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GV MEDICAL REPORTS FIRST QUARTER RESULTS

 GV MEDICAL REPORTS FIRST QUARTER RESULTS
 MINNEAPOLIS, May 14 /PRNewswire/ -- GV Medical, Inc., (NASDAQ: GVMI)


today reported revenue of $116,894 for the quarter ended March 31, 1992, a decline from last year's $260,376. The net loss for the quarter was $912,460, equal to 12 cents per share, compared with $889,158, or 17 cents per share, in the first quarter last year.
 The company said sales of disposable products and service revenues both declined over the previous year, reflecting a decline in usage of the company's LASTAC(R) System because of low patient volumes, increased competition and limited physician acceptance of the system. While continuing to support the LASTAC System, the company has shifted its focus to emphasize research and development on a new laser angiosurgery (LAS) system being developed jointly with the Massachusetts Institute of Technology and the Cleveland Clinic.
 The company said research and development expenses declined from the previous year, reflecting fewer people and lower average salaries, while general and administrative expenses were essentially unchanged from last year's first quarter.
 "We are continuing clinical trials of the new LAS System, which combines diagnostic and therapeutic capabilities, while we work to speed up development efforts on a separate diagnostic product that has the potential to be more quickly commercialized," said Daryl F. Yurek, chairman of the board. "We believe that diagnostic features of the system may have broad medical applications in the vascular and cardiovascular systems, and we will put considerable emphasis on that aspect of the technology."
 GV Medical, based in Minneapolis, is currently working with the Massachusetts Institute of Technology and the Cleveland Clinic to develop a new laser system that incorporates both diagnostic and therapeutic features to remove plaque from blocked coronary arteries. The company's existing LASTAC laser system is awaiting approval from the U.S. Food and Drug Administration for use in coronary arteries and already has been approved for use in peripheral arteries.
 GV MEDICAL, INC.
 Three months ended
 March 31, March 31,
 1992 1991
 Revenue $116,894 $260,376
 Cost of products sold 60,476 125,468
 Expenses:
 Research and development 525,801 613,504
 Selling, general and
 administrative 464,566 465,559
 Less interest and
 other income (21,489) (54,997)
 Total expenses 968,878 1,024,066
 Net loss $(912,460) $(889,158)
 Net loss per share $(.12) $(.17)
 Weighted Average
 Common Shares 7,791,907 5,183,844
 -0- 5/14/92
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for GV Medical, or Tom Ahmann of GV Medical, 612-559-4000/
 (GVMI) CO: GV Medical, Inc. ST: Minnesota IN: MTC SU: ERN


AL -- MN015 -- 0352 05/14/92 15:16 EDT
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Publication:PR Newswire
Date:May 14, 1992
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