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MEDISYS ANNOUNCES YEAR END RESULTS

 MINNEAPOLIS, Feb. 26 /PRNewswire/ -- Medisys, Inc. (NASDAQ: MEDS), announced today that net income for the year ended Dec. 31, 1992, decreased 85 percent to $79,371, compared to the prior year, and the company incurred a net loss of $654,146 for the fourth quarter. As previously announced on Jan. 15, 1993, the decline in net income was the result of an adjustment of contractual allowances in the fourth quarter, primarily related to Medicare and Medicare-related accounts receivable.
 Net revenues for 1992 increased 71 percent to $15,667,231, and increased 90 percent to $4,729,265 for the quarter ended Dec. 31, 1992. Net revenues from existing operations increased 23 percent for the year. During the quarter, Medisys completed the acquisitions of Pharmacy Ventures, Inc., in Texas, AllCare Health Services, Inc., in Illinois and Delta Pharmacy, Inc., in California. Results from these operations are included since the respective effective date of each acquisition. Net revenues on an annual basis for these acquisitions total $18.0 million for the year ended Dec. 31, 1992.
 "As we discussed in the January announcement, it had been our policy to accommodate physicians with whom we were building relationships, particularly in new markets, by accepting a broad spectrum of patients. This included Medicare patients, who reserved for that business at a level we believed to be appropriate. However, as we prepared for the year-end audit, we discovered that the rate of reimbursement on Medicare and related receivables will be substantially less than anticipated," said William Brummond, chief executive officer of Medisys.
 "Medisys has reviewed and revised its policies regarding Medicare patients, becoming much more selective in the patients we accept and limiting our overall Medicare exposure. We have implemented procedures to maintain a prudent balance between cooperating with physicians and protecting profitability," Brummond concluded.
 Medisys provides comprehensive home infusion therapy services and products, which involve the intravenous or other administration of physician-prescribed nutrients, antibiotics, chemotherapeutic agents or other medications to patients in their homes. The company also provides comprehensive pharmacy services to long-term care and retirement communities. These services include prescription dispensing, pharmaceutical consulting, IV therapy, enteral therapy and medical supplies. The company maintains operations in Minnesota, Missouri, Wisconsin, Texas, Ohio, Illinois, Arizona and California.
 MEDISYS FINANCIAL RESULTS
 Statements of Operations
 Period Ended Three Months Dec. 31 Percent
 1992 1991 Change
 Net revenues $4,729,264 $2,487,396 90.1
 Income (loss) from
 operations (1,062,763) 312,651 N/A
 Net income (loss) (654,146) 173,526 N/A
 Net income (loss)
 per common share (0.10) 0.04 N/A
 Weighted average common
 shares outstanding 6,475,000 4,242,000 52.6
 Period Ended Year Dec. 31 Percent
 1992 1991 Change
 Net revenues $15,667,231 $9,139,537 71.4
 Income (loss) from
 operations (107,984) 1,082,245 N/A
 Net income 79,371 533,199 (85.1)
 Net income per
 common share 0.01 0.14 (92.9)
 Weighted average common
 shares outstanding 6,160,000 3,802,000 62.0
 Balance Sheets:
 Period Ended Dec. 31, 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $4,005,268 $9,256,859
 Accounts receivable, net 8,134,945 4,806,909
 Other 2,594,837 497,151
 Total current assets 14,735,050 14,560,919
 Equipment and leaseholds, net 1,737,418 492,118
 Intangible assets, net 17,715,472 289,286
 Total assets $34,187,940 $15,342,323
 Liabilities and stockholders' equity
 Current liabilities:
 Current portion of
 long-term liabilities $6,739,523 $ 55,570
 Other 3,496,384 1,565,128
 Total current liabilities 10,235,907 1,620,698
 Long-term liabilities 1,756,044 233,050
 Minority interest 302,594 285,394
 Total stockholders' equity 21,893,395 13,203,181
 Total liabilities and
 stockholders' equity 34,187,940 15,342,323
 -0- 2/26/93
 /CONTACT: William Brummond, CEO, or David Byrd, CFO, 612-835-8300, both of Medisys/
 (MEDS)


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

LD -- NY073 -- 1085 02/26/93 20:15 EST
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Date:Feb 26, 1993
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