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LIFECORE BIOMEDICAL REPORTS THIRD QUARTER RESULTS

 LIFECORE BIOMEDICAL REPORTS THIRD QUARTER RESULTS
 CHASKA, Minn., May 11 /PRNewswire/ -- Lifecore Biomedical, Inc.,


(NASDAQ: LCBM) today announced revenues of $1,264,000 for the third quarter ended March 31, 1992, a decrease of 21 percent from the same quarter last year. The company also reported a net loss of $1,025,000 or $.15 per share, compared to a net loss of $1,374,000 or $.26 per share, of a year ago.
 The decline in revenues is primarily due to the lack of hyaluronate sales to Ethicon, Inc. In the comparable 1991 quarter, Ethicon purchased hyaluronate for use in its product development activities, including supplies for its human clinical trials. No new hyaluronate sales are currently scheduled to Ethicon during the remaining clinical trial phase of that project.
 The company's Oral Restorative Division products, however, generated record revenues during the quarter ended March 31, 1992. This result reflects not only a record performance by the Sustain(R) HA- Biointegrated Dental Implant System but also the introduction in March of Lifecore's newest product, HAPSET(R) Hydroxylapatite Bone Graft Plaster. The company's growing sales force, combined with the synergies offered by an expanding product line, are expected to result in continued increased penetration of the marketplace serving oral, periodontal and implant surgeons as well as other dental health care specialists.
 In other developments during the quarter, Lifecore has renegotiated its agreement with Johnson & Johnson Finance Corporation, an affiliate of Ethicon, Inc., for the lease financing of new manufacturing equipment. The amended lease agreement expands available capital from $6,000,000 to $7,000,000 under improved terms to the company.
 Additionally, discussions are continuing with Alcon Surgical, Inc., for the extension of their current hyaluronate supply agreement and with Bio-Interfaces, Inc., for the purchase of the Sustain Dental Implant System.
 Lifecore develops, manufactures and markets sterile medical devices for a variety of surgical applications, through both direct sales and OEM supplier relationships.
 LIFECORE BIOMEDICAL, INC.
 CONDENSED BALANCE SHEETS
 (In thousands)
 3/31/92 6/30/91
 (Unaudited)
 ASSETS
 Current assets
 Cash and short-term investments $12,697 $2,352
 Accounts receivable 594 1,462
 Inventories 2,046 1,599
 Other 247 286
 -- 15,584 5,699
 Property, plant and equipment
 Land, building and equipment 12,458 5,584
 Less accumulated depreciation 3,350 3,409
 -- 9,108 2,175
 Construction-in-progress - 6,988
 -- 9,108 9,163
 Other assets
 Restricted funds 75 362
 Security deposits 1,262 -
 Other 857 520
 -- 2,194 882
 -- $26,886 $15,744
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities 2,667 3,496
 Long-term debt 7,602 7,748
 Shareholders' equity 16,617 4,500
 -- $26,886 $15,744
 LIFECORE BIOMEDICAL, INC.
 CONDENSED STATEMENTS OF OPERATIONS
 (In thousands, except per-share amounts) (Unaudited)
 Three Months Ended Nine Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Net sales $1,264 $1,605 $3,360 $4,398
 Cost of goods sold 747 857 2,578 2,505
 Gross profit 517 748 782 1,893
 Operating expenses:
 Research and development 343 193 853 467
 Marketing and sales 642 430 1,779 1,336
 General and administrative 416 305 1,179 964
 Manufacturing relocation 191 - 542 -
 Building and equipment
 write down - 1,200 - 1,200
 -- 1,592 2,128 4,353 3,967
 Loss from operations (1,075) (1,380) (3,571) (2,074)
 Other income (expense)
 Interest income 239 18 581 46
 Interest expense (189) (12) (575) (25)
 -- 50 6 6 21
 Net loss $(1,025) $(1,374) $(3,565) $(2,053)
 Net loss per common
 share $(.15) $(.26) $(.55) $(.39)
 Weighted average number
 of common shares
 outstanding 6,748,447 5,240,493 6,455,317 5,216,167
 -0- 5/11/92
 /CONTACT: James W. Bracke or John C. Heinmiller, both of Lifecore Biomedical, 612-368-4300/
 (LCBM) CO: Lifecore Biomedical ST: Minnesota IN: MTC SU: ERN


MA -- MN014 -- 8629 05/11/92 12:15 EDT
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Date:May 11, 1992
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