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EVEREST ANNOUNCES THIRD QUARTER RESULTS

 EVEREST ANNOUNCES THIRD QUARTER RESULTS
 MINNEAPOLIS/ST. PAUL, Oct. 16 /PRNewswire/ -- Everest Medical


Corporation (NASDAQ: EVMD) today announced third quarter net sales of $448,650 compared to $130,102 in the same period last year and $525,170 for the prior quarter of this year. Losses continued with losses of $941,635 for the quarter compared to $1,068,632 in the same period last year. This brings net sales and losses to $1,585,592 and $2,674,863, respectively, for the year-to-date compared to $749,452 and $2,537,678 for the same period last year.
 Michael Hollenhorst, chairman and CEO, stated, "We are pleased with the continued strengthening of USA sales of laparoscopic products, but these gains were offset by the substantial softening of sales in Japan for the period and continuing disappointment in sales of GI endoscopic products." Hollenhorst attributed this softening in Japan primarily to the problems associated with the sale and reorganization of the company's Japanese distributor.
 Hollenhorst stated the USA sales are expected to improve in the fourth quarter as a result of the release of two new products -- the BiCOAG(TM) Forceps and the EVERSHEARS(TM) bipolar scissors.
 Everest Medial designs, manufactures and markets products for the minimally invasive surgical markets of laparoscopic surgery and gastrointestinal endoscopy.
 EVEREST MEDICAL CORPORATION
 RESULTS OF OPERATIONS
 Third Quarter Ended
 9/30/92 9/30/91
 Net sales $448,650 $130,102
 Net income (941,635) (1,068,632)
 EPS $(.19) (.30)
 Weighted average shares 4,893,926 3,561,168
 Nine Months Ended
 9/30/92 9/30/91
 Net sales $1,585,592 $749,452
 Net income (2,674,863) (2,537,678)
 EPS $(.60) $(.72)
 Weighted average shares 4,461,104 3,536,217
 CONDENSED BALANCE SHEET
 9/30/92 12/31/91
 Current assets $3,524,773 $1,526,047
 Other assets 809,419 705,643
 Total assets 4,334,192 2,231,690
 Current liabilities 731,441 512,676
 Long-term liabilities 1,066,446 153,243
 Shareholders' equity 2,536,305 1,565,771
 Total liabilities and
 shareholders' equity $4,334,192 $2,231,690
 -0- 10/16/92
 /CONTACT: Michael J. Hollenhorst of Everest Medical, 612-473-6262/
 (EVMD) CO: Everest Medical Corporation ST: Minnesota IN: MTC SU: ERN


DS -- MN007 -- 0923 10/16/92 11:52 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 16, 1992
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