AmeriPath Announces 2002 Guidance.

Business Editors/Health & Medical Writers

RIVIERA BEACH, Fla.--(BUSINESS WIRE)--Jan. 22, 2002

AmeriPath, Inc. (Nasdaq:PATH), a leading national provider of cancer diagnostics, genomics, and related information services, today announced that it expects 2002 revenues of approximately $480 to $490 million. The Company also indicated that it expects earnings per share, after reflecting the change in goodwill accounting that became effective January 1, 2002, to be in the range of $1.80 to $1.84. The Company estimates that the change in goodwill accounting added approximately $.20 per fully diluted share to the 2002 estimates. AmeriPath expects quarterly earnings per share, as a percent of annual earnings per share estimates, to be approximately 22%, 24%, 26%, and 28% for the first, second, third, and fourth quarters, respectively. Upon completion of the Company's year-end audit, the Company plans to issue 2001 pro forma earnings per share information reflecting the change in goodwill accounting. This pro forma information should provide a more meaningful basis for evaluating our 2002 results against the prior year.

Chairman and Chief Executive Officer, James C. New, stated, "We feel very confident about our ability to continue delivering quality revenue and earnings growth in 2002. The execution of our 2002 business plan is well under way with a focus on achieving double digit same store growth, completing strategic acquisitions and expanding on the services of our Center for Advanced Diagnostics."

AmeriPath is a leading national provider of cancer diagnostics, genomics, and related information services. During the first nine months of 2001, AmeriPath diagnosed approximately 2.9 million tissue biopsies, and interpreted approximately 1.6 million Pap smears. The company's extensive diagnostics infrastructure includes over 400 pathologists and doctorate-level scientists providing services to 42 independent pathology laboratories, more than 200 hospitals, the Center for Advanced Diagnostics (CAD) and Dermpath Diagnostics. CAD provides specialized diagnostic testing and information services including Fluorescence In-Situ Hybridization (FISH), Flow Cytometry, DNA Analysis, Polymerase Chain Reaction (PCR), Molecular Genetics, Cytogenetics and HPV Typing. AmeriPath has over 60 board-certified dermatopathologists supporting Dermpath Diagnostics, one of the country's leading providers of dermatopathology services in the growing skin diagnostic market. Additionally, AmeriPath provides clinical trial and research development support to firms involved in developing new cancer and genomic diagnostics and therapeutics.

The statements contained in this press release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements - which are sometimes identified by words such as "may", "should", "believe", "expect", "anticipate", "estimate" and similar expressions and which include any financial or operating estimates, forecasts or projections - are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. These risks and uncertainties could cause actual results to differ materially from results anticipated by forward-looking statements. These risks and uncertainties include: the extent of success of the Company's operating initiatives and growth strategies; ability to manage growth; access to capital on satisfactory terms; general economic conditions; terrorism or an escalation of hostilities or war; competition and changes in competitive factors; federal and state healthcare regulation (and compliance); reimbursement rates under government and third party healthcare programs and the payments received under such programs; changes in coding; changes in technology; dependence upon pathologists and customer contracts; the ability to attract, motivate, and retain pathologists; labor, technology and insurance costs; marketing and promotional efforts; the availability of pathology practices in appropriate locations that the Company is able to acquire on suitable terms or develop; and the successful completion and integration of acquisitions (and achievement of planned or expected synergies). The forward-looking statements in this press release are made as of the date hereof based on management's current beliefs and expectations, and the Company undertakes no obligation to update or revise any such statements. Further information regarding risks, uncertainties and other factors that could affect the Company's financial or operating results or that could cause actual results to differ materially from those expected, estimated or anticipated are included in the Company's annual, quarterly, and other reports and filings with the SEC.

Editor's Note: This release is also available at http://www.ameripath.com