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AORTECH, INC. ANNOUNCES SECOND QUARTER RESULTS

 ST. PAUL, Minn. Nov. 23 ~PRNewswire~ -- AorTech, Inc. (NASDAQ: AORT) announced today the results of operations for the second quarter and six months ended Sept. 30, 1992. Net sales were $202,000 and $643,000 for the three and six month periods ended Sept. 30, 1992, respectively, compared to $579,000 and $1,749,000 for the comparable periods one year ago. The company reported a net loss of $622,000, or $.11 per share, for the three months ended Sept. 30, 1992 compared to a net loss of $1,045,000, or $.18 per share, for the same period last year. The net loss for the six months ended Sept. 30, 1992 was $1,223,000, or $.22 per share, compared to $1,281,000, or $.23 per share for the comparable period last year.
 The decrease in net sales during the second quarter is primarily attributable to the sale of the company's precision machining operations which contributed $294,000 in net sales for the same period last year. Additionally, heart valve sales were affected by a lower average selling price due to the company's sales volume occurring in less profitable markets. The six-month, year-to-date sales reflect both the lack of revenues from precision machining operations and a decrease in heart valve sales volume caused by the company's inability to penetrate new markets and the lack of sales from current distributors.
 On Nov. 2, 1992, the company announced that it has entered into an agreement in principle to sell the assets of AorTech's heart valve related products to a newly formed corporation in Scotland. In its Nov. 2 announcement, management stated that such sale was intended to reduce the substantial continuing operating losses which were anticipated throughout the remainder of the current fiscal year. It further said that the board of directors is seeking other opportunities which offer the potential for significantly improved shareholder value.
 AORTECH, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Second Quarter and
 Three Months Ended September 30
 1992 1991
 NET SALES $201,568 $579,070
 Costs and expenses
 Cost of sales 199,912 469,589
 Selling, general and
 administrative expenses 511,785 824,248
 Product development 107,732 --
 Provision for bad debt -- 369,000
 -- 819,429 1,662,837
 LOSS FROM OPERATIONS (617,861) (1,083,767)
 Other income (expense):
 Interest income 5,140 21,705
 Interest expense (8,967) (2,976)
 -- (621,688) (1,065,038)
 Income taxes 300 (20,160)
 NET LOSS $(621,988) $(1,044,878)
 NET LOSS PER SHARE
 Primary and fully diluted $(.11) $(.18)
 Weighted average number of
 shares outstanding 5,664,106 5,765,828
 Six Months Ended September 30
 1992 1991
 NET SALES $643,107 $1,748,752
 Costs and expenses
 Cost of sales 560,401 1,101,324
 Selling, general and
 administrative expenses 1,182,118 1,500,972
 Product development 128,142 --
 Provision for bad debt -- 369,000
 -- 1,870,661 3,021,296
 LOSS FROM OPERATIONS (1,227,554) (1,272,544)
 Other income (expense):
 Interest income 14,429 52,616
 Interest expense (10,180) (11,929)
 -- (1,223,305) (1,231,857)
 Income taxes 300 (48,899)
 NET LOSS $(1,223,605)$(1,280,756)
 NET LOSS PER SHARE
 Primary and fully diluted $(.22) $(.23)
 Weighted average number of
 shares outstanding 5,653,755 5,617,522
 -0- 11~23~92
 ~CONTACT: Robert J. Keyport, CEO of AorTech, 612-481-1208; or Tom de Petra of de Petra & Associates, Inc., 612-338-7630, for AorTech~
 (AORT)


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

AL -- MN012 -- 0715 11~23~92 16:04 EST
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Date:Nov 23, 1992
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