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EVEREST MEDICAL ANNOUNCES THIRD QUARTER RESULTS

 MINNEAPOLIS/ST. PAUL, Nov. 1 /PRNewswire/ -- Everest Medical Corporation (NASDAQ: EVMD) today announced its results for the third quarter of 1993.
 Sales for the quarter were $650,014, an increase of 45 percent over 1992. Net loss for the quarter was $1,142,767, or 21 cents per share, up from $941,635, or 19 cents per share, last year. Third quarter results include non-recurring charges totaling $568,000, including $323,000 for a change in the carrying value of patent-related intangibles, a $144,000 provision for obsolete inventories and tooling, and $101,000 for compensation related expenses due to the hiring of the new president and severance programs resulting from restructuring efforts. The company does not believe there will be any further material adjustments in 1993. Year-to-date sales for the first nine months were $1,939,547, an increase of 22 percent over the same period of 1992. Net loss for the first nine months was $2,586,408, or 49 cents per share, down from $2,674,864, or 61 cents per share, in 1992.
 "Fourth quarter '93 should see increased shipments of the company's recently introduced line of bipolar curved scissors, and, as well, bipolar forceps to Johnson & Johnson's Ethicon Endo-Surgery subsidiary under the recently signed product supply agreement," said John L. Shannon Jr., president and CEO of Everest Medical. "We are optimistic that the combination of these revenue opportunities coupled with the aggressive actions management has taken to reduce operating expenses and conserve cash will improve the company's operating performance in the near term."
 Everest Medical is a leading designer and manufacturer of bipolar electrosurgery instrumentation for the minimally invasive surgical markets of laparoscopy and gastrointestinal endoscopy. Everest Medical stock is traded on the NASDAQ over-the-counter market under the symbol EVMD.
 EVEREST MEDICAL CORPORATION
 Results of Operations
 Periods ended Third Quarter Nine Months
 Sept. 30 1993 1992 1993 1992
 Net sales $650,014 $448,650 $1,939,547 $1,585,592
 Net loss (1,142,767) (941,635) (2,629,713) (2,674,864)
 EPS (loss) ($.21) ($.19) ($.50) ($.61)
 Weighted avg. shares 5,525,123 4,893,934 5,302,890 4,383,932
 Condensed Balance Sheet
 As of: 9/30/93 12/31/92
 Current assets $3,310,069 $2,360,953
 Other assets 625,878 887,787
 Total assets 3,935,947 3,248,740
 Current liabilities 1,194,431 1,057,957
 Long-term liabilities 1,006,223 1,037,297
 Shareholders' equity 1,735,293 1,153,486
 Total liabilities and equity 3,935,947 3,248,740
 -0- 11/1/93
 /CONTACT: Brian J. Jackson of Everest Medical Corporation, 612-473-6262/
 (EVMD)


CO: Everest Medical Corporation ST: Minnesota IN: MTC SU: ERN

LD-CK -- NY099 -- 9406 11/01/93 19:58 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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