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AVECOR CARDIOVASCULAR REPORTS FIRST QUARTER RESULTS AND ANNOUNCES SUBMISSION OF NEW OXYGENATOR TO FDA

 MINNEAPOLIS, May 11 /PRNewswire/ -- AVECOR Cardiovascular Inc. (NASDAQ: AVEC) today reported a net loss of $553,278, or 9 cents per share, for the three months ended March 31, 1993, compared with income of $22,527, or 1 cent per share, in the 1992 first quarter.
 Net sales in the first quarter were $3,293,672, compared with sales of $2,742,658 for the same period a year ago. Results include the operations of the company's wholly owned subsidiary AVECOR Cardiovascular Ltd.
 Anthony Badolato, president and CEO, said, "The net loss for the quarter is consistent with our previous announcement that we expect to lose in excess of $1.3 million in 1993 due to the company's commitment to spend about $4 million during 1992 and 1993 for the research and development of new products."
 Badolato said that first quarter sales improved 20 percent over last year due to the domestic sales contribution of the new Myotherm product and the consolidation of AVECOR Cardiovascular Ltd., which added $274,000 to first quarter 1993 net sales.
 Badolato also announced the company has submitted a 510(K) application to the U.S. Food and Drug Administration (FDA) for U.S. marketing clearance for its new, state-of-the-art hollow fiber oxygenator. This submission is the culmination of an intensive 19-month development effort. Badolato cautioned that the company cannot predict with any certainty when it will have U.S. marketing clearance for the new oxygenator. The company anticipates the process may be lengthy and is planning accordingly. Plans for the manufacture of the new oxygenator in Scotland are proceeding on schedule and the company anticipates European marketing of the new product during the third quarter of this year.
 AVECOR Cardiovascular Inc., headquartered in Minneapolis, develops, manufactures and markets specialty disposable medical devices for heart/lung bypass surgery and long-term respiratory support. The company's current products include membrane oxygenators, cardiotomy reservoirs and cardioplegia systems.
 AVECOR Cardiovascular Inc.
 3 months ended March 31
 1993 1992
 Net sales $3,293,672 $2,742,658
 Net income (loss) (553,278) 22,527
 Income (loss) per share $(.09) $.01
 Common and common equivalent
 shares outstanding 6,353,350 3,375,613
 -0- 5/11/93
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for AVECOR Cardiovascular; or Norm McGibbon of AVECOR Cardiovascular, 612-559-9504/
 (AVEC)


CO: AVECOR Cardiovascular, Inc. ST: Minnesota IN: MTC SU: ERN

AL -- MN008 -- 6954 05/11/93 10:40 EDT
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Publication:PR Newswire
Date:May 11, 1993
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