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ADVANCED INTERVENTIONAL SYSTEMS ANNOUNCES SECOND QUARTER RESULTS

ADVANCED INTERVENTIONAL SYSTEMS ANNOUNCES SECOND QUARTER RESULTS
    IRVINE, Calif., July 21 /PRNewswire/ -- Advanced Interventional Systems (NASDAQ: LAIS) today announced results for the second quarter ended June 30, 1992.  Revenues for the second quarter were $2,134,000, an increase of 49 percent over revenues of $1,428,000 reported for the second quarter ended June 30, 1991.  The company reported a net loss for the quarter of $1,548,000, or ($.17) loss per share, compared to a net loss of $1,551,000, or ($.23) loss per share, for the quarter ended June 30, 1991.
    Revenues for the six months ended June 30, 1992, were $7,058,000, an increase of 273 percent over revenues of $2,582,000 reported for the six months ended June 30, 1991.  The company reported a net loss for six months ended June 30, 1991, of $1,410,000 or ($.15) loss per share, compared to a net loss of $3,050,000 or ($.46) loss per share for the six months ended June 30, 1991.
                   ADVANCED INTERVENTIONAL SYSTEMS
                                      Quarter ended   Quarter ended
                                      June 30, 1992   June 30, 1991
    Total revenues                     $2,134,000      $1,428,000
    Net income (loss)                  (1,548,000)     (1,551,000)
    Avg. shares                         9,339,000       6,640,000
    Net income (loss) per share             ($.17)          ($.23)
                                    Six months ended Six months ended
                                      June 30, 1992   June 30, 1991
    Total revenues                     $7,058,000      $2,582,000
    Net income (loss)                  (1,410,000)     (3,050,000)
    Avg. shares                         9,314,000       6,634,000
    Net income (loss) per share             ($.15)          ($.46)
    In comparing first quarter 1992 to second quarter 1992, Richard B. Crosby, LAIS' chief financial officer, said revenues for the first quarter resulted from the shipment of 18 units, 14 of which were in backlog at year-end 1991 and four new orders received after receipt of PMA on Jan. 31, 1992.  Revenues for the second quarter resulted primarily from the shipments of 11 Dymer 200+ laser units, which accounts for 64 percent of the total revenue.  Five units were sold and six units were placed on a "bridge-to-budget" rental program which the company established to assist hospitals with their budgeting cycles.  "The company's 'bridge-to-budget' rental program enables customers to rent the system for six months and to apply 95 percent of the rental costs to the purchase.  The company expects the 'bridge-to-budget' units to be converted to revenues in the fourth quarter of fiscal 1992," Crosby said.  Operating expenses increased from the first quarter to the second quarter as a result of increasing its direct sales force from three salespersons prior to PMA, to six at the end of the second quarter.  The company also increased the number of clinical specialists and support staff.  The increased cost associated with research and development resulted in new catheters which are in clinical trials.  They include the DLC(TM), a directional laser catheter, and the Enterprise(TM), a new catheter for treating total occlusions not crossable by a guidewire. These two new devices are expected to expand the market for LAIS when approved.
    Revenues for second quarter ended June 30, 1992, were $2,134,000. This compares to $1,428,000 of revenues for the same period in 1991. Gross profit for the second quarter ended June 30, 1992, was $947,000, or 44 percent of revenue.  This is compared to $594,000, or 42 percent of the revenues for the same period in 1991.
    Operating expenses increased to $2,803,000 for the current quarter, compared to $2,191,000 for the same period in 1991.  This 28 percent increase was due primarily to an increase in staffing and costs in sales and marketing.
    The acquisition of Polymicro Technologies Inc. (PTI), a leading supplier of optical fibers and tubing to the medical laser and gas chromatography market, was completed July 14, 1992.  PTI has a history of profitable operations.  "I expect PTI to continue to operate profitably and that the acquisition will reduce the cost of fiber optics used in the production of LAIS fiber optic catheters as LAIS' volume of catheter production increases," Crosby said.
    Advanced Interventional Systems pioneered excimer laser angioplasty and is the technological leader in the development of laser systems for cardiovascular systems.  The company was founded in 1986 and completed its initial public offering in November 1991.  On Jan. 31, 1992, it became the first company to receive approval from the FDA to market a laser angioplasty system designed to treat heart disease.
                 ADVANCED INTERVENTIONAL SYSTEMS(R)
                   Condensed Financial Statements
           Quarters ended June 30, 1992 and June 30, 1991
                                  Quarter ended      Quarter ended
                                  June 30, 1992      June 30, 1991
    Statement of operations
    Net revenues                   $2,134,000         $1,428,000
    Cost of sales                   1,187,000            834,000
    Gross profit                      947,000            594,000
    Operating expenses:
     Research and development       1,385,000          1,221,000
     General and administrative,
      sales and marketing           1,418,000            970,000
    Total operating expense         2,803,000          2,191,000
    Operating profit (loss)        (1,856,000)        (1,597,000)
    Total other income (expense)      307,000             46,000
    Net income (loss) before tax  ($1,549,000)       ($1,551,000)
    Income tax expense                 (1,000)               ---
    Net income (loss) after tax   ($1,548,000)       ($1,551,000)
    Weighted average number of
     shares                         9,339,000          6,640,000
    Net income (loss) per share        ($0.17)            ($0.23)
                                    Period ending      Period ending
                                    June 30, 1992      Dec. 31, 1991
    Balance sheet summary
    Assets:
     Current assets                    $36,897,000        $38,571,000
     Property, plant & equipment, net   1,268,000          1,172,000
     Other assets                         234,000            160,000
    Total assets                      $38,399,000        $39,903,000
    Liabilities and stockholders'
     equity:
      Current liabilities              $2,833,000         $2,705,000
      Long-term debt                      494,000            570,000
      Stockholders' equity             35,072,000         36,628,000
    Total liabilities and equity      $38,399,000        $39,903,000
    -0-                         7/21/92
    /CONTACT:  Richard B. Crosby, CFO of Advanced Interventional Systems, 714-586-1342/
    (LAIS) CO:  Advanced Interventional Systems ST:  California IN:  MTC SU:  ERN JL-KJ -- LA012 -- 1000 07/21/92 06:01 EDT
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Date:Jul 21, 1992
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