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SUMMIT TECHNOLOGY, INC. REPORTS THIRD QUARTER 1993 FINANCIAL RESULTS

 WALTHAM, Mass., Oct. 21 /PRNewswire/ -- Summit Technology, Inc. (NASDAQ: BEAM), manufacturer and marketer of ophthalmic refractive laser systems, today announced that revenues for the third quarter ended Sept. 30, 1993 were $7,091,000 as compared to revenues of $8,086,000 for the third quarter of 1992. The decline in sales is primarily attributable to a decrease in European unit sales. The company believes this results from general economic factors in Europe as well as the effect of lack of FDA approval in the U.S. Net loss for the quarter ended Sept. 30, 1993 was $1,795,000, or 11 cents per share, as compared to net income of $302,000, or 2 cents for the third quarter of 1992. The decline in gross margin is primarily attributable to the company's trade-in program which allows ophthalmologists to trade in their non- mask laser systems for the company's new OmniMed(TM) mask system. This is part of the company's overall strategy to promote use of the company's erodible masks and to generate an on-going revenue stream from use of masks. For the nine months ended Sept. 30, 1993 revenues were $21,949,000, as compared to revenues of $23,147,000 for nine months ended Sept. 30, 1992. Net loss for nine months ended Sept. 30, 1993 was $3,654,000, or 24 cents per share, as compared to a net income of $859,000, or 6 cents per share for the nine months ended Sept. 30, 1992. Operating expenses of the outpatient clinic segment of approximately $380,000 for the three months ended Sept. 30, 1993 and $925,000 for the nine moths ended Sept. 30, 1993 are included in the General and Administrative expenses.
 Summit Technology, Inc. has established a leadership position in designing, manufacturing and marketing ophthalmic refractive laser systems where applications have been developed for the treatment of common vision disorders such as nearsightedness, farsightedness, astigmatism, glaucoma and certain corneal irregularities due to disease or injury.
 SUMMIT TECHNOLOGY, INC. REPORTS
 Third Quarter and 1993 Financial Results
 Statements of Operations
 (In Thousands Except Per Share Data)
 Three Mos. Ended Nine Mos. Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 (unaudited) (unaudited)
 Revenues $7,091 $8,086 $21,949 $23,147
 Cost of revenues 4,210 3,199 11,707 9,412
 Gross Margin 2,881 4,887 10,242 13,735
 Operating Expenses:
 Research &
 development 1,350 1,447 4,041 3,963
 Selling &
 marketing 1,994 2,089 5,794 5,644
 General &
 administrative 1,361 1,112 4,104 3,496
 Total operating
 expenses 4,705 4,648 13,939 13,103
 Operating income
 (loss) (1,824) 239 (3,697) 632
 Other income 33 116 51 319
 Net income
 (loss) before income
 taxes (1,791) 355 (3,646) 951
 Income taxes 4 53 8 92
 Net income (loss) $(1,795) $302 $(3,654) $859
 Net income (loss)
 per com. share (11 cents) 2 cents (24 cents) 6 cents
 Weighted average
 number of common
 shares & common
 share equivalents: 15,912 15,410 15,356 15,390
 Balance Sheets
 (In Thousands)
 9/30/93 12/31/92
 (unaudited) (audited)
 Cash and cash
 equivalents $6,277 $2,734
 Short term investments 12,456 5,876
 Accounts Recievable,
 trade 17,903 16,214
 Inventories 9,550 6,061
 Other current assets 1,390 1,840
 Total current assets 47,576 32,725
 Property and equipment,
 net 5,693 4,670
 Other assets 6,922 1,377
 Total assets $60,191 $38,772
 Current liabilities 14,369 8,189
 Long-term obligations 261 729
 Total liabilities 14,630 8,918
 Total stockholders'
 equity 45,561 29,854
 Total liabilities and
 shareholders' equity $60,191 $38,772
 -0- 10/21/93
 /CONTACT: Paula Rainville, investor relations of Summit Technology, 617-890-1234/
 (BEAM)


CO: Summit Technology ST: Massachusetts IN: MTC SU: ERN

DD -- NE014 -- 5270 10/21/93 13:18 EDT
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Date:Oct 21, 1993
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