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FIDELITY MEDICAL REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 1992

 FIDELITY MEDICAL REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 1992
 FLORHAM PARK, N.J., Feb. 18 /PRNewswire/ -- Fidelity Medical, Inc. (NASDAQ: FMSI) today reported results for the first quarter of fiscal 1992. Net revenues were $1,082,782 as compared to net revenues of $1,656,703 for the comparable period in fiscal 1991. For the quarter, the company reported a loss from operations of $462,758, or $.11 loss per share, as compared to income from operations of $124,753, or $0.04 per share, for the same period the prior fiscal year. For the quarter, the company reported a loss of $685,059, or $0.16 loss per share, as compared to net income of $51,361, or $0.02 per share, for the prior fiscal year period.
 Efraim E. Landa, president, commented, "Revenues for the first quarter of fiscal 1992 include a doubling of sales in Europe as compared to the same period a year ago, and should continue to grow through an expanded distribution network which includes the major imaging equipment companies and the addition of direct product specialists in select countries.
 "There was a temporary decrease in U.S. sales activity for the first three months as the senior sales management's activities focused exclusively on the $17.7 million public offering which was consummated toward the end of the quarter. Bottom line results were also impacted by extraordinary non-cash charges related to the company's issuance of warrants and stock during the quarter and increased research and development expenses related to next generation products as compared to a temporary cost reduction in R&D expenses the first quarter of last year."
 "Looking forward, we already have invested in the expansion of our direct salesforce and have organized various marketing programs to be implemented shortly. Based on the acceptance of the Fluoro Plus products and the initial reception to the newly introduced Archive product, we have increased by over 300 percent the number of direct salespeople on staff, many of whom are experienced veterans from the major imaging equipment companies. We anticipate that the group will make a major impact on sales growth for the remainder of fiscal 1992."
 "The cost containment environment for hospitals presents an exciting opportunity for the company's Fluoro Plus products which extend the life of old x-ray equipment at a fraction of the cost of other digital imaging systems. To complement our successful Fluoro Plus model for the cardiac cath lab, we recently introduced the Fluoro Plus Archive, an optical disk archiving system to provide immediate and flexible playback of high quality, realtime video images. This new product enables filmless diagnoses and decisions necessary for therapies such as "balloon" angioplasty. Like Fluoro Plus, the Archive system reduces procedural time and costs by eliminating the need for film processing. The target market for the Fluoro Plus Archive consists of approximately 3,000 cath labs in the U.S. alone.
 Landa concluded, "The company has significantly strengthened its financial condition with the infusion of cash from the public offering and recent exercises of warrants, and the retirement of debt. Our current financial strength empowers us to maximize the potential of our products and to possibly acquire other complementary technologies and products to broaden our presence in the imaging and cardiodiagnostics markets."
 Fidelity Medical, Inc. develops, manufactures, markets and services proprietary medical devices used in the imaging and cardiology markets.
 FIDELITY MEDICAL, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three months ended Dec. 31: 1991 1990
 Net revenues 1,082,782 1,656,703
 Cost of sales 361,751 501,981
 Total 721,031 1,154,722
 Selling, general & administrative expenses 826,567 847,732
 Research and development expenses 357,222 182,237
 Operating (loss) income (462,758) 124,753
 Interest expense 83,166 73,392
 Interest income 78,554 --
 Other expense, net 217,689 --
 Net (loss) income (685,059) 51,361
 Net (loss) income per common share (0.16) 0.02
 Weighted average number of common shares 4,251,341 3,167,606
 -0- 2/18/92
 /CONTACT: Fidelity Medical corporate communications, 800-966-0116/
 (FMSI) CO: Fidelity Medical Inc. ST: New Jersey IN: HEA SU: ERN


TS-KW -- NY047 -- 9923 02/18/92 12:05 EST
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Date:Feb 18, 1992
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