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MEDEX REPORTS INCREASES IN FIRST QUARTER SALES, EARNINGS

 HILLIARD, Ohio, Nov. 10 /PRNewswire/ -- Medex, Inc. (NASDAQ: MDEX) recorded increased sales and earnings for the first quarter of fiscal 1994 ended Sept. 30.
 First quarter net sales for fiscal 1994 reached $22.8 million compared with $20.4 million for the first quarter 1993, an increase of 12 percent.
 Net income rose by 62 percent in the first quarter to $1.6 million, or $.26 per share, as compared to $987,000, or $.16 per share, during the same period last year. Of the net income, $1.2 million, or $.20 per share, directly resulted from operations, while the remaining $356,000, or $.06 per share, represents the cumulative effect to July 1, 1993, of adopting Statement of Financial Accounting Standards No. 109 -- "Accounting for Income Taxes." Prior year consolidated financial statements have not been restated to apply the provisions of this statement.
 Medex President and Chief Executive Officer Phillip D. Messinger cited sales increases in infusion pumps, bulk/OEM products and continued European growth as major factors contributing to the increase in sales.
 The increase in net income from operations is a result of the increased sales noted above, as well as recent cost-containment programs.
 "While uncertainty continues, there are now early indications that the overall domestic hospital market may be stabilizing," said Messinger.
 In reviewing first quarter highlights, he indicated encouragement in the procedure pack business in Europe, continued efforts in seeking strategic partners and increased emphasis on the non-European international market.
 Medex designs, manufactures and distributes a wide range of disposable medical products for critical and acute care. Life support products include disposable sets for intravenous fluid and drug administration and invasive pressure monitoring as well as products used in anesthesia, intensive care, cardiac catheterization, oncology and pain management. The company operates subsidiaries in the United States, United Kingdom, Germany and France.
 Medex stock is traded over-the-counter on the NASDAQ National Market System under the MDEX symbol.
 MEDEX, INC.
 FISCAL 1994 FIRST QUARTER FINANCIAL SUMMARY
 (Unaudited)
 THREE MONTHS ENDED
 SEPTEMBER 30,
 1993 1992
 Net Sales $22,750,705 $20,424,828
 Income Before Taxes $ 2,078,976 $ 1,643,673
 Income Taxes $ 832,000 $ 657,000
 Income Before Accounting Change $ 1,246,976 $ 986,673
 Cumulative Effect of Accounting Change $ 355,827 NA
 Net Income $ 1,602,803 $ 986,673
 Earnings Per Share:
 Income Before Accounting Change $ .20 $ .16
 Cumulative Effect of Accounting Change $ .06 NA
 Net Income $ .26 $ .16
 Weighted Average Shares Outstanding 6,102,586 6,193,088
 -0- 11/10/93
 /CONTACT: Donald H. Barry of Medex, 614-876-2413/
 (MDEX)


CO: Medex, Inc. ST: Ohio IN: MTC SU: ERN

AR-LC -- CL016 -- 2885 11/10/93 15:41 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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