuzix CEO Paul Travers.
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