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Quest Medical Inc. reports fourth quarter and 1995 results.

DALLAS--(BUSINESS WIRE)--March 7, 1996--Quest Medical Inc. (NASDAQ:QMED) today reported revenues for the fourth quarter ended Dec. 31, 1995 of $7,198,933, compared to $3,317,878 reported for the same quarter a year ago.

Net revenues for the 1995 quarter include results of Neuromed, Inc., which Quest acquired effective March 31, 1995.

Net earnings for the quarter were $148,721, or $.02 per share, compared to a net loss of ($689,993), or ($.13) per share for the prior year quarter. Fourth quarter 1995 net earnings reflect a charge of $269,045 (net of tax benefit of $138,599) for the early extinguishment of debt.

For the year ended Dec. 31, 1995, Quest reported net revenues of $25,320,990 (again including Neuromed revenues since April 1, 1995), compared to $13,999,165 for the 1994 year. Quest reported a loss of ($10,374,044), or ($1.56) per share, after taking into account a $10,500,000, non-recurring charge for purchased in-process research and development incurred in connection with the Neuromed acquisition, and the charge for early extinguishment of debt of $269,045. The twelve-month loss for the 1994 period was ($1,719,193). Research and development costs for 1995 were $4,582,868, compared to $3,542,193 for the prior year.

Separately, Quest reported that it anticipates the receipt of FDA clearance on the 510(k) application for its MPS(TM) brand of myocardial protection system in the near future. Quest believes that the FDA has substantially completed its review of the MPS 510(k), and is awaiting final clearance.

Quest Medical designs, develops, manufactures and markets a variety of healthcare products used primarily in cardiovascular surgery, interventional pain management and intravenous fluid delivery applications. -0-

 Quest Medical, Inc. and Subsidiaries
 Consolidated Statement of Operations (unaudited)


 Three months ended Twelve months ended
 December 31, December 31,
 ------------------------- -------------------------
 1995 1994 1995 1994
 ----------- ----------- ----------- -----------


Net revenues $ 7,198,933 $ 3,317,878 $25,320,990 $13,999,165
Cost of revenues 2,863,687 1,760,714 10,624,215 7,617,932
 ----------- ----------- ----------- -----------
 Gross profit 4,335,246 1,557,164 14,696,775 6,381,233
 ----------- ----------- ----------- -----------


Operating expenses:
 General and
 administrative 1,160,949 802,964 4,199,399 3,063,296


 Marketing 1,443,584 529,067 4,195,972 1,913,793
 Research and
 development 943,362 1,133,024 4,582,868 3,542,193
 Nonrecurring
 charge -- - 10,500,000 -
 ----------- ----------- ----------- -----------
 3,547,895 2,465,055 23,478,239 8,519,282
 ----------- ----------- ----------- -----------
 Earnings
 (loss)
 from
 operations 787,351 (907,891) (8,781,464) (2,138,049)
 ----------- ----------- ----------- -----------


 Other income
 (expenses):
 Gain on sale
 of marketable
 securities (14,400) 246,678 29,115 464,113
 Interest expense (374,845) (161,466) (1,657,818) (569,428)
 Interest and
 other income 174,774 132,686 460,282 524,171
 ----------- ----------- ----------- -----------
 (214,471) 217,898 (1,168,421) 418,856
 ----------- ----------- ----------- -----------
 Earnings
 (loss)
 from
 operations
 before
 income
 taxes 572,880 (689,993) (9,949,885) (1,719,193)


Income taxes 155,114 - 155,114 -
 ----------- ----------- ----------- -----------
 Earnings (loss)
 before
 extraordinary
 item 417,766 (689,993) (10,104,999) (1,719,193)


 Loss on
 extinguishment
 of debt, net of
 income tax
 benefit of
 $138,599 269,045 -- 269,045 --
 ----------- ----------- ----------- -----------
 Net earnings
 (loss) $ 148,721 $ (689,993) $(10,374,044) $(1,719,193)
 =========== =========== ============ ===========


 Per common
 and common
 equivalent
 share:
 Earnings
 (loss) before
 extraordinary
 item $0.05 ($0.13) ($1.52) ($0.33)
 Extraordinary
 item (0.03) -- (0.04) --
 ----------- ----------- ----------- -----------
 Net earnings
 (loss) $0.02 ($0.13) ($1.56) ($0.33)
 =========== =========== =========== ===========
Weighted average
 number of common
 and common
 equivalent
 shares used in
 computing amounts
 per share 7,932,404 5,269,001 6,642,082 5,256,683
 =========== =========== =========== ===========




CONTACT: Quest Medical Inc., Dallas

F. Robert Merrill, 214/390-9800 (Analyst)

or

Dawson/Duncan Communications,

Lowell Duncan or Kathy Buckley, 214/520-7550 (Media)
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Date:Mar 7, 1996
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