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VITAL HEART SYSTEMS ANNOUNCES THIRD QUARTER REVENUE ADJUSTMENT AND FOURTH QUARTER SALES

 BOSTON and MINNEAPOLIS, Feb. 12 /PRNewswire/ -- Vital Heart Systems (NASDAQ: VHRT) announced today that it will restate earnings for the third quarter of 1992 to correct a $256,000 overstatement of revenue. As a result of this correction, revenue will be adjusted from $280,098 to $24,098 and correspondingly, the company's net loss for the third quarter will be adjusted from $519,304, or 3 cents per share as previously announced, to $638,109 or 3 cents per share. The company's policies and procedures for revenue recognition have been reviewed and modified. A complete report has been requested by the company's board of directors. The units involved in the transactions are still in use in clinics.
 The company's financial plans have been dependent in part on anticipated proceeds from the exercise of outstanding warrants. Recent declines in the market price of the company's common stock have effectively prevented the exercise of the outstanding warrants at this time. Consequently, the company faces current cash flow difficulties and is pursuing various cost control measures and financing alternatives.
 The company also announced continued progress in its sales and marketing efforts with a total of six SV-4000 variance cardiographs sold in the fourth quarter of 1992.
 The first variance cardiograph was placed in Ohio in a family practice/industrial health setting. Another unit was placed in southeastern Florida, in a greater Miami hospital. The Atlanta market is expanding with another variance cardiograph installed in an internal medicine practice specializing in cardiovascular services. Three sales were previously announced by the company to Vital Heart Systems' recently established Scandinavian distributor bringing the total number of units in Sweden to five.
 Vital Heart Systems, Inc. with offices in Beverly, Mass., and Minneapolis, develops and markets the Variance Cardiograph, a non- invasive, stress free, diagnostic instrument to aid physicians in the diagnosis of coronary artery disease. The stock of Vital Heart Systems, Inc. is traded on the over-the-counter market under the NASDAQ symbol VHRT.
 -0- 2/12/93
 /CONTACT: David L Printy, chairman, president and CEO or Deborah Meacock, director-investor relations, 800-966-2838, both of Vital Heart Systems, Inc./
 (VHRT)


CO: Vital Heart Systems, Inc. ST: Massachusetts, Minneapolis IN: MTC SU: ERN

LR-TS -- NY006 -- 6023 02/12/93 08:19 EST
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Publication:PR Newswire
Date:Feb 12, 1993
Words:373
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