Aspect Medical Systems Appoints Michael Falvey Vice President of Finance; Michael Falvey to Succeed Neal Armstrong as CFO following Armstrong's Retirement.

Business Editors/Health/Medical Writers

NEWTON, Mass.--(BUSINESS WIRE)--April 5, 2004

Aspect Medical Systems, Inc. (NASDAQ: ASPM) today announced the appointment of Michael Falvey to vice president of Finance. Following a nine month transition period, Falvey will succeed Neal Armstrong as Aspect's chief financial officer (CFO) in January 2005, when Armstrong is planning to retire. Armstrong will serve as a senior advisor to Aspect after retiring.

Falvey brings to Aspect more than 20 years of financial management experience at leading technology, financial and biotechnology companies. Most recently, he served as vice president of Finance at Millennium Pharmaceuticals, a leading biopharmaceutical company. Previously, he served in a series of senior financial positions at Fidelity Investments. Earlier in his career, Falvey held financial positions at Digital Equipment Corporation and General Electric Capital Corporation. He earned a bachelor's degree from Georgetown University and a master's degree in Management from the MIT Sloan School.

"Mike brings to Aspect a wide range of skills and experience in financial management, reporting, systems, corporate development, and mergers and acquisitions," said Neal Armstrong, vice president and CFO of Aspect. "He will be a tremendous asset to the organization, and I am very pleased to have the opportunity to transition the CFO role to such a capable and accomplished executive."

About Aspect Medical Systems, Inc.

Aspect Medical Systems, Inc. (NASDAQ: ASPM) is a global market leader in brain monitoring technology. To date, the Company's Bispectral Index(TM) (BIS) technology has been used to assess more than 8.1 million patients and has been the subject of approximately 1,400 published articles and abstracts. BIS technology is installed in approximately 31 percent of all domestic operating rooms and is available in more than 160 countries. Aspect Medical Systems has OEM agreements with seven leading manufacturers of patient monitoring systems. For more information, visit Aspect's web site at www.aspectmedical.com.

Safe Harbor Statement

Certain statements in this release are forward-looking and may involve risks and uncertainties. There are a number of factors that could cause actual results to differ materially from those indicated by these forward-looking statements, including changes to the Company's succession plans There are other factors that could cause Aspect's actual results to vary from its forward-looking statements, including without limitation those set forth under the heading "Factors Affecting Future Operating Results" in Aspect's Annual Report on Form 10-K for the year ended December 31, 2003, as filed with the Securities and Exchange Commission. In addition, any forward-looking statements represent Aspect's views only as of the date of this press release and should not be relied upon as representing Aspect's views as of any subsequent date. While Aspect may elect to update forward-looking statements in the future, it specifically disclaims any obligation to do so, even if its expectations change. Therefore, you should not rely on these forward-looking statements as representing Aspect's views as of any date subsequent to the date of this press release.

BIS, the BIS logo and Bispectral Index are trademarks of Aspect Medical Systems, Inc. and are registered in the USA, EU and other countries. BISx and BIS Ready are trademarks of Aspect Medical Systems, Inc. All other trademarks, service marks and company names are the property of their respective owners.