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FIDELITY MEDICAL REPORTS IMPROVED RESULTS FOR FIRST QUARTER OF FISCAL 1993

 FLORHAM PARK, N.J., Feb. 16 /PRNewswire/ -- Fidelity Medical, Inc. (NASDAQ: FMSI) today reported financial results for the quarter ended Dec. 31, 1992.
 Net revenues increased to $1,862,474, as compared with net revenues of $436,482 for the first quarter of fiscal 1992. For the quarter, the company reported a reduced net loss of $660,237 or 12 cents per share, as compared with a net loss of $1,169,765 or 28 cents per share, for the first quarter of fiscal 1992.
 Dr. Werner Haas, chairman and chief executive officer, commented, "We are encouraged by the significant upturn in first quarter revenues, although one quarter is insufficient to establish a trend. The results reflect a sharp increase in sales to customers outside the United States, including the company's first European sale of the InstaCine laser disk image storage system. The overall increase gives some indication that the past year's investments in marketing, sales and product development may be yielding results. We continue to invest in these areas with a view toward the long-term success of Fidelity Medical."
 Separately, Fidelity Medical announced the election of Dr. Manfred Pfeiler as a director. Dr. Pfeiler, 59, is recognized as a leading expert in various segments of the medical imaging field, including X-ray and digital image processing. He enjoyed a distinguished 27-year career with Siemens AG, serving most recently as director of Research and Development, X-ray, prior to his retirement in 1992. He continues to serve as a consultant to Siemens and other organizations.
 Fidelity Medical develops, manufactures and markets electronic devices for medical imaging and cardiodiagnosis.
 FIDELITY MEDICAL, INC.
 Selected Unaudited Financial Information
 Three months ended Dec. 31 1992 1991
 Net revenues $1,862,474 $436,482
 Cost of sales 569,007 200,157
 Gross profit 1,293,467 236,325
 Selling, general and admin. expenses 1,658,526 957,435
 Research and development expenses, net 369,090 298,301
 Operating loss (734,149) (1,019,411)
 Net loss (660,237) (1,169,765)
 Net loss per common share ($0.12) ($0.28)
 Weighted average number of common shares 5,730,467 4,251,341
 As of Dec. 31 13,822,199
 Total assets 14,503,473
 Total current liabilities 1,725,795
 Long-term debt, less current maturities 4,396
 Stockholders' equity 12,773,282
 -0- 2/16/93
 /CONTACT: Mark Hoffman or Melissa Dick of Fidelity Medical, 201-377-0400/
 (FMSI)


CO: Fidelity Medical, Inc. ST: New Jersey IN: HEA SU: ERN

AH-CK -- NY046 -- 6812 02/16/93 10:41 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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