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PYXIS CORP. REPORTS SECOND QUARTER RESULTS

 SAN DIEGO, July 21 /PRNewswire/ -- Pyxis Corp. (NASDAQ-NMS: PYXS), the leading provider of automated medication and supply systems for hospitals, today reported net income of $5.7 million, or $.30 per share, for the second quarter of 1993, compared to net income of $2.1 million, or $.17 per share, for the second quarter of 1992, according to Ronald Taylor, Pyxis chairman and chief executive officer.
 Pyxis' net income for the first six months of 1993 amounted to $10.3 million, or $.56 per share. For the first six months of 1992, reported net income was $3.8 million, or $.30 per share.
 The company's 1992 results reflected a provision for income taxes which included the benefit of 1991 net operating loss carryforwards. On a pro forma basis, earnings per share utilizing the 1993 estimated effective rate of 40 percent for the quarter and six months ended June 30, 1992, would have been $.11 and $.19, respectively.
 Revenues rose 162 percent in the second quarter of 1993 to $23.6 million, compared to $9.0 million in the second quarter of 1992. Revenues for the first six months of 1993 were $43.2 million, compared to $16.6 million for the like period in 1992.
 "With competition among hospitals rising, we believe hospital managers are focusing on value in determining how to best use their resources," said Taylor. "Pyxis responds by offering integrated systems and services backed by a superior customer support network."
 At June 30, 1993, the number of hospitals with Pyxis systems installed was 468, up from 393 at the end of the first quarter of 1993. Taylor attributed the increase in new business to hospital administrators' increasing awareness of the cost effectiveness provided by Pyxis MEDSTATION(TM) and SUPPLYSTATION(TM) Systems.
 Strategic Alliances Formed
 In line with the company's long-term strategy to expand its hospital presence and enter new health care markets, Pyxis has formed several strategic alliances to augment its marketing efforts.
 Pyxis has signed a co-marketing agreement with Stuart Medical Inc., a national distributor of hospital supplies and provider of customized distribution services. Stuart will utilize Pyxis' SUPPLYSTATION System to promote its just-in-time and stockless supply inventory programs, which are intended to help hospitals minimize their inventories of supplies.
 Additionally, a co-marketing agreement has been signed with HPI Health Care Services Inc., a division of Diagnostek Inc. HPI manages pharmacy services for acute care hospitals, health maintenance organizations, long-term care and related facilities in the United States and Canada.
 HPI intends to use the Pyxis MEDSTATION(TM) Rx System to promote efficiencies within its managed hospitals. Additionally, Pyxis will explore opportunities for using its systems in HPI's out-patient and managed care programs.
 According to Taylor, Hospital Corporation of America (HCA) has signed a sole-source purchasing agreement with Pyxis. HCA and its affiliates own and manage 96 medical-surgical and psychiatric hospitals in the United States.
 Agreements with hospital management companies, such as HCA and purchasing groups, outline terms and conditions, including pricing, for acquisition of Pyxis systems by member hospitals. Pyxis has now signed agreements with 12 national hospital purchasing groups and management companies.
 Continuing its exploration of opportunities in the alternate care market, Pyxis has signed a co-development agreement with Hallmark Healthcare Limited Partnership. A regional provider of pharmacy services, medical supplies, infusion therapy and consulting services, Hallmark's alternate care customer base includes long-term care, sub- acute and substance abuse facilities, among others.
 Pyxis will install its MEDSTATION Rx and SUPPLYSTATION Systems in long-term care facilities operated by Hallmark. Under the agreement, Hallmark will lease systems from Pyxis and intends to eventually co- market the systems in conjunction with their own services.
