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MEDAMICUS, INC. ANNOUNCES 1992 RESULTS

 MINNEAPOLIS, Feb. 24 /PRNewswire/ -- MedAmicus, Inc. (NASDAQ: MEDM) today announced results for the three months and year ended Dec. 31, 1992, as follows:
 Three Months Ended Percent
 12/31/92 12/31/91 Change Change
 Sales $487,892 $452,123 $35,769 7.9
 Net loss $(329,561) $(118,011) (211,550) --
 Net loss per share $(.13) $(.05) $(.08) --
 Weighted average shares
 outstanding 2,595,740 2,590,208 -- --
 Years Ended Percent
 12/31/92 12/31/91 Change Change
 Sales $2,326,014 $1,487,584 $838,430 56.4
 Net loss $(798,557) $(379,744) (418,813) --
 Net loss per share $(.31) $(.23) $(.08) --
 Weighted average shares
 outstanding 2,614,934 1,685,313 -- --
 The company stated that the increase in 1992 sales compared to 1991 is primarily due to increased sales of its proprietary vessel introducer to Medtronic and Bard Access Systems.
 The increased loss for the year ended Dec. 31, 1992, compared to 1991 is related to an increased level of research and development expenditures totalling $539,000 in 1992 compared to $124,000 in 1991. The primary focus of this development effort is the fiber optic pressure transducer which received FDA marketing approval in January 1993.
 The company also made significant investments in its manufacturing infrastructure during 1992 including additional facilities, management expertise and more sophisticated equipment in anticipation of future manufacturing requirements.
 Both Medtronic and Bard have purchased quantities in excess of their contractual obligations during 1992. A portion of these purchases resulted in inventory building at both companies. In order to bring their existing inventory levels into balance, both Medtronic and Bard have indicated that their purchases in the first two to three quarters of 1993 will be less than the same quarters for 1992.
 Medtronic has stated that introducer sales to implanting clinicians continue to increase and that previous purchase levels will be restored after a short-term inventory adjustment period.
 Bard has communicated to the company that they have now completed launching the vessel introducer into their total product line, and are very optimistic regarding the product's potential growth. The company has entered into negotiations with Bard for a revision of the contractual quantity obligations under Bard's exclusive distribution agreement in light of Bard's current inventory imbalance. Under the terms of the proposed contract amendment, Bard would be allowed to purchase lower quantities but at an increased price in order to retain exclusive rights to the introducer. In addition, the proposed amended terms call for Bard to fund the development of two new proprietary products. If a product, or products, are developed under this proposal, sales are expected to begin, at the earliest, in the fourth quarter of 1993.
 MedAmicus, Inc. is a medical products company engaged in the design, development, manufacture and marketing of disposable vascular access and pressure monitoring devices.
 -0- 2/24/93
 /CONTACT: Jim Hartman of MedAmicus, 612-559-2613/
 (MEDM)


CO: MedAmicus, Inc. ST: Minnesota IN: MTC SU: ERN

KH -- MN013 -- 0038 02/24/93 15:42 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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