American BioMed Inc. reports an increase of 52.4% on 3rd-qtr. revenues.

THE WOODLANDS, Texas--(BUSINESS WIRE)--American BioMed Inc. (OTC BB:ABMI), of The Woodlands, Friday announced third quarter financial results for the three months ended Sept. 30, 1996.

Revenues reveal an increase of 52.4% over the third quarter in 1995 and totaled $187,761 versus $123,180. An increase of 53% was also reflected in third quarter over second quarter 1996 revenues. The company reported a loss of ($.05) per share from continuing operations versus a loss of ($.05) over the same quarter last year which excludes a one-time gain of $1.5-million from the sale of assets in the third quarter 1995.

Company President and CEO, Steven B. Rash stated: "We continue to be encouraged with the acceptance of our silicone balloon catheters by the medical community as measured by our revenue growth and addition of new distributors, as well as other distributor applications presently under consideration. During the third quarter we made substantial investments in five key areas. First, we consolidated all manufacturing operations into our Irvine, Calif. facility, enabling us to increase our manufacturing capabilities and efficiency. Secondly, we made investments in our manufacturing infrastructure which resulted in productivity improvements at our Cathlab Division which was profitable in the third quarter for the first time in its history. Third, we made investments in product development and clinical investigational programs to further the advancement of our core technologies. Fourth, we invested considerable time and effort in reshaping our balance sheet via a debt to equity conversion and the raising of additional equity capital via private placements. Finally, we invested in the expansion of our sales and marketing efforts by implementing new marketing programs. We expect to continue these investments as long as these programs show significant progress."

American BioMed Inc. utilizes state of the art technology to develop, manufacture and market minimally invasive medical, surgical and diagnostic devices which deliver unique advantages through advanced science. Over 25 patents cover its technologies competing in an industry with combined markets estimated at over $10-billion annually. The devices include but are not limited to the OmniCath(r) atherectomy catheter, as well as the company's nine patented FDA approved unique all-silicone balloon catheters. These consist of thermodilution, embolectomy and bi-lumen irrigation, urinary bladder and angioscopy catheters. The OmniStent(tm) and accompanying stent technology is used to support diseased blood vessels. Other devices such as the company's drug delivery catheters, guidewire microfilter and minimally invasive spinal instruments are also under development.

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