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CORDIS' THIRD QUARTER NET INCOME UP 19 PERCENT

 Miami, April 26 /PRNewswire/ -- Cordis Corporation (NASDAQ-NMS: CORD) today reported a 19 percent increase in consolidated net income, to $7.7 million, for its fiscal third quarter ended March 31, 1993. Earnings per share were 53 cents, 15 percent ahead of the 46 cents reported in the corresponding prior period. For the nine months, net income was up 23 percent to $20.7 million while earnings per share advanced 21 percent to $1.42.
 Consolidated sales increased 9 percent (11 percent at constant currency) to $64.2 million. Worldwide angiographic sales were up 10 percent while neuroscience revenues declined 4 percent. Nine months sales gained 15 percent to $188.7 million.
 Total US sales for the quarter increased a modest 1 percent, reflecting an industry-wide slowdown caused in part by uncertainty associated with national health-care reform. This fact notwithstanding, Cordis benefitted from continued gains in interventional cardiology, helped greatly by the recent introduction of new lines of dilatation catheters and other angioplasty devices. The company has a variety of additional devices awaiting FDA approval.
 Foreign sales, which were up 15 percent (20 percent at constant currency) remained strong, accounting for 57 percent of net revenues. In angiography, the opening of hospital-based cardiac catheterization labs -- where both diagnostic and interventional procedures are generally performed -- is supporting increasing unit sales. Cordis' gains were especially strong in angioplasty in Europe, Canada and the Far East, where products not yet approved for US release, as well as products specifically designed for their respective foreign markets, are now being offered for sale.
 Miami-based Cordis Corporation manufactures and markets a variety of medical devices and systems for the angiographic and neuroscience markets.
 CORDIS CORPORATION
 Condensed Statements of Operations
 Three Months and Nine Months Ended March 31, 1993 and 1992
 (Unaudited)
 (dollars in thousands except per share amounts)
 Three Months Nine Months
 1993 1992 1993 1992
 Net sales $ 64,219 $ 59,062 $188,705 $164,481
 Income before income
 taxes $ 9,929 $ 8,654 $ 28,240 $ 22,528
 Provision for income
 taxes 2,186 2,127 7,526 5,738
 Net income $ 7,743 $ 6,527 $ 20,714 $ 16,790
 Earnings per share $ 0.53 $ 0.46 $ 1.42 $ 1.17
 Weighted average shares
 outstanding 14,673,000 14,321,000 14,563,000 14,363,000
 -0- 4/26/93
 /CONTACT: Chick McDowell, vice president, corporate relations and assistant secretary of Cordis Corporation, 305-824-2821/
 (CORD)


CO: Cordis Corporation ST: Florida IN: MTC SU: ERN

JB-SS -- FL005 -- 0487 04/26/93 09:11 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
Words:417
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