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PEER REVIEW ANALYSIS, INC. REPORTS THIRD QUARTER RESULTS

 PEER REVIEW ANALYSIS, INC. REPORTS THIRD QUARTER RESULTS
 MALDEN, Mass., Nov. 10 /PRNewswire/ -- Peer Review Analysis, Inc.


(NASDAQ-NMS: PRAI), a leading provider of managed healthcare review services, today announced financial results for the third quarter ended Sept. 30, 1992. Revenue for the quarter increased 8.8 percent to $2.14 million compared with $1.97 million for the same period prior year. A net loss of $203,000 or 0.076 per share was reported vs. income of $12,000 or 0.010 cents per share in the third quarter of 1991.
 For the nine months ended Sept. 30, 1992 revenue increased 14.3 percent to $6.97 million compared with $6.10 million for the same period prior year. A net loss of $268,000 or $0.100 per share was reported vs. net income of $205,000 or $0.130 per share in the first nine months of 1991.
 Despite lower than expected revenue for the nine months, revenue nonetheless continues to increase. The company continues to add new clients. Additionally, the company has maintained its cash position (resulting from the December 1991 initial public offering) at approximately $10 million, "PRA represents a medical model of health care utilization review which is well positioned to achieve our long- term business and financial objectives," said Eric R. Spitzer, president and chief executive officer.
 Founded in 1984, PRA provides a wide range of managed health care services designed to assure quality and appropriateness of medical treatment at the most reasonable cost based on its Physician-Intensive Cooperative Care Approach. PRA's services are a component of the health care programs of more than 8 million people nationwide. Its clients include major commercial health insurance companies, HMOs, third-party health care administrators and employer groups.
 PEER REVIEW ANALYSIS, INC.
 Financial Summary
 Three Months Three Months
 ended ended
 9/30/92 9/30/91
 Revenues $2,138,773 $1,965,170
 Income (loss) before
 income taxes and
 extraordinary item (202,967) 13,126
 Provision for income taxes --- 5,200
 Income (loss) before
 extraordinary item (202,967) 7,926
 Extraordinary item - benefit
 of federal income tax
 loss carryforward --- 4,000
 Net income (loss) $(202,967) $11,926
 Earnings (loss) per common share
 Income (loss) before
 extraordinary item ($.076) $.01
 Extraordinary item --- .00
 Net income (loss) ($.076) $.01
 Weighted average number of
 common shares and equivalent
 outstanding 2,670,000 1,548,000
 Nine Months Nine Months
 ended ended
 9/30/92 9/30/91
 Revenues $6,973,782 $6,099,900
 Income (loss) before
 income taxes and
 extraordinary item (267,630) 233,659
 Provision for income taxes --- 97,200
 Income (loss) before
 extraordinary item (267,630) 136,459
 Extraordinary item - benefit
 of federal income tax
 loss carryforward --- 69,000
 Net income (loss) $(267,630) $205,459
 Earnings (loss) per common share
 Income (loss) before
 extraordinary item ($.10) $.09
 Extraordinary item --- .04
 Net income (loss) ($.10) $.13
 Weighted average number of
 common shares and equivalent
 outstanding 2,670,000 1,548,000
 -0- 11/10/92
 /CONTACT: Eric R. Spitzer, president and CEO of Peer Review Analysis, 617-322-6400/
 (PRAI) CO: Peer Review Analysis, Inc. ST: Massachusetts IN: CPR SU: ERN


TM -- NE026 -- 9391 11/10/92 15:13 EST
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Date:Nov 10, 1992
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