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MEDISYS ANNOUNCES FIRST QUARTER RESULTS

 MINNEAPOLIS, April 27 /PRNewswire/ -- Medisys, Inc. (NASDAQ: MEDS), a leading provider of alternate site health care services and related products, announced today that its net revenues for the first quarter ended March 31, 1993, increased 223 percent to approximately $9.4 million compared to $2.9 million for the same quarter of the prior year. Income from operations for the first quarter of 1993 increased 14 percent to $414,318 from $364,318 for the same period in 1992.
 Net income for the first quarter was $204,045, a 26 percent decrease from the $274,787 for the same period in 1992. Primary net income per share was three cents for the first quarter of 1993 compared to five cents for the same period of 1992. Primary weighted average shares outstanding for the first quarter of 1993 were up 33 percent to 7,931,000 compared to 5,986,000 for this period in 1992.
 The growth in net revenue comes primarily from acquisitions completed by Medisys in 1992 and secondarily from growth in existing regional centers. Although operating income was up for the first quarter of 1993, net income decreased compared to the same period of 1992. The decrease in net income is due to lower interest income as a result of cash expended for acquisitions in 1992 and an increase in the effective income tax rate from 35 percent to 53 percent.
 "The first quarter results reflect a change to a more diverse mix in our base business, which now includes both IV therapy services and products and comprehensive pharmacy services," said William Brummond, Medisys' chief executive officer. "This has enabled us to take advantage of the strategic acquisitions we made during 1992. We have made progress in our efforts to manage our operations in a more effective and efficient manner. We will continue to focus our attention in 1993 on improving our operating margins and completing our diversification strategies in existing locations," Brummond continued.
 "We also expect to complete the acquisition of American Home Therapies, Inc. during the second quarter of 1993. The acquisition of this privately held home infusion therapy provider operating in St. Louis; Kansas City, Kan.; and Springfield, Ill.; will improve our position as a major regional provider of IV therapy and pharmacy services in the middle section of the country," Brummond concluded.
 Medisys provides alternate site (i.e., outside the hospital) health care services and related products, including comprehensive infusion therapy and pharmacy services, for patients in their homes and in long- term care facilities and retirement communities. The company maintains operations in Minnesota, Wisconsin, Missouri, Texas, Ohio, Illinois, Arizona, Indiana and California.
 MEDISYS FINANCIAL RESULTS
 Statements of Operations
 Three Months Ended
 3/31/93 3/31/92 Percent
 change
 Net revenues $9,382,615 $2,908,759 222.6
 Income from operations 414,318 364,318 13.7
 Net income 204,045 274,787 (25.7)
 Net income per common share:
 Primary 0.03 0.05 (40.0)
 Fully diluted 0.02 0.05 (60.0)
 Weighted average common shares
 outstanding:
 Primary 7,931,000 5,986,000 32.5
 Fully diluted 8,808,000 5,986,000 47.1
 BALANCE SHEETS:
 3/31/93 12/31/92
 ASSETS
 Current assets:
 Cash and cash equivalents $435,382 $4,004,098
 Accounts receivable, net 8,750,892 8,134,945
 Other 2,261,353 2,512,604
 Total current assets 11,447,627 14,651,647
 Equipment and leaseholds, net 1,804,379 1,737,419
 Intangible assets, net 17,819,157 17,672,182
 Total assets $31,071,163 $34,061,248
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term
 liabilities $2,976,022 $6,750,513
 Notes payable 575,000 0
 Other 3,384,433 3,389,691
 Total current liabilities 6,935,455 10,140,204
 Long-term liabilities 1,744,556 1,647,473
 Other 284,962 380,176
 Total stockholders' equity 22,106,190 21,893,395
 Total liabilities and
 stockholders' equity $31,071,163 $34,061,248
 -0- 4/27/93
 /CONTACT: William Brummond, CEO, or David Byrd, CFO, 612-835-8300, both of Medisys/
 (MEDS)


CO: Medisys, Inc. ST: Minnesota IN: MTC SU: ERN

AL -- MN033 -- 1666 04/27/93 17:42 EDT
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Date:Apr 27, 1993
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