 Pyxis has entered into a similar co-development agreement with a leading operator of institutional pharmacies for alternate care facilities.
 "These alliances are an important step in formulating solutions to problems encountered by our mutual customers," said Taylor. "They provide a forum for the development and validation of Pyxis' systems within new hospitals and alternate care markets."
 Under these agreements, Pyxis will provide full customer service and support to all hospitals and alternate care facilities.
 Additional Financial Information
 Pyxis reported second quarter operating expenses of $8.4 million, compared to $4.1 million in the like period of 1992. The increase was due primarily to the company's continued investment in its customer service infrastructure.
 At June 30, 1993, Pyxis' assets totaled $115.6 million, including $71.6 million in cash and marketable securities, compared to $96.1 million in total assets, with $75.7 million in cash and marketable securities at Dec. 31, 1992.
 Pyxis Corp. designs, develops and manufactures point-of-use systems that automate the distribution, management and control of medications and supplies in hospitals.
 PYXIS CORP.
 Income Statements
 (Dollars in Thousands)
 Quarter ended Six months ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues:
 Sales-type leases $22,210 $8,307 $40,588 $15,254
 Rental 758 459 1,501 855
 Service and supplies 625 243 1,151 450
 Total revenues 23,593 9,009 43,240 16,559
 Cost of revenues 6,950 2,762 12,694 5,101
 Gross profit 16,643 6,247 30,546 11,458
 Operating expenses:
 Selling, general and
 administrative 7,749 3,424 13,902 6,594
 Research, development
 and engineering 686 628 1,194 852
 Total 8,435 4,052 15,096 7,446
 Income from operations 8,208 2,195 15,450 4,012
 Other income (expense):
 Interest income 1,293 200 1,911 303
 Interest expense (55) (75) (124) (131)
 Total 1,238 125 1,787 172
 Income before
 income taxes 9,446 2,320 17,237 4,184
 Provision for
 income taxes 3,778 200 6,895 350
 Net income $5,668 $2,120 $10,342 $3,834
 Net income per
 common share and
 common share
 equivalents $0.30 $0.17 $0.56 $0.30
 Net income per common
 share - assuming
 full dilution $0.30 $0.17 $0.56 $0.30
 Weighted average
 number of common
 shares and common
 share equivalents 18,612 12,876 18,612 12,876
 Weighted average
 number of common
 shares - assuming
 full dilution 18,641 12,876 18,627 12,876
 PYXIS CORP.
 Balance Sheets
 (Dollars in Thousands)
 June 30, Dec. 31,
 1993 1992(a)
 Assets
 Current assets:
 Cash and cash equivalents $44,812 $38,873
 Short-term investments 26,837 26,736
 Rents receivable, less allowance
 for doubtful accounts of $225 and
 $60, respectively 2,954 1,103
 Net investment in sales-type leases 7,300(b) 2,433
 Inventories 4,603 4,319
 Other current assets 396 720
 Total current assets 86,902 74,184
 Furniture and equipment, net 3,202 3,234
 Net investment in sales-type leases,
 less current portion 25,363(b) 8,453
 Long-term investments --- 10,049
 Other 173 207
 Total $115,640 $96,127
 Liabilities and shareholders'
 equity
 Current liabilities:
 Accounts payable $2,221 $1,538
 Accrued compensation and
 employee benefits 2,207 836
 Accrued expenses 1,906 1,280
 Current portion of long-term debt 918 1,036
 Total current liabilities 7,252 4,690
 Long-term debt, less current portion 774 1,354
 Marketing fees and other liabilities 1,085 1,297
 Deferred income taxes 10,047 3,152
 Shareholders' equity:
 Preferred stock --- ---
 Common stock 174 172
 Additional paid-in capital 83,433 82,929
 Retained earnings 12,875 2,533
 Total shareholders' equity 96,482 85,634
 Total $115,640 $96,127
 (a) Amounts derived from audited information.
 (b) Break-out between current and long-term portion is estimated.
 -0- 7/21/93
 /CONTACT: Nadine Padilla of Pyxis, 619-625-6450/
 (PYXS)


CO: Pyxis Corp. ST: California IN: MTC SU: ERN

JL-MF -- SD004 -- 3736 07/21/93 08:06 EDT
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Date:Jul 21, 1993
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