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AVECOR CARDIOVASCULAR REPORTS FOURTH QUARTER, YEAR-END RESULTS

 MINNEAPOLIS, March 24 /PRNewswire/ -- AVECOR Cardiovascular Inc. (NASDAQ: AVEC) today reported a net loss of $418,193, or 7 cents per share, for the three months ended Dec. 31, 1992. This compares with net income of $51,481, or 2 cents per share, in the 1991 fourth quarter.
 Net sales were $3,416,080, compared with sales of $2,646,246 for the same period a year ago. The 1992 results include the operations of the company's wholly owned subsidiary, AVECOR Cardiovascular Ltd. (formerly CardioMed Ltd.), which was acquired in December 1992.
 For the year, the company reported a net loss of $457,785, or 8 cents per share, on net sales of $12,458,557. AVECOR commenced operations in the second quarter of 1991, and thus had approximately seven months of activity in that year, for which net sales were $5,558,941, and net income was $27,264, or 1 cent per share.
 Anthony Badolato, president and CEO, said, "The net loss for the fourth quarter and the full year is consistent with our announced intention to spend about $4 million for research and development on new products in 1992 and 1993. Because of that commitment and the timeframe required for regulatory approvals for sales of new products, we expect to lose in excess of $1.3 million in 1993 as well."
 Badolato said that fourth quarter sales improved 29 percent over last year, largely due to the domestic sales contribution of the new Myotherm product and small price increases on oxygenators and blood reservoirs. In addition, consolidation of AVECOR Cardiovascular Ltd., which was in operation for 10 months during 1992, added $286,000 to fourth quarter and $702,000 to full year net sales.
 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 12 Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net sales $3,416,080 $2,646,246 $12,458,557 $5,558,941
 Net income (loss) $(418,193) $51,481 $(457,785) $27,264
 Income (loss)
 per share $(.07) $.02 $(.08) $.01
 Common and common
 equivalent shares
 outstanding 6,353,350 3,322,280 5,581,233 3,322,280
 -0- 3/24/93
 /CONTACT: John Swenson of Swenson Falker Eilertsen Inc., 612-371-0000, for AVECOR; or Norman McGibbon of AVECOR, 612-559-9504/
 (AVEC)


CO: Avecor Cardiovascular Inc. ST: Minnesota IN: MTC SU: ERN

AL -- MN006 -- 9058 03/24/93 11:18 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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