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ADVANCED INTERVENTIONAL SYSTEMS ANNOUNCES THIRD QUARTER RESULTS

 ADVANCED INTERVENTIONAL SYSTEMS ANNOUNCES THIRD QUARTER RESULTS
 IRVINE, Calif., Oct. 28 /PRNewswire/ -- Advanced Interventional Systems (LAIS) (NASDAQ: LAIS) today announced results for the third quarter ended Sept. 30, 1992. Revenues for the three months ended Sept. 30, 1992, were $3,516,000, compared to revenues of $308,000 reported for the three months ended Sept. 30, 1991. The company reported a net loss for the third quarter ended Sept. 30, 1992, of $1,970,000, or $.21 per share, compared to a net loss of $1,787,000, or $.26 per share, for the third quarter ended Sept. 30, 1991. Total revenues for the nine months ended Sept. 30, 1992, were approximately $10.5 million, compared to approximately $3.0 million for the same period Sept. 30, 1991. However, sales throughout 1991 were constrained by federal Food and Drug Administration restrictions, which at the time limited the company's sale of its laser systems to clinical sites.
 ADVANCED INTERVENTIONAL SYSTEMS AND SUBSIDIARY
 Financial Highlights
 Quarter Ended Sept. 30: 1992 1991
 Total revenues $3,516,000 $308,000
 Net income (loss) (1,970,000) (1,787,000)
 Average shares 9,580,000 6,665,000
 Net income (loss) per share ($.21) ($.26)
 Nine Months Ended Sept. 30: 1992 1991
 Total revenues $10,574,000 $2,890,000
 Net income (loss) (3,380,000) (4,837,000)
 Average shares 9,404,000 6,673,000
 Net income (loss) per share ($.36) ($.72)
 According to the company's chief financial officer, Richard Crosby, approximately $2.0 million of the total revenues for the third quarter ended Sept. 30, 1992, were from laser and fiber optic catheter sales. The remaining approximately $1.5 million in revenues were contributed by the company's optical fiber subsidiary, Polymicro Technologies.
 "The company shipped two excimer laser systems during the third quarter ended Sept. 30, 1992. In addition, two of six rental units place during the second quarter through the company's 'bridge-to- budget' program converted to sales during the third quarter," Crosby said.
 LAIS' inability to close sales at the rate forecast earlier has been because of, in part, according to Crosby, the company's failure to build the sales force necessary to respond to its numerous leads and to deal with the lengthy approval process in hospitals.
 "The company has recently increased its laser unit sales personnel from three at March 30, 1992, to six today with plans to further increase this sales staff over the next several months. However, due to the time required to train new sales personnel, it is likely to take until year-end for the company to realize a benefit from the increased sales force.
 "Although the financial results for the third quarter are disappointing, we believe our recent restructuring efforts position LAIS to maximize its opportunity to build a successful business in excimer laser products for patients with heart disease. We remain confident in the strength of our technology and its place in interventional cardiology," he said.
 Crosby said the company continues to attract substantial interest and participation from interventional cardiologists in its ongoing clinical education courses. These training courses are conducted by LAIS to train physicians in the use of the excimer laser coronary angioplasty (ELCA) procedure. In the past two weeks, LAIS has trained approximately 85 interventional cardiologists at ELCA courses held in both California and Florida.
 LAIS pioneered excimer laser coronary angioplasty and is the technological leader in the development of laser catheter systems for cardiovascular applications. 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 blocked coronary arteries.
 ADVANCED INTERVENTIONAL SYSTEMS AND SUBSIDIARY
 Consolidated Condensed Financial Statements
 Nine Months Ended Sept. 30, 1992 and Sept. 30, 1991
 Nine Months Ended Nine Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 Statement of Operations:
 Net revenues $10,574,000 $2,890,000
 Cost of sales 5,565,000 2,472,000
 Gross profit 5,009,000 418,000
 Operating expenses:
 Research and development 3,835,000 3,010,000
 General and administrative,
 Sales & Marketing 5,411,000 2,426,000
 Total Operating Expense 9,246,000 5,436,000
 Operating profit (loss) (4,237,000) (5,018,000)
 Total other income (expense) 874,000 181,000
 Net income (loss) before tax ($3,363,000) ($4,837,000)
 Income tax expense 17,000 0
 Net income (loss) after tax ($3,380,000) ($4,837,000)
 Weighted average number
 of shares 9,404,000 6,673,000
 Net income (loss) per share ($0.36) ($0.72)
 Period Ended Period Ended
 Sept. 30, 1992 Dec. 31, 1991
 Balance Sheet Summary:
 Assets:
 Current assets $32,193,000 $38,571,000
 Property, plant and
 equipment net 2,583,000 1,172,000
 Other assets 3,245,000 160,000
 Total assets $38,021,000 $39,903,000
 Liabilities and Stockholders
 Equity:
 Current liabilities $3,385,000 $2,705,000
 Long term debt 630,000 570,000
 Stockholders equity 34,006,000 36,628,000
 Total liabilities and equity $38,021,000 $39,903,000
 -0- 10/28/92
 /CONTACT: Connie McCluskey, director-corporate communications of Advanced Interventional Systems, 714-586-1342, or 714-586-8510, ext. 234/
 (LAIS) CO: Advanced Interventional Systems ST: California IN: MTC SU: ERN


LS-JB -- LA015 -- 5803 10/28/92 09:05 EST
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Date:Oct 28, 1992
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